HomeMy WebLinkAbout97-75 - ADMIN Resolution - City Council - 1997/06/02RESOLUTION NO. 9 7 ® 7 5
RESOLUTION APPROVING THE COMMERCIAL REHABILITATION LOAN PROGRAM,
APPROVING PROGRAM DOCUMENTS, ALLOCATING $250,000 IN FUNDING TO THE
PROGRAM FOR 1997, ESTABLISHING A PROGRAM TARGET AREA AND AUTHORIZING THE
EDA TO EXECUTE THE PROGRAM.
WHEREAS, the St. Louis Park Economic Development Authority ("EDA") desires to implement a
program for the provision of low interest financial assistance to and stimulate investment m small service,
retail, and light manufacturing businesses m St. Louis Park and
WHEREAS, the Commercial Rehabilitation Loan Program is consistent with the recommendations made
by the Business Task Force of Vision St. Lotus Park and the City's Economic Development Strategic Plan.
NOW THEREFORE BE IT RESOLVED by the City Council as follows:
1. The City Council approves the Commercial Rehabilation Loan Program documents attached hereto as
Exhibit A.
2. The City Council authorizes the St. Louis Park EDA to administer and disburse funds for the CRLP on
behalf of the City of St. Lotus Park.
3. The City Council authonzes an allocation of $250;000 for the remainder of 1997 from the City of St.
Louis Park/ St. Lotus Park EDA Development Fund.
4. A Target Area as established m the program guidelines shall be set for the remainder of 1997 and may
be expanded, retracted, or changed by action of the Economic Development Authority at any time.
5. EDA staff will provide penodic reports on the program to the City Council and provide a a review of
the program in the fall of 1997 m order to establish 1998 funding levels and target area modifications.
Attest:
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Ci Clerk
Review - • for Administration:
City Manager
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Adop
y the Ci Council on June 2, 1997
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