HomeMy WebLinkAbout1996-EDC-15EDC RESOLUTION NO. 96-EDC15
RESOLUTION RECOMMENDING APPROVAL OF A BUSINESS IMPROVEMENT
PARTNERSHIP LOAN TO MOUNDS VIEW FINA
WHEREAS, general partners Thomas L. Manke and Leon M. Theis, who have
operated the Mounds View Fina since 1993, has approached the City for a Business
Improvement Partnership Loan, and
WHEREAS, Mounds View Fina is requesting the maximum loan of $50,000 for
interior and exterior improvements to the gas station located at 2280 W. County Road I, and
WHEREAS, Mounds View's Economic Development Authority would be
responsible for $25,000 at 2% fixed interest rate and Western Bank would be responsible for
$25,000 at 11% fixed interest rate for ten years, and
WHEREAS, Mounds View Fina has been approved for the $25,000 loan by
Western Bank as well as additional financing for the project,
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WHEREAS, Mounds View Fina will be remodeling the interior, adding new
equipment and fixtures, installing new gas tank and adding a canopy as part of their
improvement project; and
WHEREAS, Mounds View's Business Improvement Partnership Loan will allow
Mounds View Fina to complete the needed interior and exterior improvements, and
WHEREAS, the Economic Development Commission Loan Committee believes
that assisting Mounds View Fina 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 Business Improvement Partnership
Loan which includes $25,000 Economic Development Authority participation and $25,000
Western Bank participation.
Adopted by the Econo c Developmr� t Commission of the City of Mounds View this
12th Vay�f August, 1996.
ATTEST:
t
(SEAL)
Econ i Development Coordinator