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EDA RESOLUTION 13-EDA-276
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION AMENDING THE MOUNDS VIEW
BUSINESS IMPROVEMENT PARTNERSHIP LOAN PROGRAM
WHEREAS, the Mounds View Economic Development Authority (EDA) has
Economic Development Authority powers provided in Minnesota Statutes, Sections
469.090 to 469.108;and,
WHEREAS, on June 5, 1995 per Resolution 95-EDA-27, the Mounds View EDA
approved a business loan program for Mounds View businesses to provide low interest
loans for interior and exterior improvements; and,
WHEREAS, loans are "participation loans" offering $25,000 from the EDA and
$25,000 provided by the participating bank; and,
WHEREAS, the total loan fund budget for 2013 is $50,000.
NOW, THEREFORE BE IT RESOLVED THAT the Mounds View Economic
Development Authority does hereby authorize the following amendments to the Business
Improvement Partnership Loan Program:
1) Remove the requirement that businesses must be located in Mounds View for two
years prior to applying for the loan
2) Because the participating bank will require financial statements and bids to
underwrite the loan, remove the requirement that applicants must also provide the
information to the EDA
Adopted this 13th day of May, 2013 by the
Mounds View Economic Development Authority
oe aherty, Presid- t
(ATTEST) .JG/Yvlt,8 r
James Ericson, Executive Director