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EDA Micro Loans <br /> The first Energy Efficiency Improvement Micro Loan closed at the end of August 2012. <br /> Applicant,Pamela Sitts, of P.S...Dance Studio anticipates moving into the building <br /> sometime in November. <br /> At their September 10 meeting, the EDA authorized a sub-committee formed off EDA <br /> Commissioners Tveite,Dwyer and Provo to discuss use of the$703,000 DTED fund <br /> balance as a potential forgivable grant program as an incentive to promote available <br /> city/EDA owned lots and to help existing manufacturer's to expand. Rough guidelines were <br /> compiled and staff will work with the state to get approval. Once approved,the EDA <br /> Finance Committee will review and ultimately the EDA will approve. State approval may <br /> take a month or so. <br /> Greater MSP <br /> Greater MSP is a private-public partnership funded by businesses,institutions,and <br /> government,whose mission is to stimulate economic growth and prosperity,and higher <br /> quality of life for residents in the Metropolitan region. We have been working with <br /> GreaterMSP on potential leads and have provided them with information regarding our <br /> available sites and funding programs. <br /> MN Community Capital Fund (MCCF) <br /> Staff met with Scott Martin President of the Minnesota Community and Capital Fund <br /> (MCCF) to discuss business financing options available from the MCCF. Elk River is a <br /> Class B member which means that it can originate loans up to $500,000 through the MCCF. <br /> Staff has provided this information to local bankers,manufacturers and developers. <br /> Information is also available in the EDA Business Finance Toolkit and website. <br /> Business subsidy reporting <br /> Staff continues to complete the mandatory annual reporting to the state for other tax <br /> abatement and business subsidy agreements. <br /> Housing Study <br /> The 2012 Comprehensive Housing Market Study was presented to the HRA and City <br /> Council on September 4. Staff presented the housing study to the Multi Housing Crime <br /> Prevention (MHCP) group at their September meeting. The study has been requested <br /> numerous times and has received positive feedback from not only the MHCP group,but <br /> local developers. We will utilize recommendations from the plan as for the creation of the <br /> 2013-2016 Economic Development Strategic Plan. <br /> Community Economic Development Strategy (CEDS) Region 7W <br /> Economic Development Staff attended the quarterly Community Economic Development <br /> Strategy (CEDS) roundtable meeting for Region 7W to discuss establishing a CEDS for our <br /> region. Several economic development and administrative staff were in attendance from <br /> cities and counties in our region (Sterns,Benton,Sherburne,and Wright). Staff provided a <br /> thorough update of Elk River happenings. Staff members from both Sen. Franken and Rep. <br /> Bachmann's offices were present and indicated they were impressed with what Elk River has <br /> accomplished. <br /> N:\Departments\Community Development\Economic Development\HRA to move\Agenda\Year 2012\10-1-12 Agenda\Executive <br /> Director update 10-1-12.doc <br />