HomeMy WebLinkAbout1995-EDC-03EDA RESOLUTION NO. 95-EDC3
RESOLUTION NO. 95-EDC3 SUPPORTING THE APPLICATION FOR THE STATE
OF MINNESOTA ECONOMIC RECOVERY GRANT TO PROVIDE A LOAN TO
DYNEX INDUSTRIES
WHEREAS, Dynex Industries, a local business in Mounds View since 1985, is
considering the expansion of their current facility located at 4751 Mustang Circle and is in
need of gap financing to enable expansion in Mounds View; and
WHEREAS, Dynex Industries is an environmental and electrical engineering contracting
company that also manufactures a fluorescent light bulb recycling machine with distribution
and service nation wide; and
WHEREAS, Dynex Industries will be consolidating offices in Blaine, Arden Hills and
Fridley to Mounds View upon the completion of a successful expansion, and
WHEREAS, the Economic Development Commission's mission includes the promotion of
a positive economic climate which retains and expands existing businesses; and
WHEREAS, The City of Mounds View will be applying for an Economic Recovery Grant
from the Minnesota Department of Trade and Economic Development to make a low-interest
loan to Dynex Industries and establish a revolving loan fund; and
WHEREAS, such an endeavor would be in the best interest of the City to ensure the
retention and addition of 70 high quality jobs.
NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development
Commission hereby supports the City of Mounds View's application for an Economic
Recovery Grant from the Minnesota Department of Trade and Economic Development to
provide a low interest loan to Dynex Industries.
Adopted by the Economic Development Commission of the City of Mounds View this
26th day of January, 1995.
ATTEST:
Chair
(SEAL)
Economic Alopment Coordinator