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Mounds View EDA April 10, 2023 <br />Regular Meeting Page 2 <br /> <br />program and were not meeting one of the criteria. Staff reviewed the proposed amendments within <br />the loan program and recommended approval. <br /> <br />Commissioner Lindstrom questioned why a five year limit was set on this program. Assistant City <br />Administrator Beeman explained the program was originally targeted towards new businesses. <br />Finance Director Beer reported this program would be limited by the amount of dollars that were <br />set aside within the budget each year. <br /> <br />Commissioner Lindstrom asked how much the City set aside for this program on an annual basis. <br />Executive Director Zikmund stated the City set aside $25,000 per year for this program. <br /> <br />MOTION/SECOND: Meehlhause/Lindstrom. To Waive the Reading and Adopt Resolution 23- <br />EDA-364, Amending the New Business Forgivable Loan Program. <br /> <br /> Ayes – 4 Nays – 0 Motion carried. <br /> <br />7. REPORTS <br /> <br />None. <br /> <br />8. NEXT EDA MEETING: Monday, April 24, 2023 at 6:00 p.m. <br /> <br />9. ADJOURNMENT <br /> <br />Vice President Cermak adjourned the meeting at 6:13 p.m. <br /> <br />Respectfully submitted, <br /> <br /> <br />Recorded and transcribed by: <br />Heidi Guenther <br />Minute Maker Secretarial