5.0 EDSR 08-10-2009 - Laserfiche WebLink

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In 2004 the Personal Services costs were adjusted from 70/30 percent EDA and HRA respectively to 60/40 percent due to staff time allotted to the downtown construction project and redevelopment planning. It is proposed that this continue in 2010 due to staff time spent on Neighborhood Stabilization Program (NSP) implementation and the anticipated Downtown Redevelopment Plan. Initiative Foundation Annual Contribution Request Information about the Initiative Foundation's 2010 request of $5,000 is attached. Similar to the last year, the 2010 proposed budget does not include a contribution to the Initiative Foundation. Prior to 2007, the EDA had made a series of annual contributions of $2,500 to the Initiative Foundation. However, over the years the EDA's involvement with the Foundation has decreased with the lack of participation in the Foundation's Seed Capital Fund program and the EDA's closure of the Business Incubator program in 2005. If the EDA chooses to include an annual contribution, it should be understood that this is an ongoing request as part of the Foundation's 5-year capital fundraising program, after which funding needs are evaluated and a new 5-year campaign initiated. In 2008 the EDA adopted a Fund Balance Policy to designate a percentage of its cash fund balance at the end of each year toward an EDA Development Project Account. This account is intended to be used by the EDA for development expenses such as land acquisition and related assembly costs for future commercial/industrial parks. Information -Related EDA Program Fund Balance In addition to its operating budget the EDA has accessed the following various funds for specific economic development projects (recent balance sheets attached): • EDA Micro Loan Fund with a cash balance of $828,204 • EDA DTED Loan with a cash balance of $183,851 (derived from 2003 federal grant for Sportech expansion) • City DTED Loan with a cash balance of $151,532 (derived from 2008 federal grant for Sportech expansion) • City Development Fund with a cash balance of $102,428 (City-controlled fund for capital projects such as Northstar Business Park and Gateway Business Park) Attachments • Budget Worksheet -Proposed 2010 EDA Revenue & Expenditures • Resolution Establishing the EDA Levy for Collection in Year 2010 • Initiative Foundation -Year 2010 Request for Financial Contribution • Balance Sheet for EDA related Project Accounts as of July 31, 2009 Action Motion by Second by Vote Follow Up S:\EDA\AGI;NDA\EDA Budget\08.10.09 Action Reyucstcd EDA budgetdoc