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E lls <br />River` <br />Request for Action <br />To <br />Item Number <br />Economic Development Author* <br />6.6 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />General Business <br />May 15, 2017 <br />Amanda Othoudt, EDD <br />Item Description <br />Reviewed by <br />Director's Report <br />Cal Portner, City Administrator <br />Reviewed by <br />Action Requested <br />Information presented for discussion only in effort to keep the EDA updated development activity. <br />Background /Discussion <br />BUSINESS VISITS <br />7 BR &E visits have been completed this year. More retention visits are in the scheduling process, watch <br />for the emails, and please RSVP and let us know if you are able to attend. <br />NEW PROJECTS <br />Housing TIF Project - Patrick Briggs <br />Patrick Briggs withdrew both the Jackson Hills and the Saxon /Elk River Lodge TIF applications. Staff <br />rescored the applications based on new information and the Jackson Hills project scored 24/50, making <br />the project ineligible for TIF. The Elk River Lodge TIF application was dependent upon receiving tax <br />increment from the Jackson Hills Project. <br />MISCELLANEOUS <br />Revolving Loan Fund Balance Reports <br />At the request of members, a copy of the Revolving Loan Fund report is attached. <br />TIF Policy Review <br />Over the past year, staff has been working to review and update all of the city's financial policies, the TIF <br />policy is the final policy left to review. Workshops were scheduled with the EDA and the HRA. Staff in <br />conjunction with our Attorneys and Financial consultant, are working to create a policy that incorporates <br />the cities priorities for the use of TIF funding into the actual policy instead of using scoresheets to <br />evaluate projects. The policy revision will be presented to the EDA at their June 19`'' meeting. <br />Die Concepts <br />Fred Trapp has moved all of his equipment into his new Line Avenue facility. The project utilized the <br />HRA Blighted Properties Commercial /Industrial Forgivable Loan Program and an EDA Microloan of <br />$260,200. Jake Pace is working on compiling the completed project video and will present it at a future <br />EDA /HRA and City Council meeting. Some before and after photos are attached. <br />MN Economic Redevelopment of Brownfields Workshop <br />I will be presenting at the MN Economic Redevelopment of Brownfields Workshop next week to <br />iawERfu sr <br />4A UO'E <br />