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��i <br /> Eof <br /> lk — - Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authori 8.1 <br /> Agenda Section Meeting Date Prepared by <br /> Work Session Aril 16, 2018 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> Business Incubator Program Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Discuss the proposed Business Incubation Program Policy. <br /> Background/Discussion <br /> At the February 19, 2018, meeting, staff presented information on a business incubation program which <br /> offers a unique opportunity to encourage the creation and support of new for-profit businesses which <br /> maintain and enhance a sustainable and diverse business climate within the city's business/commercial <br /> 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 /> Staff has drafted a policy for review and discussion. <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 Policy and Guidelines <br /> The Elk River Vision <br /> A Y�elcoming community nvith revolutionary and spirited resourcefulness, exceptional P U W E H E o s r <br /> service, and community engagement that encourages and inspires prosperity ,g /` UR <br />