HomeMy WebLinkAboutResolution 96-EDA50
RESOLUTION NO. 96-EDA50
.
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION APPROVING BUSINESS IMPROVEMENT PARTNERSHIP LOAN
FOR MOUNDS VIEW FINA
WHEREAS, Mounds View Fina, owned and operated by Thomas L. Manke and Leon
M. Theis since 1993, has requested financial assistance from the Mounds View Economic
Development Authority, and
WHEREAS, Mounds View Fina is requesting the maximum loan of $50,000 for illterior
and exterior improvements to the gas station located at 2280 W. County Road I, and
WHEREAS, Mounds View's Economic Development Authority would be responsible for
$25,000 at 2 percent fixed interest and Western Bank would be responsible for $25,000 at 11 percent
fixed interest for ten years, and
WHEREAS, Western Bank has completed bank underwriting procedures for Mounds
View Fina which demonstrates their abiltiy to conform with the repayment schedule alld have
approved participation in the loan with the Mounds View Economic Development Authority, and
. WHEREAS, the Economic Development Commission Loan Committee, who asks as an
- advisory to the Economic Development Authority in reviewing loan applications, has reviewed the
loan and has recommended approval per Resolution No. 96-EDC-15; and
WHEREAS, the improvements to Mounds View Fina include interior remodeling,
adding new equipment, installing new gas tanks and adding a canopy, and
WHEREAS, Business Improvement Partnership Loan will allow Mounds View Fina to
complete the needed interior and exterior improvements, and
WHEREAS, the improvements are in conformance with the requirements of the
Business Improvement Partnership 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 Partnership Loan to Mounds View Fina ill the
amount of $50,000 of which $25,000 is the Economic Development Authority's participation to be
funded out of existing tax increment district dollars.
Adopted this 12t day of August, 1996.
. ATTEST:
(SEAL)
President .
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