3.6 EDSR 08-21-2017 - Laserfiche WebLink

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ELK RIVER ECONOMIC DEVELOPMENT �- JOB INCENTIVE MICROLOAN GUIDELINES, POLICY &APPLICATION GENERAL PURPOSE AND GUIDELINES The purpose of the RLF is to provide financial and technical assistance for the creation and retention of new employment. These objectives may be accomplished through the followingmeans: 1. Create /retain permanent private sector jobs to fuel above - average economic growth. 2. Investment in technology and equipment that increase productivity and provide for higherwages; 3. Leverage of private investment to ensure economic renewal and competitiveness; 4. Increase the local tax base to guarantee a diversified industry mix; 5. Improve the quality of existing jobs, based on increases in wages or improvements in the job duties, training, or education associated with those jobs; 6. Improve employment and economic opportunities and create a reasonable standard of living; and 7. Enhance productivity growth through improved manufacturing or new technologies. One way to meet these objectives is to assist businesses that have location options outside of Elk River. These firms bring income into the state and raise the overall standard of living. ELIGIBLE EXPENDITURES The MIF- seeded funds may be used in a variety of ways include example noted below. More information is available in Minn. Stat. 116J.8731 and through conversations with your loan officer. 1. Provide loans and other forms of participation, ensuring that RLF funds are matched by private financing /owner equity. 2. Fund strategic investments in renewable energy market development. Any expenditure for external marketing for renewable energy market development is not subject to the matching requirements listed above. 3. Provide entrepreneurs with training, other technical assistance, and financial assistance as defined by federal guidelines. ELIGIBLE PROJECTS Assistance must be evaluated on the existence of the following conditions as noted in Minn. Stat.116J.8731: 1. Creation or retention of jobs, or the improvement of jobs as measured by wages, skills or knowledge; 2. Increase in the tax base; 3. Attraction of private funds to the project; 4. Incapacity of local communities and finance partners to finance project; 5. Results in higher wage levels or workforce skills; 6. Supports development of microenterprises, as defined by federal guidelines, through technical assistance or financial assistance. 7. The project promotes or advances the green economy. 8. Need for assistance to retain existing business; 9. Importance of assistance to attract out -of -Elk River business; and � The assistance cannot meet solely 8 or 9; other conditions must also be present. 2 EDA & City Council Approved April 17, 2017