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Reports of Staff <br />January 18, 2024 <br />Page 2 of 2 <br /> <br />F. Kusina Restaurant <br />The Kusina Restaurant and Fillipino Village are taking advantage of a Critical Corridors grant through <br />Ramsey County to finish exterior painting of the entire building. They are hoping to get that <br />accomplished in the spring of 2024. <br />G. MV Square <br />Staff met with Paster Enterprises in September 2022 to seek their interest level in redeveloping the <br />Mounds View Square area. They see the potential need to redevelop the site. Staff met with Paster <br />Enterprises to brainstorm ideas. Then the City submitted and received a grant for $50,000 from <br />Ramsey County to help with redevelopment planning for this area. The City hired a consultant to <br />complete a market study and concepts for the site. Meetings were held at two City Council work <br />sessions and they also held a public engagement open house to capture comments from the public. <br />The City Council accepted the final findings and recommendations at its December 11, 2023 meeting. <br />It is up to Paster Enterprises to determine the next steps and what they will do if anything with the <br />property. <br /> <br />H. Forgivable Loan Program <br /> The EDA offers three forgivable loan programs each year to local businesses in the amount of $5000 <br />each. It is a first-come, first-served basis. As of January 10, 2024 all three loans have been fulfilled. <br />(Shifty’ s Barber Shop, Big Dipper Creamery, & Sandwich King) Since that time, two more loan <br />requests have come in. The other loan program is the Business Improvement Loan. When funded, it <br />allows businesses to apply for up to $50,000 for business improvements to the building, landscaping, <br />façade, signage, remodel, etc. This is a participation loan, meaning the EDA can approve up to <br />$25,000 at 2%, however the business must first find a participating lender to fund the first $25,000 for <br />a total of $50,000. The lender would set their own rates, but the EDA rate is set at 2%. The lender <br />would take first position, do the credit checks and due diligence and collect and keep track of <br />payments then disperse the EDA amount monthly. As of January 10, 2024, the EDA only has $9,000 <br />remaining for this type of loan. The City also has three other loan programs for residential purposes. <br /> <br />I. Ardan Park & Greenfield Park Redevelopment <br />Wetland delineation studies were completed in the fall of 2022 on both sites. Several developers <br />showed interest and the Council ultimately chose Pulte Homes to develop market rate town homes as <br />per the City’s Strategic Plan. Since then, the Council voted against the development. The City is <br />currently researching wetland banking for that area and the possibility of a nature park. <br /> <br />J. EDA Property Acquisitions <br /> The EDA recently acquired a single-family residential lot next to Steve’s Appliances with the idea of <br />rezoning to allow for a commercial use. The EDA also closes on a residential lot near American <br />National Bank January 19, 2024. The EDA has the same idea in mind for future commercial <br />redevelopment. <br /> <br />K. Other Upcoming Events/Reports <br />N/A <br /> <br /> ______________________________ <br />Brian Beeman <br />Assistant City Administrator <br />Attachment(s): None