HomeMy WebLinkAbout1995-EDC-09EDC RESOLUTION NO. 95-EDC9
RESOLUTION RECOMMENDING AMOUNTS TO FUND THE BUSINESS LOAN
PROGRAM FOR 1995 AND 1996
WHEREAS, on February 13, 1995, the Economic Development Authority approved the
pursuit of a small business loan program for Mounds View businesses, and
WHEREAS, City staff have been working with representatives from the Economic
Development Commission and development attorney from Briggs and Morgan to develop the
legal documents and agreements for the business loan program, and
WHEREAS, to fund the program, the Economic Development Commission determined
that a minimum of 4 maximum loans in the remaining of 1995 and 12 maximum loans in 1996
could be issued through the program, and
WHEREAS, funds for the program would come from excess tax increment financing
dollars generated by development districts in the City, 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 Economic Development Commission believes that offering a competitive
program to assist businesses would enhance the economic climate of the City.
NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development
Commission hereby recommends $100,000 for 1995 and $300,000 for 1996 to be set aside to
fund the Mounds View Business Loan Program.
Adopted by the Economic Development Commission of the City of Mounds View this
25th day of May, 1995.
ATTEST:
(SEAL)