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DRAFT <br />1 <br />Error! Unknown document property name. <br />Mounds View Economic Development Authority <br />New Business Improvement Forgivable Loan Program <br /> <br />PROGRAM OVERVIEW <br /> <br />The purpose of the New Business Improvement Forgivable Loan Program (the “Program”) is to provide <br />for physical building improvements and equipment upgrades for new businesses within the City of Mounds <br />View (the “City”). The Program will be administered by the Mounds View Economic Development <br />Authority (the “EDA”) and is intended to promote and sustain recently established businesses within the <br />City, many of which are owned and operated by one individual or a family and have a limited ability to <br />reinvest and grow. The Program will provide a mechanism for owners of such businesses to reinvest in <br />their business in a manner that might otherwise be difficult. The EDA may engage with consultants to assist <br />with the administration of the Program. <br /> <br />PROGRAM POLICIES <br /> <br />BUSINESS ELIGIBILITY <br /> <br />• The Program is only available to for-profit businesses that meet all of the following criteria: <br />o The business can prove that it has been in existence for less than five years; <br />o The business requires at least one full-time employee (40 hours per week) or two part-time <br />employees (equaling 40 hours per week) to operate; <br />o The business is physically located within the city limits of Mounds View, Minnesota; <br />o The business is not a home occupation, as defined in City Code, and operates in a <br />commercial setting; <br />o The business must be an allowed use in the City through zoning of the property or otherwise <br />be a legally non-conforming use; <br />o The business must be a legal entity registered with the Minnesota Secretary of State and be <br />in good standing; and <br />o The applicant must not have delinquent taxes, bills, or charges due to the City. <br /> <br />EXPENSE ELIGIBILITY <br /> <br />• Forgivable loan proceeds provided under the Program may only be used for the following purposes <br />(collectively, the “Business Improvements”): <br />o To make visual improvements to the business’s commercial space, including, but not <br />necessarily limited to, façade improvements, commercial signage, or other exterior <br />improvements; and <br />o To make equipment upgrades or purchase other capital materials that are intended to <br />sustain the business in the long-term. <br />• Program loan proceeds may not be used for costs related to any City fees that are required to <br />facilitate Business Improvements, e.g., building permits, zoning application fees. Additionally, <br />Program loan proceeds may not be used to purchase commercial inventory or other materials that <br />are not intended to sustain the appearance or functionality of the business in the long-term. <br />• [ADDITIONAL REQUIREMENTS?] <br /> <br />ADDITIONAL REQUIREMENTS <br /> <br />• All Business Improvements funded under the Program must be completed or purchased and fully <br />operational within six months from the date of award and execution of loan documents.