HomeMy WebLinkAboutResolution 95-EDA28
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RESOLUTION NO. 95-EDA2S
CITY OF MOUNDS VIE\V
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION APPROVING BUSINESS LOAN FOR DYNEX INDUSTRIES
\VHEREAS, Dynex Industries, located at 4751 Mustang Circle, has requested financial assistance
from the Mounds View Economic Development Authority, and
WHEREAS, Dynex Industries provides environmental and electrical services and rnanufactures
machines to recycle fluorescent light bulbs, and
WHEREAS, Dynex Industries is requesting the maximum loan of $50,000 to supplement a Small
Business Administration 504 Loan of $1.013,000, and
WHEREAS, Mounds View's Economic Development Authority would be responsible for $25,000
at 2% interest and North Star Bank would be responsible for $25,000 at bank terms for ten years, and
WHEREAS, Dynex Industries has been approved by St.PaullMetro East Development Corporation
. for 40% of the project costs and by North Star Bank for 60% of the project costs, and
WHEREAS, Dynex Industries currently employs 45 people in Mounds View and anticipates
bringing 37 jobs to the area as a direct result of their expansion; and
WHEREAS, the expansion of Dynex is in conformance with the requirements of the business loan
program approved on June 5, 2995 per Resolution No 95-EDA27.
NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development Authority hereby
approves a business loan for Dynex Industries in the amount of $50,000 of which $25,000 is the
Economic Development Authority I s participation to be funded out of existing tax increment district
dollars.
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