HomeMy WebLinkAbout97-07 - ADMIN Resolution - Economic Development Authority - 1997/06/02EDA RESOLUTION NO 7 ®O 7
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
PRESIDENT AND EXECUTIVE DIRECTOR OF THE EDA TO EXECUTE THE PROGRAM,
SUBJECT TO APPROVAL BY THE ST. LOUIS PARK CITY COUNCIL.
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 in small service,
retail, and light manufacturing businesses in St. Louis Park; and
WHEREAS, the Commercial Rehabilitation Loan Program is consistent with the recommendations made
by the Business Task Force of Vision St. Louis Park and the City's Economic Development Strategic Plan.
NOW THEREFORE BE IT RESOLVED by the EDA as follows:
1. The EDA approves the Commercial Rehabilation Loan Program documents attached hereto as Exhibit
A.
2. The EDA will administer and disburse funds for the CRLP on behalf of the City of St. Louis Park.
3. The EDA authorizes an allocation of $250,000 for the remainder of 1997 from the City of St. Louis
Park/ St. Louis Park EDA Development Fund.
4. A Target Area as established in 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 periodic reports on the program to the EDA and provide a a review of the
program in the fall of 1997 in order to establish 1998 funding levels and target area modifications.
6. The President and Executive Director of the EDA are authorized to execute necessary documents to
implement the Program.
7. EDA approval of the Program is subject to approval by the St. Louis Park City Council.
Adopted by the
Attest:
xecuhve Director