5. EDSR 02-08-2010 - Laserfiche WebLink

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'^/i ~lk\ „~ REQUEST FOR ACTION River o Item urne~ Economic Develo anent Authori Agenda ec~i®n N~ee~~n ale ~ea~e y~ February S, 2010 Catherine Melielicl~, Director of Economic Develo anent ~~em esc~~pi®n e~vievued by Consider EDA Resolution Authorizhlg the EDA to Subf~~it Application for Energy Programs in Co~n~aaercial & industrial Reviewed by ~3uildtngs Revolv~.~.g Loan Program ,Action eq.ues~ed Approve attached EDA Resolution Autlaorizit.~g the EDA to Submit Application for Energy Programs in Commercial & Industrial Buildings Revolvitlg Loan Program ac~ unds iscu~ssi®n The American Recovery and Reii~vesttnent Act of 2009 ~ARRA~ federal stimulus bill gave money to state governments ear~narl~ed for ezaergy-savings initiatives. Tla.e MN Dept of Commerce Office of Energy Security ~~ES~ is accepting proposals to provide economic developrnen.t autla.orities to establish and operate revolving loan programs to finance cost-effective energy efficiency anal renewable energy ii-nprovements it1 commercial, itldustrial and nonprofit facilities. The funds are intended to promote activities that have t11e greatest impact on energy savitlgs, renewable energy deployment and jobs created or retained. Funds are provided on a drawdown basis based on executed loan documents and must be expended by June 30, 20I ~ . As a benefit to the City, the program opportunity provides a f~.~.ancial tool that compliments the existing technical assistance resources and ~no~nentu~n created by the Energy City Program, ~~~. addition, the program compliments the existing Micro Loan Fund to provide a financing mecllaiusm for existing con~.nercial, industrial and nonprofit facilities to install energy itnproveme~a.ts. To respond to tlae DES RFP, staff proposes the Ells River EDA establish a X500,000 revolving loan fund program for this purpose by leveraging an DES grant request of X235,000 with a ~natcl~.ag com~nitlnent from the EDA Micro Loan Fund up to ~2G5,000. The EDA's matching coirn~nitinent will be reduced by any applicable utility rebates and a 1 % load origination fee paid by progra~~1 applicants. Tn addition, the ED.A ,would provide in-bind admiflistiative and advertising/marl~eting support of the program. Upon grant award, staff proposes the EDA contract with S.E.H. E~a.gineers for professional ser-vices i~1 ad~riifustelirig the Davis-Bacon reporting and compliance as required by ARRA. This cost is an eligible expense under the grant. The proposed loan structL~re and ter~~ns are outlined in the attacla.ed informatio~a.. The program would be operated within tl~e loan application and review process of the EDA's existi~lg Micro Loan program, but subject to applicable ARRA federal regulation and guidance. 1~:111Ct10111~cq~lested.doC