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The Mounds View Vision <br />A Thriving Desirable Community <br /> <br />Item No: 01 <br />Meeting Date: February 2, 2026 <br />Type of Business: Council Discussion <br />City Administrator Review: _____ <br /> <br /> <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Brian Beeman, Assistant City Administrator <br />Item Title/Subject: Forgivable Loan Discussion <br /> <br /> <br />Introduction: The Mounds View EDA offers a Forgivable Loan Program to local businesses in need of <br />startup funds for building infrastructure improvements and similar projects. Each business is limited to <br />$5,000 annually up to a total of three loans. A local business had three loans then was bought by a new <br />owner. The new owner is asking for a Forgivable loan. <br /> <br />Staff has historically treated each business location in the calculation of total amount of loans received, not <br />each individual owner. Since it is not specified in the loan guidelines, the Council should have a discussion <br />to determine how to handle this type of situation. <br /> <br />Discussion: <br />The Council to discuss the Forgivable Loan Program guidelines. <br /> <br />Strategic Plan Strategy/Goal: <br />A progressive city that is welcoming and desirable destination to all ages and cultures, who seek progress <br />through partnership, and a place where residents can live, work and play safely and show pride in the <br />community. <br /> <br />Financial Impact: <br />None <br /> <br />Recommendation: <br />The City Council to provide guidance on the Forgivable Loan program. <br /> <br />Respectfully submitted, <br /> ________________________ <br />Brian Beeman <br />Assistant City Administrator <br /> Attachment(s): <br />1. Forgivable Loan Lending Sheet <br />2. Exhibit A EDA Forgivable Loan Program Guidelines <br />3. Letter of Request for Reimbursement <br />4. Support Letter <br />5. Support Letter <br />6. Support Letter <br />7. Support Letter <br />8. Grand Opening Picture <br />9. Grand Opening Picture <br />10. Grand Opening Picture <br />11. Fitness Court Picture