HomeMy WebLinkAboutResolution 95-EDA32
RESOLUTION NO. 95-EDA32
.
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION APPROVING BUSINESS IMPROVEMENT LOAN FOR FORCIA INC.
WHEREAS, Forcia Inc, who has owned Mister Donut in Mounds View since 1990, has requested
financial assistance from the Mounds View Economic Development Authority, and
WHEREAS, Forcia, Inc. is requesting the maximum loan of $50,000 for interior and exterior
improvements and to increase product line at independently owned Mister Donut store located at 2394
Highway 10, and
WHEREAS, Mounds View's Economic Development Authority would be responsible for $25,000
at 2 percent interest and Western Bank would be responsible for $25,000 at 11.25 percent interest for
five years, and
WHEREAS, Western Bank have completed bank underwriting procedures for Forcia Inc and have
approved participation in the loan with the Mounds View Economic Development Authority, and
WHEREAS, the Economic Development Commission, who asks as an advisory to the Economic
Development Authority, has reviewed the loan and has recommended approval per Resolution No. 95-
. EDC-ll; and
WHEREAS, the improvements will allow Forcia Inc. to join the Mid-Atlantic Bakery Co-op and
will change the store name to Donut Connection, and
WHEREAS, the change will facilitate significant exterior and interior aesthetics improvements,
new signage and equipment purchases, and
WHEREAS, the improvements are in conformance with the requirements of the business loan
program approved on June 5, 1995 per Resolution No 95-EDA27.
NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development Authority hereby
approves a business improvement loan to Forcia Inc. 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.
ATTEST:
Adopted this 9th day of October, 1995.
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