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1 <br />DOCSOPEN\MU205\6\867248.v2-4/5/23 <br />EDA RESOLUTION 23-EDA-364 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />A RESOLUTION AMENDING THE NEW BUSINESS FORGIVABLE LOAN PROGRAM <br /> <br />WHEREAS, the Mounds View Economic Development Authority (the “Authority”) <br />was created pursuant to Minnesota Statutes, sections 469.090 through 469.1082 to <br />exercise its powers to promote and protect economic development within the City of Mounds <br />View (the “City”); and <br /> <br />WHEREAS, the Authority established the New Business Improvement Forgivable <br />Loan Program (the “Program”) for the purpose of providing funds for physical building <br />improvements and equipment upgrades for new businesses within the City; and <br /> <br />WHEREAS, Program eligibility criteria currently require that an applicant must have <br />been in business for less than five years, and the Authority desires to expand the Program <br />to other businesses in the City by eliminating the requirement that applicants have been in <br />business for less than five years; and <br /> <br />WHEREAS, EDA staff have prepared and presented amended guidelines for the <br />Program, which are attached to this Resolution as Exhibit A and incorporated herein by <br />reference (the “Program Guidelines”); and <br /> <br />WHEREAS, to avoid confusion over eligibility, the name of the Program will be <br />updated to the EDA Forgivable Loan Program, however references in current documents <br />and agreements to the New Business Improvement Forgivable Loan Program will be <br />honored until these documents and agreement are updated in the regular course of <br />business; and <br /> <br />WHEREAS, it is consistent with the goals of the EDA, and is within its powers, to <br />amend the proposed Program to promote and sustain businesses within the City. <br /> <br /> NOW THEREFORE, BE IT RESOLVED, by the Mounds View Economic <br />Development Authority, as follows: <br /> <br />1. The recitals set forth in the preamble to this Resolution are incorporated into this <br />Resolution as if fully set forth herein. <br /> <br />2. The EDA hereby amends the New Business Improvement Forgivable Loan <br />Program as provided in this Resolution and the amended Program Guidelines <br />established in Exhibit A. <br /> <br />3. The President, Executive Director, and EDA staff are hereby authorized and