HomeMy WebLinkAboutResolution 26-EDA-385 - 2026/02/09RESOLUTION 26-EDA-385
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
A RESOLUTION AMENDING THE CITY OF MOUNDS VIEW
FORGIVABLE LOAN PROGRAM AND GUIDELINES
WHEREAS, the City of Mounds View Economic Development Authority ("EDA")
established a Forgivable Loan Program to support small, independent businesses operating
within the City; and
WHEREAS, the intent of the Forgivable Loan Program is to strengthen the local economy,
encourage business retention, and promote a positive business climate where businesses choose
to locate and remain in Mounds View; and
WHEREAS, the Mounds View City Council has reviewed the existing Forgivable Loan
Program and Guidelines and determined that updates are necessary to ensure the program
continues to meet its intended purpose; and
WHEREAS, the City Council discussed and recommended that the program be amended
to allow the loan forgiveness period to restart when a new business owner, operating under a
different registered business name and with no ownership or familial relationship to the previous
business owner, begins operating at the same physical location; and
WHEREAS, the City Council further determined that franchises and corporations should
remain ineligible for the program to focus assistance on small, independent businesses that
contribute uniquely to the character and vitality of the community; and
WHEREAS, the EDA finds that these amendments will enhance the effectiveness of the
Forgivable Loan Program and further the City's goal of maintaining a strong, diverse, and
resilient local business environment.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of
the City of Mounds View that the Forgivable Loan Program and Guidelines are hereby amended
as follows (Exhibits A and B):
1) When a new business owner begins operating at the same location as a previous loan
recipient, the forgivable loan term may restart only if -
a) The new business operates under a different registered business name, and
b) The new owner has no ownership, management, or familial relationship with the
previous owner, and
c) The business otherwise meets all eligibility requirements of the program.
Resolution 26-EDA-385
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2) Franchises and corporations are not eligible for the Forgivable Loan Program. The
program is intended exclusively for small, independent businesses operating within the City
of Mounds View.
3) The program shall continue to prioritize support for independent businesses that contribute
to a positive business climate, economic vitality, and long-term stability within the City.
4) City Staff is authorized to update all program documents, application materials, and
guidelines to reflect these amendments.
Adopted by the Economic Development Authority of the City of Mounds View this 9th day
of February, 2026. � I
ATTEST:
Nyle Zikmu , Ex utive birector
(SEAL)