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7.2 HRSR 06-01-2015
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7.2 HRSR 06-01-2015
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<br />Request for Action <br />ToItem Numbe <br /> <br />r <br />Housing and Redevelopment Authority 7.2 <br />Agenda SectionMeeting DatePrepared by <br /> <br /> <br />General BusinessJune 1, 2015Amanda Othoudt, EDD <br />Item DescriptionReviewed by <br /> <br />HRA Blighted Properties Forgivable Loan program Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, my motion, the HRA Blighted Properties Forgivable Loan Policy and Application. <br /> <br />Background/Discussion <br /> <br />Staff crafted the attached Blighted Properties Forgivable Loan Policy and Application at the direction of <br />the HRA at the April 6 meeting. The city attorney, Springsted, and the finance department have reviewed <br />the policy and application. <br />The policy addresses commercial, industrial, and retail properti <br />engineer as structurally substandard according to Minnesota Statutes Section 117.025, subdivision 7. <br />Properties can qualify for up to $200,000 in the form of a forgivable loan. The purpose of the program is <br />to reinvest in blighted properties to preserve or enhance local tax base and create permanent, private- <br />sector jobs to stimulate above-average economic growth. It is intended to leverage private investment to <br />ensure economic renewal and competitiveness, improve employment and economic opportunity for <br />citizens, create a reasonable standard of living, and stimulate of productivity growth through improved <br />commercial, retail, manufacturing or new technologies. Applications will be accepted on an ongoing basis <br />and reviewed monthly. <br /> <br />The forgivable loan program is based upon the following criteria: <br />1.Creation of new jobs shall be the greater of $15.00 per hour or 150% of state or federal <br />minimum wage, whichever is greater, exclusive of benefits required by law; <br />2.The project can demonstrate that investment of public dollars induces private funds; <br />3.The project results in the sale and/or redevelopment of properti <br />substandard; <br />4.Increase in tax base; <br />5.The project provides higher wage levels to the community or will add value to current <br />workforce skills; <br />6.Whether assistance is necessary to retain existing business; and <br />7.Whether assistance is necessary to attract out-of-state business <br /> <br />A Blighted Properties Forgivable Loan must meet Clauses 1.), 2.), and 3.). A loan cannot be made solely <br />on findings 1.), 2.) and 3.). A finding must be made that at least two of the remaining conditions also exist. <br /> <br />Blighted Properties Forgivable Loans are awarded to businesses that meet all project and job requirements <br />
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