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Mounds View EDA February 12, 2024 <br />Regular Meeting Page 2 <br /> <br />A. Resolution 24-EDA-371, Approving a Fifth Amendment to the Loan <br />Origination Agreement with Center for Energy and Environment <br /> <br />Assistant City Administrator Beeman requested the EDA approve an amendment to the loan <br />origination agreement with the Center for Energy and Environment. He reported this action was <br />taken each year by the EDA. He noted the CEE administers the City’s loan program and the City <br />would like to continue this partnership for 2024. <br /> <br />MOTION/SECOND: Gunn/Lindstrom. To Waive the Reading and Adopt Resolution 24-EDA- <br />371, approving a Fifth Amendment to the Loan Origination Agreement with Center for Energy <br />and Environment. <br /> <br /> Ayes – 4 Nays – 0 Motion carried. <br /> <br />B. Update from the Center for Energy and Environment <br /> <br />Assistant City Administrator Beeman reported a representative from the Center for Energy and <br />Environment was in attendance to provide the EDA with an update. <br /> <br />Jim Hasnik, Director of Lending for Center for Energy and Environment (CEE), thanked the EDA <br />for inviting him to attend this meeting. He reported last year was a slower year noting two sewer <br />loans were approved and explained four loans were in the process already for 2024. He stated the <br />balance in the home improvement program fund was currently $69,850. He stated if the four loans <br />being processed were approved, the program could be running low on funds for 2024. <br /> <br />Commissioner Lindstrom requested further information regarding the sewer line repair loans. Mr. <br />Hasnik explained this loan covers residential and commercial repair/replacement or lining of sewer <br />lines. He noted this was a 0% loan that covers up to $20,000 for residential properties with a ten <br />year term, or up to $50,000 for commercial properties. He indicated there was no income limit. He <br />noted a credit and payment history was reviewed for these loans and he will work with <br />homeowners. He reported he was much more flexible than a bank. He commented further on the <br />debt to equity requirements for these loans. <br /> <br />President Meehlhause noted this was a line of credit that the EDA received from the MPCA. Mr. <br />Hasnik stated this was the case. <br /> <br />President Meehlhause questioned how many residents have taken advantage of this program since <br />its implementation. Mr. Hasnik explained six residents have participated in this program and <br />$88,000 has been loaned out to date. He stated there were still funds available for Mounds View <br />residents in need of assistance to replace their sewer lines. <br /> <br />President Meehlhause commented on how valuable a home energy audit was and encouraged <br />residents of Mounds View to consider having an audit done on their home. Mr. Hasnik stated <br />through Minnesota Housing, additional loans were available at 6.5% interest along with energy