7.1. EDSR 06-15-2020 - Laserfiche WebLink

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The Authority should review the attached policies and provide direction to staff on policy changes within each of the financial applications to ensure a smooth and efficient application process. One item to keep in mind is that the use of public financing tools requires public purpose and data transparency by state law. The differences between a private application process through a bank or credit union and local government are purposeful requirements to protect the taxpayer and limit their risk. To assist the Authority in reviewing the applications, staff has attached similar policies from various municipalities. It should be noted that each municipality has tailored their policies to fit the needs and objectives of their own communities. Essentially,what works for one community,may not work for an adjacent community. Some municipalities may not have Revolving Loan Funds, support Tax Abatement or TIF projects. ■ City of Big Lake does not have a Revolving Loan Fund program however, they offer Tax Abatement and TIF as financing options. ■ City of Anoka offers a tax abatement but does not offer a Revolving Loan Fund program. ■ City of Fairmont offers TIF,Abatement and has a Revolving Loan Fund program. ■ Lake City offers TIF,Abatement and has a Revolving Loan Fund program. ■ City of St. Cloud offers TIF,Abatement and has a Revolving Loan Fund program. ■ City of St. Louis Park offers TIF and a Revolving Loan Fund program. ■ City of Hutchinson offers a TIF and Abatement program in addition to a microloan program. ■ City of Hastings offers TIF and Tax Abatement and a Revolving Loan Fund program. ■ City of Shakopee offers TIF and Abatement, and a Facade Improvement program,but not a general Revolving Loan Fund program. ■ City of Burnsville offers TIF and Abatement,but not a general Revolving Loan Fund program. Concern #15: Some perceived that the personal agenda ofa staffinember can influence the way Cityprocess is interpreted. The CoVrebensive Plan and EDA Strategic Plan updates will provide clarification of EDA/Council and direction for interpretation. City administrative processes are public information and subject to Council and Authority review and amendment. Concern #15: Shouldn't it be a collective effort, or common goal, for staff and entrepreneurs to build and grow the business community in Elk River together? Staff developed an online tool in 2019 to assist new businesses that are opening or expanding in Elk River. The guide provides a step-by-step guide that best fit the potential business looking to open. The page also features a link to the Economic Development's Business Toolbox,and guides for commonly opened businesses. htWs://www.elkrivermn.gov/1602/01)ening-a-Business