8.1 SR 10-18-2021 - Laserfiche WebLink

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Economic Development Minnesota Investment Fund The Minnesota Investment Fund (MIF) is operated by the Minnesota Department of Employment and Economic Development (DEED), MIF provides loans to assist in expanding businesses. These funds aim at increasing the work force of industrial, manufacturing, and technolo- gy -related industries to retain high -quality jobs, increase the local and state tax base, and improve the state's overall economic vitality. MIF funding is limited to $1 million per project, government organizations are eligible for one award per state fiscal year. Projects eligible for funding must have at least 50% of their total project costs privately financed through owner equity and other lending sources. It is important to note that most applications selected for funding have at least 70% of their projects privately financed. In 2017, Crystal Cabinet Works, Inc in Princeton, MN received $450,000, adding a projected 26 jobs with an average wage of $19.89. Special Service Districts A Special Service District (SSD) can be used to fund improvements and programs within a designated service area. An SSD is essentially added to the property tax of the properties within the identified service area and the revenue received is channeled back into projects and programs benefiting those properties. An SSD may be established by petition by the owners of 25% or more of the land area that would be subject to the charges and owners of 25% or more of the net tax capacity of property that would be subject to the charges. Likewise, the proposal 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. Open to Business The Open to Business program, provided by the Metro- politan Consortium of Community Developers (MCCD), is a small business technical assistance program. Open to Business provides services that promote economic development, create and retain jobs, and cultivate entre- preneurs. Through Open to Business, the MCCD provides advice and counseling to clients to assist them in achieving their entrepreneurial goals. The MCCD also provides small business loans for emerging entrepreneurs that face chal- lenges in accessing the commercial banking system. Transportation Economic Development Infrastructure Program The Transportation Economic Development Infrastructure (TEDI) program is administered by the Minnesota Depart- ment of Employment and Economic Development (DEED). TEDI is a competitive grant program available to communi- ties for road and public infrastructure projects that create jobs and support economic development. The programs provide a portion of costs for trunk highway and other road and public infrastructure improvements. Program funds must be used to towards predesign, design, acquisition of land, construction, reconstruction, and infrastructure improvements that will promote economic develop- ment, increase employment, and improve transportation systems to accommodate private investment and job creation. There is no limit to grant amounts, however proj- ects with a modest state request and maximized leverage from non -state and public sources are more competitive. For 2021, a total of $2.9 million is available for eligible proj- ects in Minnesota. 120 191MITI ad9i7:1OWN IMiVEi10Iwo Implementation Plan • Elk River Comprehensive Plan