HomeMy WebLinkAbout21-EDA-345EDA RESOLUTION 21-EDA-345
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
A RESOLUTION ESTABLISHING THE NEW BUSINESS IMPROVEMENT
FORGIVABLE LOAN PROGRAM
WHEREAS, the Mounds View Economic Development Authority (the "Authority")
was created pursuant to Minnesota Statutes, sections 469.090 through 469.1082 to
exercise its powers to promote and protect economic development within the City of Mounds
View (the "City"); and
WHEREAS, the Authority seeks to establish a forgivable loan program, to be called
the New Business Improvement Forgivable Loan Program (the "Program") for the purpose
of providing funds for physical building improvements and equipment upgrades for new
businesses within the City; and
WHEREAS, EDA staff prepared and presented guidelines for the Program, which
are incorporated herein by reference (the "Program Guidelines") at the EDA's August 23,
2021 meeting that set out details of the proposed Program; and
WHEREAS, it is consistent with the goals of the EDA, and is within its powers, to
establish the proposed Program to promote and sustain recently established businesses
within the City.
NOW THEREFORE, BE IT RESOLVED, by the Mounds View Economic
Development Authority, as follows:
1. The recitals set forth in the preamble to this Resolution are incorporated into this
Resolution as if fully set forth herein.
2. The EDA hereby establishes the "New Business Improvement Forgivable Loan
Program" as provided in this Resolution. The EDA authorizes a total of $25,000
to be used for the Loan Program, with individual loans of up to $5,000 per
calendar year and total loan amounts under the Program not to exceed $15,000
per recipient.
3. The New Business Improvement Forgivable Loan Program will be structured in
accordance with the provisions proposed in the Program Guidelines.
4. The President, Executive Director, and EDA staff are hereby authorized and
directed to do each of the following regarding the Program:
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a. Prepare an application, grant agreement, and such other documents as
may be needed;
b. Receive applications and determine eligibility;
c. Distribute grants to eligible businesses;
d. Communicate with the grant recipients as needed to confirm the grants
funds were used in accordance with the terms and conditions of the
Program;
e. Enter into such agreements on behalf of the City as may be needed to
accomplish any of the items required to effectively administer the
Program; and
f. Take all other actions, and execute such other documents, as may be
needed to implement and carry out the Program and the intent of this
Resolution.
Adopted on the 23rd day of August, 2021.
Attest:
(SEAL)
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Carol A. Mueller, Pre6ident
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Nyle ikmu,0,14d, Executive Director
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