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