3.1. EDA DRAFT MINUTES (2 SETS) 08-20-2018

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Economic Development Authority Minutes Page 4 July 16, 2018 ----------------------------- Commissioner Ovall liked the spirit of the plan and felt the EDA should continue working on it. Ms. Othoudt stated the commission could look at the program more in depth and add to the 2020 budget if desired. Commissioner Ovall wished the EDA could get some sort of “dashboard report” that showed what type of properties are available in Elk River by property type. He also felt it would be beneficial to determine why they are vacant. A demographic survey may show how big the need for Elk River property is. Ms. Eddy said there may be opportunities to partner with the county or school district. Commissioner Ovall agreed the program may be bigger through collaboration and we may be a leader if we can get funding. Commissioner Olsen asked if there are other cities that have a similar initiative. Ms. Othoudt referenced the City of Stewartville who had a similar program. Home based businesses are hard to track and establishing a business in a retail space makes sense for their business growth. President Tveite asked the committee if there is a consensus on not putting it on the budget but waiting for more details on the program. Commissioner Westgaard stated just because you budget the money you don’t have to use it. Ms. Othoudt said, if the committee wishes, the money can be reallocated from reserves and put into the budget. Commissioner Ovall suggested a placeholder amount. The Commission came to the consensus to leave it off the 2019 budget and come back to it later next year. Ms. Othoudt reviewed Performance Measures and Goals. She asked the EDA if they wanted to add or adjust them. Although there have been applications for energy efficiency microloans, the Elk River Municipal Utility rebate fund has been depleted for this year and only revolving loans are available. President Tveite wondered about an inventory of private and public properties available for future development. He also wanted to know if it was appropriate to include the gravel pit on their list of goals.