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Request for Action <br /> <br /> <br />To Item Number <br />Economic Development Authority 7.4 <br />Agenda Section Meeting Date Prepared by <br />General Business April 20, 2020 Amanda Othoudt, ED Director <br />Item Description Reviewed by <br />Director Report Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Information presented for discussion to keep the EDA updated on development activity. <br /> <br />Background/Discussion <br />BUSINESS VISITS <br />We have postponed all BR&E visits at this time. We are reaching out to businesses via email and phone. <br /> <br />MISCELLANEOUS <br />Sherburne County Business Impact Survey <br />The COVID-19 crisis has certainly impacted our business community, especially local restaurants, retail and <br />service industries. Sherburne County initiated a county-wide survey to better understand the local economic <br />impacts. The survey is a representation of 162 businesses impacted the county. <br /> <br />Staff has followed up with all our local businesses that have responded to the survey. We provided them with <br />financial resources and guidance on how to navigate the federal and state programs. <br /> <br />Sherburne County EDA Meeting <br />County will be modifying their RLF program, eliminating the $1,500 application fee through 2020, providing <br />loans at zero percent interest, and offering deferment on all loan payments until October 2020. <br /> <br />At their April 21, 2020, meeting, the Sherburne County Board will consider reducing the late fee penalty for <br />property tax payments paid in June and July. Currently, penalties range from 4-9% depending on the property <br />classification. The county is proposing to reduce the late fee penalty temporarily to 1% in June and 2% July. <br /> <br />DEED Bi-weekly Conference Calls <br />Staff participates in these bi-weekly calls facilitated by DEED Commissioner Steve Grove which keep <br />economic development professionals up to date on changes to federal and state loan programs and resources <br />available to local businesses. <br /> <br />EDA Website <br />We have updated our website to include relevant COVID-19 updates and will update as new information <br />becomes available. <br /> <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br />