HomeMy WebLinkAbout23-EDA-364EDA RESOLUTION 23-EDA-364
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
A RESOLUTION AMENDING THE NEW BUSINESS 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 established 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, Program eligibility criteria currently require that an applicant must have
been in business for less than five years, and the Authority desires to expand the Program
to other businesses in the City by eliminating the requirement that applicants have been in
business for less than five years; and
WHEREAS, EDA staff have prepared and presented amended guidelines for the
Program, which are attached to this Resolution as Exhibit A and incorporated herein by
reference (the "Program Guidelines"); and
WHEREAS, to avoid confusion over eligibility, the name of the Program will be
updated to the EDA Forgivable Loan Program. However references in current documents
and agreements to the New Business Improvement Forgivable Loan Program will be
honored until these documents and agreement are updated in the regular course of
business; and
WHEREAS, it is consistent with the goals of the EDA, and is within its powers, to
amend the proposed Program to promote and sustain 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 amends the New Business Improvement Forgivable Loan
Program as provided in this Resolution and the amended Program Guidelines
established in Exhibit A.
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3. The President, Executive Director, and EDA staff are hereby authorized and
directed to do each of the following regarding the Program:
a. Amend the Program 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 10th day of April, 2023.
Attest:
(SEAL)
heresa Cerma , cting President
Nyle,Zikmyrhd, Executive Director
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