7.6.C. SR 06-06-2005 - Laserfiche WebLink

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Greater Minnesota Business Development Public Infrastructure Grant Pro am Program oncept PROGRAM GOAL: The Greater MN Business Devel~pment Public Infrastructure (BDPI) Grant Program Goal is to keep or enhance jobs in a particular frea, to increase a city's tax base, or to create or expand new economic development within a city. I BACKGROUND/PURPOSE: The Greater MinnesotalBusiness Development Public Infrastructure Grant Program was established by the 2002 legislature ~ assist with complex and costly public in~rastructur~ develo~ment ~rojects for industrial ~evel pment parks and businesses .that might not occur wIthout publIc financial assIstance. Pursuant to Mmnes ta Statutes 116J.431, the MInnesota Department of Employment and Economic Development (DEED) h~s the authority to award grants to assist cities with development of eligible public infrastructure costs ~s defined below. I i FUNDING AVAILABILITY: The current legislative ~ppropriation for this program is $10,000,000. The appropriation can be spent over a five-year period a~ the discretion of DEED for qualifying projects in Cities outside of the seven county metropolitan area. IBased on the number of eligible applications, funding availability will be determined solely by DEED) Within the first two years of the Program, the following Ibreakdown of funding has been mandated by the Legislature: ! . $2,000,000 must be made available to cities wit~ populations of less than 5,000. . 20% of the amount available - $2,000,000 - must be made available for industrial park developments. i . $6,000,000 available for remaining eligible proj1cts. Eligible Applicants: Eligible Activities: Ineligible Activities: , I Cities outside of the seve~ county metropolitan area. (Hennepin, Ramsey, Dakqta, Anoka, Washington, Scott, Carver) i DEED may provide up to ~O% of the total capital costs to address the need for publicly owned infrastructure including, but not limited to, wastewater collection and treatment, t'rinking water, storm sewers, utility extensions and streets which support conomic development projects including manufacturing, techno log , warehousing and distribution, research and development, and agricultpral processing, which is defined as transforming, packaging, sorting, or gra~ing livestock or livestock products into goods that are used for intermed~ate or final consumption, including goods for nonfood use, or; I I Industrial Park Developm~nt that would be used by any business previously listed. . Retail development and office space development other than incidental office space. Retail devel~pments are projects whose customers are the end users of a product or servibe.