HomeMy WebLinkAbout1995-EDC-11EDC RESOLUTION NO. 95-EDC11
RESOLUTION RECOMMENDING APPROVAL OF SMALL BUSINESS LOAN TO
FORCIA INC.
WHEREAS, Forcia Inc, who has owned Mister Donut in Mounds View since 1990, has approached
the City for a small business improvement loan, and
WHEREAS, Forcia, Inc. is requesting the maximum loan of $50,000 for interior and exterior
improvements and to increase product line at independently owned Mister Donut store located at 2394
Highway 10, and
WHEREAS, Mounds View's Economic Development Authority would be responsible for $25,000 at
2% interest rate and Western Bank would be responsible for $25,000 at 11.25 % floating interest rate for
five years, and
WHEREAS, Forcia Inc., has been approved by Western Bank contingent upon receiving references
on existing mortgage and franchise loans, and
WHEREAS, Forcia Inc.'s bakery is open 24 hours and currently serves donuts and pastries and will
be expanding the product line to include soups, subs, sandwiches, bagels, ice cream and cakes as a direct
result of their expansion; and
WHEREAS, the improvements will allow Forcia Inc. to join the Mid -Atlantic Bakery Co-op and
will change the store name to Donut Connection, and
WHEREAS, the change will facilitate significant exterior and interior aesthetics improvements, new
signage and equipment purchases, and
WHEREAS, the Economic Development Commission believes that assisting Forcia Inc. will benefit
the entire community of Mounds View by improving the aesthetics of the commercial sector in Mounds
View thereby increasing the tax base.
NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development Commission hereby
recommends approval of a $50,000 small business improvement loan which includes $25,000 Economic
Development Authority participation and $25,000 Western Bank participation.
Adopted by the Economic Development Commission of the City of Mounds View this
28th day of September, 1995.
ATTEST:
Chair
(SEAL)
Economic Devqftent Coordinator