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EDA/HRA Executive Director's Report <br />Apri] 12, 2010 <br />Page 3 of 3 <br />MN Business Subsidy Reports <br />Staff is working to complete the MN Business Subsidy/Assistance Rports which are required <br />for any business assistance of $25,000 or more provided by public entities. The reports <br />indicate the business's progress on job and wage goals established by the city. These reports <br />axe due annually in April. Of note, Metal Craft Machine & Engineering and United <br />Healthcare Services have recently reported exceeding the job & wage goals established with <br />a total of 98 full-time jobs at Metal Craft and 28 full-time jobs at United Health Data Centex. <br />C/I Buildings Energy Efficiency Revolving Loan Fund Grant Application <br />In March staff was notified that Elk River's $235,000 grant application did not make the <br />short list of approval to start a revolving loan fund fox energy efficiency improvements in <br />C/I buildings. Staff believes this is a valuable concept for adding value and unique <br />marketability to existing C/I buildings. If this is a concept the EDA would like to consider <br />implementing as part of its existing Micro Loan Fund pool, without the matching funds, <br />please contact staff to discuss. <br />New TIF Legislation <br />Staff has been monitoring potential opportunities as a result of recent legislation that adds <br />some flexibility to the use of Tax Increment Financing for a limited period of time. The <br />attached articles provide a summary of the legislation. <br />S:\Community Development\Economic Development\EDA to move\Agenda\Year2010\Exec Dir report 4.12.10.doc <br />