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Mounds View EDA August 23, 2021 <br />Regular Meeting Page 2 <br /> <br />Business Improvement Forgivable Loan Program. He reported the City Council discussed this <br />program at a recent worksession meeting. Staff commented further on the program and <br />requested clarification on how much funding would be directed into this program. <br /> <br />Commissioner Bergeron asked if a loan recipient does not use the funds as requested, would the <br />funding come back to the EDA. Assistant City Administrator Beeman stated this was his <br />understanding. City Administrator Zikmund reported it was staff’s intent to have one on one <br />conversations regarding the intent of the improvement program. <br /> <br />Commissioner Bergeron questioned if a business were to default on the loan program, would <br />they be eligible for additional funding in the future. City Attorney Riggs reported this business <br />would still be eligible. <br /> <br />Commissioner Meehlhause recommended the EDA allot $25,000 or $30,000 to the forgivable <br />loan program. <br /> <br />Commissioner Bergeron supported the EDA allotting $25,000 to the program. <br /> <br />Commissioner Hull and Commissioner Cermak concurred. <br /> <br />MOTION/SECOND: Hull/Bergeron. To Waive the Reading and Adopt Resolution 21-EDA- <br />345, Establishing the New Business Improvement Forgivable Loan Program allotting $25,000 to <br />the program. <br /> <br /> Ayes – 5 Nays – 0 Motion carried. <br /> <br />7. REPORTS <br /> <br />Commissioner Meehlhause stated on September 8, 2021 a Mounds View Business Council <br />meeting will be held at the Community Center at 8:00 a.m. <br /> <br />8. NEXT EDA MEETING: Monday, September 13, 2021 at 6:30 p.m. <br /> <br />9. ADJOURNMENT <br /> <br />President Mueller adjourned the meeting at 6:42 p.m. <br /> <br />Respectfully submitted, <br /> <br />Recorded and transcribed by: <br />Heidi Guenther <br />Minute Maker Secretarial