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EDA RESOLUTION 21-EDA-345 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA A RESOLUTION ESTABLISHING THE NEW BUSINESS IMPROVEMENT FORGIVABLE LOAN PROGRAM WHEREAS, the Mounds View Economic Development Authority (the "Authority") was created pursuant to Minnesota Statutes, sections 469.090 through 469.1082 to exercise its powers to promote and protect economic development within the City of Mounds View (the "City"); and WHEREAS, the Authority seeks to establish a forgivable loan program, to be called the New Business Improvement Forgivable Loan Program (the "Program") for the purpose of providing funds for physical building improvements and equipment upgrades for new businesses within the City; and WHEREAS, EDA staff prepared and presented guidelines for the Program, which are incorporated herein by reference (the "Program Guidelines") at the EDA's August 23, 2021 meeting that set out details of the proposed Program; and WHEREAS, it is consistent with the goals of the EDA, and is within its powers, to establish the proposed Program to promote and sustain recently established businesses within the City. NOW THEREFORE, BE IT RESOLVED, by the Mounds View Economic Development Authority, as follows: 1. The recitals set forth in the preamble to this Resolution are incorporated into this Resolution as if fully set forth herein. 2. The EDA hereby establishes the "New Business Improvement Forgivable Loan Program" as provided in this Resolution. The EDA authorizes a total of $25,000 to be used for the Loan Program, with individual loans of up to $5,000 per calendar year and total loan amounts under the Program not to exceed $15,000 per recipient. 3. The New Business Improvement Forgivable Loan Program will be structured in accordance with the provisions proposed in the Program Guidelines. 4. The President, Executive Director, and EDA staff are hereby authorized and directed to do each of the following regarding the Program: DOCSOPENNU205\ 13\742458.v 1-8/ 18/21