9.0. EDSR 02-14-1994 - Laserfiche WebLink

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River, Inc., and St. Benedict's Center. This recent decision will not be finalized until it is • published in the Federal Register tentatively scheduled for June 1994. PARKING LOT IMPROVEMENTS The HRA participated in two parking lot improvements in 1993. The Jackson Square parking lot was upgraded with additional parking stalls as was the former railroad property at Jackson Avenue and U.S. Highway 10. The HRA agreed to pay for these costs. CERTIFIED DEVELOPMENT COMPANY The concept of a Certified Development Company (CDC)to serve the City of Elk River and/or Sherburne County received a great deal of attention in 1993. CDC's obtain its designation from the Small Business Administration (SBA)which gives the organizations the ability to access SBA fixed-asset financing programs. The primary financing tool of a CDC is the SBA 504 loan program. Rather than create a new CDC, a relationship with an existing company was explored. Discussions were held with the Coon Rapids Development Company - a CDC that is active in SBA loans in Anoka County. Under the proposal discussed with Coon Rapids, it would expand into Sherburne County, and, in consideration for numerous cities and • organizations in the county purchasing stock, it would rename itself to reflect a multi- county organization. When this did not occur, new discussions were held with Twin Cities-Metro CDC. This organization operates in six of the seven metropolitan counties and had expressed an interest in expanding into Sherburne and Wright counties. With the absence of a resolution of support from the Sherburne County Commissioners, neither the Coon Rapids Development Company, now renamed Central Minnesota Development Company, nor Twin Cities-Metro can expand into Sherburne County. State legislation was approved in 1993 which resulted in the creation of a public organization known as Minnesota Business Finance, Inc. (MBFI). This organization is the former statewide OMNI which processes 504 loan requests throughout Minnesota. MBFI has since been relocated to St. Cloud and is operating there. In the absence of a local CDC, 504 loan requests will be processed by MBFI. VIDEO PRESENTATION In July, EDA Commissioners authorized the preparation of a video presentation on Elk River. The video is intended for use as a recruitment tool for new and expanding companies. It will also provide a broad overview of Elk River to newcomers, etc. The contract for the video project was awarded to Diversified Marketing Resouces, Inc. • of St.Cloud. Dick Gongoll and JimTralle assisted staff with the development and review of the script and with the sequencing of various shots.