7.6.C. SR 06-06-2005 - Laserfiche WebLink

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Item 7.6.C. MEMORANDUM TO: Mayor and City Council FROM: Heidi Steinmetz, Assistant Director of Economic Development ~ DATE: June 6, 2005 SUBJECT: Consider Business Development Public Infrastructure Grant Program Resolution Attachments . Greater Minnesota Business Development Infrastructure Grant Program Concept . Business Development Public Infrastructure Grant Program Resolution Background On April 4, 2005 the City Council adopted a resolution ordering a preliminary feasibility study for the development of Northstar Business Park (EDA-owned property). The current development concept for the park includes two large lots (8.75 acres & 12 acres) and seven smaller lots (1.78 to 3.4 acres). At it's May 9, 2005 meeting, the EDA reviewed the study and made a recommendation to the City Council to consider platting, staking and constructing half of the fIrst phase infrastructure improvements for the park. These improvements would cost approximately $250,000. Completion of the entire fust phase would cost approximately $720,000. Issue There is funding available through the Department of Employment and Economic Development (DEED) to assist with these improvements through the Greater Minnesota Business Development Infrastructure Grant Program. The purpose of the program is to assist cities outside of the seven county metro area with complex and cosrly public infrastructure projects for industrial parks that would not otherwise occur without public assistance. Program details include: . Cities may receive no more than $1,000,000 over a 2-year period. . Grant applications are accepted on a year-round basis and are awarded on a fust-come, fust-serve basis. . Cities must provide a match of at least 50% of the project capital costs.