HomeMy WebLinkAbout05-25-1995Minutes of the Economic Development Commission
City of Mounds View
Ramsey County, Minnesota
Regular Meeting
May 25, 1995
City Hall UNAPPRO
2401 Highway 10, Mounds View, MN 55112 VED
1. Call to Order:
The meeting was called to order at 6:07 p.m. by Chairperson, Phil Seipp.
2. Roll Call:
Members present were as follows: Rosemary Goff, Mark Malone, Peg Mountin, Dan Nelson, Ron
Schmidt, Delane Welsch and Phil Seipp. In addition Economic Development Coordinator Cathy Bennett
was present. EDA Liasion, Sue Hankner was absent.
Approval Of Minutes:
Motion/Second: Mountin/Welsch moved approval of Minutes of March 23, 1995 Meeting
6 ayes 0 nays
Motion Carried
4. Special Business
There was no special business
5. EDC Business:
A. Consideration of Proposal for Development of Property Near Bridges Golf Facility.
Jim Winkles of BelAir Builders and Owners of Midwest IV, Larry Lindberg and Steve Peterson
gave an overview of their proposal to build a 33,000 sq.ft. building on Lot 3 of property directly
abutting the Bridges Practice Range. In addition, they are negotiating to purchase lot 2 for
future expansion. The building would be owned by Midwest IV, a home care pharmaceutical
company. Midwest IV would be the primary occupant of the building and they are working
with other technologically advanced companies to occupy the remaining square feet.
V'I�p�yuC�
�t is\ proposed to call the building the Bridges Technology Center. The building wor7Td e �
office/showroom space and would consist of decorative block materials with glass entryway
along the entire front of the building. Owners of the property plan to keep a natural setting by
incorporating the vast oak trees into the landscaping.
Midwest IV will have an estimated 20 employees and expect to hire an addition 8-10 more
position within 6 months.
Members of the commission strongly encourage Midwest to purchase the adjacent lot to allow
a Planned Unit Development. This allows more flexibility with the current city code.
D. Consideration of Business Loan For Dvnex Industries
Coordinator Bennett explained that Dynex Industries approached the City for assistance in the
expansion of their current headquarters facility 4751 Mustang Circle. After discussions with
Dynex on structuring their financing, it was decided that they would fund the project through
the SBA 504 program. Through this program SBA will provide 40% of the project costs, theJ
�� bank will prov' /o of the project costs and Dynex will fund the remainder with equity.
Jnder A guidelines a City revolving loan can be considered as the equity portion of the o
financing. Therefore, Dynex is requesting the maximum loan of $50,000 of which the City's
participation would be $25,000 at 2% interest for 10 years. North Star Bank will provide the
remaining balance at 9 and 5/8 percent for 5 years with an adjusted rate for the remaining 5
years.
Dynex has been approved by SBA and North Star Bank.
Motion/Second: Goff/Welsch moved to approve a business loan MVBL-1, in the amount of
$50,000, for exterior improvements of Dynex Industries.
6 ayes 0 nays
Motion Carried
E. Discussion of Retention Mgg1jU s
Coordinator Bennett gave a brief overview of the business retention calls in April and May and
discussed the targeted companies to meet in June. Each commission member gave coordinator
Bennett four dates in June when they would be available to participation in interviews.
6. Reports From Chair, Commissioners and Staff:
There were no reports
Adjournment
There being no further business before the Commission, this meeting of the Economic Development
Commission adjourned at 7:55 p.m.
Respectfully Submitted,
Economic ble pment Coordinator