City Council Resolution 2013-25CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO. 2013-025
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 coo5rdinating 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 March 13, 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
WHEREAS, on April le, 2013, the Economic Development Authority unanimously
recommended to the City Council an amendment to the guidelines of the Greater Monticello
Enterprise Fund for the interest rate terms;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
MONTICELLO: that the Greater Monticello Enterprise Fund guidelines are amended 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%.
ADOPTED BY the Monticello City Council this 22 "d day of April, 2013.
CITY OF MONTICELLO
Ile-
Clint erbst, Mayor
ATTEST:
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JeWOM11, City Administrator