5.1. PCSR 08-24-2021 - Laserfiche WebLink

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i ,.• r '4 ' �,y 1.:16►1 ! 1..t. r. -,r►1,r. = � � � ^�'�. � (I Economic Development Open to Business The Open to Business program,provided by the Metro- Minnesota Investment Fund politan Consortium of Community Developers(MCCD), The Minnesota Investment Fund(MIF)is operated by the is a small business technical assistance program.Open Minnesota Department of Employment and Economic to Business provides services that promote economic Development(DEED),MIF provides loans to assist in development,create and retain jobs,and cultivate entre- expanding businesses.These funds aim at increasing the preneurs.Through Open to Business,the MCCD provides work force of industrial,manufacturing,and technolo- advice and counseling to clients to assist them in achieving gy-related industries to retain high-quality jobs,increase their entrepreneurial goals.The MCCD also provides small the local and state tax base,and improve the state's overall business loans for emerging entrepreneurs that face chal- economic vitality.MIF funding is limited to$1 million per lenges in accessing the commercial banking system. project,government organizations are eligible for one award per state fiscal year.Projects eligible for funding Transportation Economic Development must have at least 50%of their total project costs privately Infrastructure Program financed through owner equity and other lending sources. The Transportation Economic Development Infrastructure It is important to note that most applications selected (TEDI)program is administered by the Minnesota Depart- for funding have at least 70%of their projects privately ment of Employment and Economic Development(DEED). financed. In 2017,Crystal Cabinet Works,Inc in Princeton TEDI is a competitive grant program available to communi- MN received$450,000,adding a projected 26 jobs with an ties for road and public infrastructure projects that create average wage of$19.89. jobs and support economic development.The programs provide a portion of costs for trunk highway and other road Special Service Districts and public infrastructure improvements.Program funds A Special Service District(SSD)can be used to fund must be used to towards predesign,design,acquisition improvements and programs within a designated service of land,construction,reconstruction,and infrastructure area.An SSD is essentially added to the property tax of improvements that will promote economic develop- the properties within the identified service area and the ment,increase employment,and improve transportation revenue received is channeled back into projects and systems to accommodate private investment and job programs benefiting those properties.An SSD may be creation.There is no limit to grant amounts,however proj- established by petition by the owners of 25%or more of ects with a modest state request and maximized leverage the land area that would be subject to the charges and from non-state and public sources are more competitive. owners of 25%or more of the net tax capacity of property For 2021,a total of$2.9 million is available for eligible proj- that would be subject to the charges.Likewise,the proposal ects in Minnesota. can be vetoed with the filing of a formal objection if 35% thresholds for the same criterion are met.Minneapolis maintains 12 SSD's-implementing one or several in Elk River could help facilitate improvements within specified areas of the Comprehensive Plan. 120 Implementation Plan•Elk River Comprehensive Plan DRAFT FOR REVIEW ONLY