HomeMy WebLinkAboutResolution 98-EDA96
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MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 98-EDA-96
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION MODIFYING THE BUSINESS IMPROVEMENT PARTNERSHIP LOAN
PROGRAM
WHEREAS, on February 13,1995 the Economic Development Commission adopted a
Resolution supporting the pursuit of a business loan program; and
WHEREAS, on May 25, 1995 the Economic Development Commission adopted a Resolution
approvil1g funding for the business loan program for 1995 and 1996; and
WHEREAS, on June 25, 1995 the Economic Development Authority adopted a Resolution
approvil,g the business loan program; and
WHEREAS, the stated purpose of the business loan program was to "[help] Mounds View
businesses thrive and prosper while improving the aesthetics of the commercial, industrial and
retail sectors of the community;" and
WHEREAS, the types of improvements eligible for the loan program included: repairing
storefronts, windows, doors, etc.; upgrading interior design and configuration; painting, cleaning
or staining the interior or exterior of a building; upgrading or replacing an existing business sign;
new or 'Jpgraded landscaping; parking lot redesign or repair; stormwater discharge
improvements; and ADA compliance upgrades; and
WHEREAS, during 1995 and 1996 a total of three loans of $25,000.00 each were approved
pursuant to the business loan program, each of which resulted in significant improvements to the
visual aesthetics and/or operational efficiency of the businesses receiving the loans; and
WHEREAS, each of the three loan recipients has made all of the required loan payments in full
and on 'time; and
WHEREAS, the continued and or improved availability of low interest loan funds could prompt
some blJsinesses in Mounds View to make improvements that might not otherwise be made, and
that said improvements could improve the appearance of Mounds View's commercial district and
enhanct~ its tax base; and
WHEREAS, the continuation and refinement of the business loan program would demonstrate to
Mounds View's businesses and residents the City's commitment to improving the local business
climate; and
WHEREAS, on June 25, 1998 the Economic Development Commission adopted a Resolution
recommending that the Economic Development Authority modify the Business Improvement
Partnemhip Loan Program in certain respects;
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NOW, THEREFORE, BE IT RESOLVED that the Economic Development Authority of the City of
tit Mounds View hereby:
Authorizes City staff to review and approve proposed loans in a manner consistent with
guidelines to be developed regarding confidentiality of applicants' financial information, intended
use of loan proceeds, and other relevant aspects of the loan application and approval process.
Adopted this 27th day of July, 1998.
ATTEST:
~~Cdt--.
President
(SEAL)
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