HomeMy WebLinkAbout1995-EDC-10EDC RESOLUTION NO. 95-EDCIO
RESOLUTION RECOMMENDING APPROVAL OF SMALL BUSINESS LOAN FOR
DYNEX INDUSTRIES
WHEREAS, Dynex Industries, a Mounds View business since 1985, has approached the
City for a small business loan, and
WHEREAS, Dynex Industries is requesting the maximum loan of $50,000 to supplement a
Small Business Administration 504 Loan of $1,013,000, and
WHEREAS, Mounds View's Economic Development Authority would be responsible for
$25,000 at 2% interest and North Star Bank would be responsible for $25,000 at bank terms
for ten years, and
WHEREAS, Dynex Industries has been approved by the St.Paul/Metro East Development
Corporation for 40% of the project and by North Star Bank for 60% of the project, and
WHEREAS, Dynex Industries currently employs 60 people in Minnesota and anticipates
adding 12 new employees as a direct result of their expansion; and
WHEREAS, the Economic Development Commission believes that assisting Dynex
Industries will benefit the entire community of Mounds View by promoting quality jobs and
increasing the tax base.
NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development
Commission hereby recommends approval of a $50,000 small business loan which includes
$25,000 Economic Development Authority participation and $25,000 bank participation.
Adopted by the Economic Development Commission of the City of Mounds View this
25th day of May, 1995.
ATTEST:
Chair
(SEAL) / y
Economic Dee p ent Coordinator