EDA Resolution 2013-021CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2013-021
Date: April 10d', 2013 Resolution No. 2013 -021
Motion By: C4 nnrA i S6 0 y) Cr 'T/A p per Seconded By: Ca mW i 6c5 i DYt t r Plvt j 5 +rv►
RESOLUTION APPROVING THE MODIFICATION OF GUIDELINES FOR THE
GREATER MONTICELLO ENTERPRISE FUND
WHEREAS, pursuant to Minnesota Statutes, Sections 469.090 to 469.1081 (the "EDA
Act "), the City of Monticello has established the City of Monticello Economic Development
Authority ( "EDA "), for the purpose of coordinating and administering economic development
activities in and for the City; and
WHEREAS, the Economic Development Authority shall manage the Greater Monticello
Enterprise Fund (the "Fund "), the purpose of which is to encourage economic development by
making loans to private businesses, and
WHEREAS, on March 11, 2009, the Economic Development Authority has adopted
guidelines for the Greater Monticello Enterprise Fund pursuant to Section 116J.993 to 116J.994 of
the "Business Subsidy Act "; and
WHEREAS, on April 10th, 2013, the Economic Development Authority has completed an
analysis of said guidelines and has now determined to amend and restate the criteria in accordance
with requirements of the Business Subsidy Act, as amended; and
NOW, THEREFORE, BE IT RESOLVED, by the City of Monticello Economic
Development Authority recommends to the City Council an amendment to the Greater Monticello
Enterprise Fund guidelines as follows:
a. The Interest Rate: Fixed rate not less than 2% below prime rate as published in the
Wall Street Journal on date of EDA loan approval, with a minimum interest rate of
1 %.
Approved by the City of Monticello Economic Development Authority this 10t' day of�pril,
2013. ..,"
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