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City of <br />Elk - <br />River <br />Request for Action <br />To <br />Item Number <br />Economic Development Authori <br />6.2 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />General Business <br />February 20, 2018 <br />Amanda Othoudt, EDD <br />Item Description <br />Reviewed by <br />Business Incubator Program <br />Cal Portner, City Administrator <br />Reviewed by <br />Action Requested <br />Hear presentation on a proposed Business Incubation Program. <br />Background/Discussion <br />In January, staff attended the Economic Development Association of Minnesota (EDAM) winter <br />conference and heard a presentation by Joya Stetson of Community & Economic Development <br />Associates (CEDA) regarding the business incubation program in Stewartville, MN. The program offers a <br />unique opportunity to encourage the creation and support of new for-profit businesses which maintain <br />and enhance a sustainable and diverse business climate within the city's business/ commercial districts. <br />The program allows new business owners an opportunity to receive rent assistance to locate new <br />businesses into vacant properties within the city. Rent assistance would be provided at decreasing <br />amounts for a total of 18 months. A new business is defined as a business that had been previously <br />operating out of a residence. <br />The program also provides business owners with education and tools to increase opportunities for long- <br />term success while filling currently vacant commercial properties in the community. <br />If initiated in Elk River, the program would require participation by the Small Business Development <br />Center, the MN Workforce Center, partnerships with real estate agents, brokers, and existing businesses <br />that wish to share their knowledge and expertise with new entrepreneurs. <br />Financial Impact <br />Funding of the program could come from EDA reserves, or could be included into the budget in 2019. <br />Attachments <br />■ Business Incubation Program Guidelines in Stewartville, MN <br />The Elk River Vision <br />A nelcoming community nvith revolutionary and spirited resourcefulness, exceptional p o w E A E u e r <br />service, and community engagement that encourages and inspires prosperity ,� g /� <br />