HomeMy WebLinkAboutResolution 95-EDA21
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EDA RESOLUTION NO. 95-EDA21
RESOLUTION NO. 95-EDA21 APPROVING APPLICATION FOR THE STATE OF
MINNESOTA ECONOMIC RECOVERY GRANT TO PROVIDE A LOAN TO DYNEX
INDUSTRIES FOR EXPANSION OF LOCAL HEADQUARTERS FACILITY
WHEREAS, Dynex Industries, a local business in Mounds View since 1981, is reviewing
the expansion of their current headquarters facility located at 4751 Mustang Circle and needs
to secure gap financing to enable expansion in Mounds View; and
WHEREAS, Dynex Industries is a high quality, innovative environmental and
engineering services firm that manufactures fluorescent lamp recycling machines throughout
the U.S.; and
WHEREAS, Dynex Industries has been an excellent corporate citizen through
participation in Mounds View's Clean Up Days, Focus 2000 and Festival in the Park, and;
WHEREAS, The City of Mounds View is applying for an Economic Recovery Grant from
the Minne~Qta Department of Trade and Economic Development to make a low-interest loan to
Dynex Industries and establish a revolving loan fund; and
WHEREAS, such an endeavor would be in the best interest of the City to ensure the
retention of 45 and the addition of 25 high quality jobs.
NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development Authority
hereby approves the application for an Economic Recovery Grant from the Minnesota
Department of Trade and Economic Development to provide a low interest loan to Dynex
Industries.
Adopted by the Economic Development Authority in and for the City of Mounds View this
I f February, 995.
ATTEST:
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