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Mounds View EDA February 12, 2024 <br />Regular Meeting Page 2 <br />1 A. Resolution 24-EDA-371, Approving a Fifth Amendment to the Loan <br />2 Origination Agreement with Center for Energy and Environment <br />3 <br />4 Assistant City Administrator Beeman requested the EDA approve an amendment to the loan <br />5 origination agreement with the Center for Energy and Environment. He reported this action was <br />6 taken each year by the EDA. He noted the CEE administers the City's loan program and the City <br />7 would like to continue this partnership for 2024. <br />8 <br />9 MOTION/SECOND: Gunn/Lindstrom. To Waive the Reading and Adopt Resolution 24-EDA- <br />10 371, approving a Fifth Amendment to the Loan Origination Agreement with Center for Energy <br />1 1 and Environment. <br />12 <br />13 Ayes 4 Nays — 0 Motion carried. <br />14 <br />15 B. Update from the Center for Energy and Environment <br />16 <br />17 Assistant City Administrator Beeman reported a representative from the Center for Energy and <br />18 Environment was in attendance to provide the EDA with an update. <br />19 <br />20 Jim Hasnik, Director of Lending for Center for Energy and Environment (CEE), thanked the <br />21 EDA for inviting him to attend this meeting. He reported last year was a slower year noting two <br />22 sewer loans were approved and explained four loans were in the process already for 2024. He <br />23 stated the balance in the home improvement program fund was currently $69,850. He stated if <br />24 the four loans being processed were approved, the program could be running low on funds for <br />25 2024. <br />26 <br />27 Commissioner Lindstrom requested further information regarding the sewer line repair loans. Mr. <br />28 Hasnik explained this loan covers residential and commercial repair/replacement or lining of <br />29 sewer lines. He noted this was a 0% loan that covers up to $20,000 for residential properties with <br />30 a ten year term, or up to $50,000 for commercial properties. He indicated there was no income <br />31 limit. He noted a credit and payment history was reviewed for these loans and he will work with <br />32 homeowners. He reported he was much more flexible than a bank. He commented further on the <br />33 debt to equity requirements for these loans. <br />34 <br />35 President Meehlhause noted this was a line of credit that the EDA received from the MPCA. Mr. <br />36 Hasnik stated this was the case. <br />37 <br />38 President Meehlhause questioned how many residents have taken advantage of this program <br />39 since its implementation. Mr. Hasnik explained six residents have participated in this program <br />40 and $88,000 has been loaned out to date. He stated there were still funds available for Mounds <br />41 View residents in need of assistance to replace their sewer lines. <br />42 <br />