HomeMy WebLinkAbout10.22.12 EDA Packet 4-muf/y�
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AGENDA
REGULAR ECONOMIC DEVELOPMENT AUTHORITY MEETING
October 22, 2012
6:30 P.M.
CITY COUNCIL CHAMBERS
Todd Larson, Chair; Julie May, Vice-Chair
Jason Bartholomay, Terry Donnelly, Christy Fogarty
Doug Bonar, Geraldine Jolley
Action Taken
1. Call Meeting to Order
2. Pledge of Allegiance
3. Roll Call
4. Approve Agenda
5. Citizen Comments/Presentations
6. Consent Agenda
a) Meeting Minutes (9/24/12 Regular) Approved
b) Bills: 9/24/12— 10/21/12 Approved
c) September 2012 Budget Information Received
7. Public Hearings
8. Continued Business
a) Review Strategic Plan—Tracking Sheet
i. Grow Farmington Update and Shop Local
ii. Business Visit Spreadsheet Information Received
9. New Business
a) Business Incentive Program Information Received
10. City Staff Reports/Open Forum/Discussion
a) Cancel December EDA Meeting Approved
11. Adjourn
MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
Regular Meeting
September 24, 2012
1. CALL TO ORDER
The meeting was called to order by Chair Larson at 6:30 p.m.
Members Present: Larson, Bartholomay, Fogarty (arrived 6:39), May, Bonar, Jolley
Members Absent: Donnelly
Also Present: Lee Smick, City Planner; Cynthia Muller, Executive Assistant
2. PLEDGE OF ALLEGIANCE
3. ROLL CALL
4. APPROVE AGENDA
MOTION by Bartholomay, second by May to approve the Agenda. APIF,MOTION
CARRIED.
5. CITIZEN COMMENTS/PRESENTATIONS
Ms. Joyce Christenson and Ms. Shelly Gates, are opening a new business called
Occasionally Yours, at 308 Oak Street. She has spoken with staff about some possible
grant money being available. This is an occasional store which will be open the same
weekend as other stores downtown. They have a lot of repurposed items and in
additional they have two artists. One does metal work who also has a store on France
Avenue. There is also stained glass, knitted items and classes, three people that do
repurposed furniture, and also some top boutique lines. They also have soaps,jewelry,
fragrances, scarves, purses, etc. These are one-of-a kind, unique items. It fits with
Vintage Marketplace and Lillian's. They have 10-12 vendors who come in. They will be
open the third Thursday—Sunday each Monday. Items are brought in on Wednesday
night. After Sunday, everything is taken out and new items are brought in. Having three
shops of this type in town will bring more people as there is a following. It brings people
to the shops and to restaurants. They were ready to be in Burnsville with less cost,but
they liked the feel of Farmington better. They will open October 18, 2012. They would
also open for the Farmers' Market and any special events in town. The EDA encouraged
them to contact the FBA for events.
Ms. Christensen stated with the start up of a new business,they have spent more than
they planed. If there is any funding available, they would be interested. City Planner
Smick explained the EDA will be putting together a Business Incentive Program and
once EDA approval is received,they will contact her.
6. CONSENT AGENDA
MOTION by Bartholomay, second by May to approve the Consent Agenda as follows:
a) Approved Meeting Minutes (8/27/12 Regular)
EDA Minutes(Regular)
September 24,2012
Page 2
b) Bills 8/27/12—9/23/12—None
c) Received August 2012 Budget
d) Adopted RESOLUTION R12-01 TIF Modification District 2
APIF, MOTION CARRIED.
7. PUBLIC HEARINGS
8. CONTINUED BUSINESS
a) MCCD Update
MCCD is the Metropolitan Consortium of Community Developers. They spoke
at the August EDA meeting. They proposed one-on-one counseling on how to do
business and provide loans to those who do not fit other requirements. The
Dakota County CDA has now approved this concept to work with all Dakota
County communities. The CDA needs a total of$50,000 to establish this.
Farmington's cost would be $5,000 and the CDA would pay $5,000. Larger cities
are paying$7,500. This money is proposed for the 2013 budget to start the
program next year. Staff requested budgeting $5,000 to join the Open to Business
Program.
Member Jolley asked for a clarification of the budget where the EDA has about
$17,000 after the loan payment. Mayor Larson stated at the end of this year we
will have$800. Member Jolley asked what was the final ruling on whether we
have to make the loan payment. Mayor Larson stated that is regarding the Library
loan. Member Jolley stated if you subtract that from the$50,000 for next year we
really only have about$17,000 to use. Staff explained any money used to fund
this program will come from the EDA budget and it will take longer to get out of
the negative status. It takes money away from the $33,500 loan payment. This
payment is for the next six years. Member Jolley was not concerned with the
MCCD program, but would like an annual update. She recalled Mr. Rath's
comments about not having a place to put smaller businesses with cheap rent. If
we spend$5,000 for this and $5,000 for the GROW Farmington we are almost out
of money again. If unexpected items come up, we are back to being broke.
Mayor Larson stated without programs like this we spin our wheels and we have
to try something.
Member May was not in favor of this. It is another government program.
SCORE is available and numerous options for those starting a business. It should
not be the county's or government's role to provide funding. Banks are willing to
loan out money and they are experts in SBA loans, etc. Taxpayer dollars are
funding another county government program for employees as most of the money
will be spent on labor. She would rather keep the money ourselves and we give it
out to who we want. More and more tax dollars go to government entities and we
have a wealth of talent at this table and in the community and we can do those
things ourselves and make better use of the dollars. What is being proposed is
EDA Minutes(Regular)
September 24,2012
Page 3
already out there. There are a lot of options people can tap into in addition to
meeting with their local banker. She will vote no.
Member Bonar felt there is a place for it. The strength of this is the diversity that
is available to small businesses. Government has a limited role in business
creation, not a crutch. He would be interested in a pilot program for two to three
years. If the EDA approves this program, it needs to have a timeline attached for
its success.
Member Bartholomay agreed with the previous comments. We need to evaluate
it at the end of the year and have a mechanism to measure its success. It is a
minimal investment and if we don't get anything out of it,then we won't continue
it. It offers diverse options that we have not been able to do with the handcuffing
of CDBG funds. He would like to revisit having our own City program where we
can help businesses. MOTION by Fogarty, second by Bartholomay to approve
designating $5,000 to participate in the Dakota County Open to Business
program. Voting for: Larson, Bartholomay, Fogarty. Voting against: May.
MOTION CARRIED.
b) Review Strategic Plan—Tracking Sheet
i. October Business Visit Schedule
ii. Grow Farmington Update and Shop Local
A number of items have been completed on the strategic plan. An upcoming item
is the Business Attraction Team. City Planner Smick would like to bring a
Business Incentive Program to the EDA in October. City Administrator
McKnight will be talking to the Council about the EDA budget in an October
workshop. Member May asked if this is helpful or busy work. City Planner
Smick felt this is very helpful. The business visits are fantastic. We are showing
our businesses that we are paying attention to them and hearing from them on
what we could do better.
Member Bonar stated the business visit was a learning experience. It was a great
opportunity to hear some of the challenges the businesses experienced and
opportunities they see. We talked zoning and codes, and discussed giving
consideration to commercial districts. There was a great conversation with those
in the Farmington Mall and how their needs differ from the rest of the
community. He encouraged City Planner Smick to put together a matrix of
comments received from the business visits and how we react to it.
Member May asked about the status of Installed Building Solutions. Mayor
Larson stated they have made an offer on a building in the industrial park. They
are currently leasing in three different areas, so this would bring everything into
one location. The concern is they will go from paying$25,000 a year in taxes to
$99,000. They are looking for any type of temporary relief the City can offer if
they do go forward.
EDA Minutes(Regular)
September 24,2012
Page 4
Member Bonar asked about the Thank You cards for business visits. Member
May suggested bringing them to the business visits so all can sign them.
Member Fogarty has found the business visits to be very insightful. They are
much more optimistic than what has been heard. It has been a positive
experience. They even heard a request to not pile snow in the middle of the street.
Member Fogarty is available two dates in October. Mayor Larson would like to
visit the industrial park. Staff was contacted today about a new business, Once
Again Consignment and Boutique, where a ribbon cutting will be held.
GROW Farmington started meeting in September on the Shop Local program.
There were approximately 20 people at the first meeting. They discussed how the
program would benefit the businesses as a whole. Ways to get the program
marketed were discussed along with logos. Mayor Larson preferred the wording,
"Invest in Your Community." Since the last meeting, staff has been contacted by
a graphics person to do the logo. Also, Godfrey's Signs, Farmington Printing,
and AK Performance Graphics are interested in helping. For the next GROW
meeting, it was suggested to come up with a tag line and prepare the logo from
there. Members agreed with using local professionals. Member Fogarty liked the
GROW Farmington idea about shop local.
9. NEW BUSINESS
a) Funding of EDA Budgets and Programs
City Planner Smick provided information on how various cities provide funding
for their EDA. There are tax incentives, but not a lot for business incentives.
Staff will follow-up with Prior Lake on their$800,000 budget for EDA activities.
Member Bartholomay stated it would be interesting to see if it is a specific EDA
levy. He would like to see that rather than coming from the general fund. It
would be more specific, and lets the people know we are open for business.
Mayor Larson stated it lets people know we are serious about wanting to grow.
Member Bartholomay asked staff to talk to Shakopee as they are doing something
innovative with their loans and getting big businesses. They have an effort with
the school board, county, and city, and they were loaning a company$1 million to
come in and companies were very eager and building big warehouses. Mayor
Larson was curious if some of the money for Shakopee was casino money.
b) Region Wide Economic Development Initiative
City Planner Smick provided information on various funding programs. DEED is
the principal economic development agency in the state. Greater MSP also
receives money from them and they do a lot of things in Minneapolis. There is
also MCCD discussed earlier. Member Fogarty asked that staff explore more
with DEED and felt we would be a fit with what they have to offer. She would
like to see a grant program like we had. We need gap funding or grants to help
businesses start. With the previous program, $15,000 was the maximum amount.
EDA Minutes(Regular)
September 24,2012
Page 5
Staff will work on business incentive ideas. Members noted occasional sales are
good for the downtown, but we need to fill VRC. VRC sent out a fantastic profile
on Farmington and staff will forward that to the EDA.
10. CITY STAFF REPORTS
Member Jolley commented on the business visits and their value. They get a lot of
opinions and hear about some things business owners are not happy with. If there is such
a thing as measuring success by satisfaction of people feeling they have been heard,this
is enormous for that. One owner had a lot of issues and were encouraged to come to
meetings because those businesses were so full of facts and things that need to be
expressed. She learned something every time she talked to a business and that is the
value of doing it. When they left, owners felt better they got to talk about it. They may
not come to a meeting, but they will tell you across the counter. This is a good program
and businesses are feeling more engaged.
Member Bartholomay suggested looking at other funding options such as SCORE.
Business visits have been phenomenal and one of the best things we have done. Every
visit he has learned about a business and needs they have. There was a snow issue
mentioned and a parking issue that can be easily solved.
Member Fogarty asked that the Riste lot be made to look better with some flower pots,
etc. in the spring.
Member May mentioned that is along the same line we are looking for with the old senior
center. There were great comments on the business visits and she wished she could go
more. The more you go, the easier it gets.
Member Bonar agreed we should have an a la carte approach when it comes to funding
programs and make sure we are providing as many opportunities for businesses as
possible. The more often we can do that,the simpler it will be for them to understand we
are here as an advocate for them and their success. Regarding the TIF modification,
when it comes to TIF or abated parcels, what has been done over the last 10—20 years
that is still in force? He wanted to understand the rest of the puzzle. Staff will review
this.
11. ADJOURN
MOTION by Fogarty, second by Bartholomay to adjourn at 7:35 p.m. APIF,MOTION
CARRIED.
Respectfully submitted,
Cynthia Muller
Executive Assistant
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`it 4, l City of Farmington
�, ', , 430 Third Street
! .,,,. Farmington,Minnesota
GGOp/0 O
651.280.6800.Fax 651.280.6899
•A°ROlo° www.cilarmington.mn.us
TO: EDA Members
FROM: Lee Smick, AICP, CNU-A
City Planner
SUBJECT: Buy Local Campaign
DATE: October 22, 2012
INTRODUCTION/DISCUSSION
The GROW Farmington group met on September 12, 2012 to begin discussions for the buy local
campaign and met three more times thereafter in order to discuss the campaign and logo. City
staff and the FBA made the logo decision on October 16, 2012 after voting was completed
online. The logo is attached for your review.
There will be an opportunity to make text changes in the circle "Think, Buy, Live, Local!" so
that a variety of messages may be displayed. If messages were to be sent to residents, a text
change may include "Invest in Your Community", or to potential businesses — "Walgreen's —
Come Grow with Us!" The opportunity to display messages to a particular group makes the logo
more flexible in the community.
Various ideas were also discussed about how the logo and campaign would work. The logo
could be included in marketing materials to promote events or programs such as to provide
loyalty memberships or new customer gift cards, discounts at the local business of the week,
Parks & Recreation partnering with Community Ed to promote the buy local campaign,
opportunities of a GROW Farmington Visa Card that offers a percentage off for using it, Tiger
football card discounts to local businesses, or a giveaway for most used buy local card or most
spent on receipt. The attached logos show the text in the circle in bold and normal.
Additionally, Godfrey's Signs provided a quote concerning the printing of window stickers for
businesses that was presented to the FBA.
ACTION REQUIRED
Information o i oh
e .
Res submi"ed
„aiiP ,
I - 'eft*,
ee Smick, City Planner
AICP, CNU-A
opt. 23 opt.24
/ ' Think,Buy, Think,Buy,
Live, Local!
� Live, Local!
11 rnbk G ) ( LG'Row
OVV
Farmington ,,, \ Farmington
logo size 3 1 /2" x 4 1 /2"
printed & laminated $1 .99 each
qty. 250
o����iy� City of Farmington
1 430 Third Street
Farmington,Minnesota
� 651.280.6800•Fax 651.280.6899
"•Ro+e wwwci.farmington.mnus
TO: EDA Members
FROM: Lee Smick, AICP, CNU-A
City Planner
SUBJECT: Business Visit Spreadsheet
DATE: October 22, 2012
INTRODUCTION/DISCUSSION
Staff has prepared a spreadsheet showing the business visits that the EDA has performed from
May 4 to October 10, 2012.
The next business visits will be November 7 and 16, 2012. I've had requests from some of the
members to offer visits on Fridays. Therefore, we will meet on November 7 and 16, 2012 in the
mornings between 9 AM— 11 AM.
The upcoming business visits will be to the Charlewood Marketplace which includes CVS,
Farmington Vision Clinic, and Dental Health Center among others on November 7, 2012 and to
Kemps and Dakota Storage near TH 3 on November 16, 2012.
Please commit to one of these dates at the EDA meeting.
ACTION REQUIRED
Information only.
Respec • tte
e Smick, City Planne
AICP, CNU-A
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o``i iy��► City of Farmington
430 Third Street
ca. - ;>, Farmington,Minnesota
40,r 651.280.6800•Fax 651.280.6899
.A"Rp1°� www.ci.farmington.mn.us
TO: EDA Members
FROM: Lee Smick,AICP, CNU-A
City Planner
SUBJECT: Business Incentives
DATE: October 22,2012
INTRODUCTION/DISCUSSION
Staff has prepared the information below in menu style to review business incentives that
Farmington may offer to existing or new businesses in the City in the future. For instance, a
company such as Installed Building Solutions may benefit from a tax abatement or through
waivers of fees for infrastructure or building permit costs such as those identified below in Warren,
MN. A list of funding opportunities is shown below followed by each fund's description.
1. Tax Increment Financing
2. Tax Abatement
3. Commercial Rehabilitation
4. Hastings Industrial Park Land Credit Program
5. Gap Rehab Loan Program
6. Commercial Matching Rehab Loan
7. Façade Improvement Loan Program
8. Revolving Loan Funds
9. Business Subsidy Program
10. Development Assistance
11. Entrepreneurial Fund
12. Commercial Incentives/Waiver of Fees
13. Minnesota Investment Fund
14. Small Business Development Loan Program
Tax Increment Financing
TIF is the ability to capture and use most of the increased local property tax revenues from new
development within a defined geographic area for a defined period of time without approval of the
other taxing jurisdictions. The development is only possible but for the use of tax increment.
In a New Economic Development District, at least 85% of new building space must be:
manufacturing; warehousing; storage; distribution;research and development; and telemarketing.
Costs must be associated with New Development,Land Acquisition,Demolition and Relocation,
Site improvements,Utilities, Streets, Sidewalks, Environmental Clean-up, Parking,and Buildings
(but only for new economic development districts).
Tax Abatement
Tax abatement is the ability to capture and use all or a portion of the local property tax revenues
within a defined geographic area to assist with commercial or housing development. In practice, it
is a rebate rather than an exemption from paying taxes. It allows each major taxing jurisdiction to
choose to contribute its share of the taxes and limit abatement in any manner it determines
appropriate. It can be used to retain business by abating existing taxes.
In any one year,the TOTAL amount a political subdivision may abate may not exceed the greater
of: 10% of its net tax capacity or$200,000;may not abate taxes on a parcel while it is located in a
TIF district,abatements are special tax levies outside of levy limits,and the amount of the
abatement must be added to total levy for the current year.
Commercial Rehabilitation-Hastings
The program is offered by the City of Hastings. The program provides financial assistance for the
rehabilitation of commercial or mixed use properties located in a redevelopment project area.
Assistance is made through a direct loan to the property owner,participation with another lender,
or the reduction of the interest rate on a loan meeting the program criteria. The terms of the loan
include a direct loan from Hastings Economic Development and Redevelopment Authority to
provide supplementary or gap financing,not the primary financing.Typically the loan amount may
be up to 25%of costs but no more than$200,000. The direct loan is an installment loan normally
with a term of ten years,but can be no more than 20 years. Interest starts at 0%for the first year,
then 4%for four years and 9%for five years.
Hastings Industrial Park Land Credit Program
Fully serviced lots are available in the Hastings Business and Industrial Park for only one dollar
per acre under the Land Subsidy Program. Land credits can be used when the City owns the land
as in the Industrial Park. The business has to be permitted in an industrial zone, such as
manufacturing,processing or wholesaling. Businesses that need a special use permit to locate in
the Industrial Park are also considered for the land price subsidy. The market value of the land is
held as a deferred loan against the property. Upon completion of certain job,wage, and
construction improvement values,the loan is terminated with no further obligations. The program
allows businesses greater ability to invest in buildings and jobs instead of raw land. The price of
the land is set by the City Council. At this time it is $1.65 a sq.ft. or$71,874 per acre. The
development agreement stipulates that the purchaser will pay a nominal price, $1.00 an acre, and
the balance will be deferred for five years. For one acre,the subsidy would be$71,873.
Gap Rehabilitation Loan Program- Oakdale
The program makes funds available to provide subordinated, low-interest rate loans to Oakdale
Business owners for the purpose of commercial building renovations. Loans will serve to stimulate
private sector investment for the improvement of Oakdale's aging Commercial Building Stock.
This loan is intended for structural purposes only. Mortgages will be taken if the loan amount
exceeds$10,000 and/or the loan term exceeds 5 years. The EDC will then make a recommendation
to the City Council on businesses to be funded. Loans will be expected to close no more than 60
days after final loan approval. All work must be completed within 120 days of the loan closing.
Payment to the contractor(or owner in sweat equity situations)will be made upon completion of
work.
Commercial Matching Rehab Loan- Oakdale
The City of Oakdale,through it's Economic Development Committee (EDC),makes funds
available for business owners to finance exterior improvements to their properties. The minimum
loan amount is $500 and the maximum loan amount is $10,000. The interest rate is 2.9% and the
term is a maximum of five years. It is the borrower's responsibility to obtain the amount of funds
necessary to finance the entire cost of the work. In the event the final bill exceeds the original grant
amount,the recipient must obtain the additional funds. All work must be completed within 120
days of the loan closing. Payment to the contractor(or owner in sweat equity situations)will be
made upon completion of work.
Facade Improvement Loan Program—Belle Plaine
The purpose of the Façade Improvement Loan Program is to establish a loan program to provide
the capability and incentive for owners and tenants of new and existing businesses to upgrade the
appearance of their places of business,thereby improving their marketability and promoting
redevelopment of new and existing business properties within the City. The maximum amount for
the loan is $1,500 per business per calendar year. The loan will require a 1:1 match of the
applicant, either through personal funds or a loan from a lender.
Revolving Loan Funds—Alexandria
Alexandria's Revolving loan funds(RLF's) can provide businesses with direct loans,loan
guarantees,and other financial assistance. As the Fund receives the principal and interest payments
from outstanding loans,the money is made available to another borrower. RLF's are designed to
alleviate the high cost and short supply of capital by providing flexible loan terms. Typically,
RLF's provide lower rates,longer terms, and reduce the overall risk of the loan. Acquisition
and/or improvement to land, building,business facilities and equipment,new construction or
renovation of existing facilities, demolition, rehabilitation or site preparation, equipment and
machinery purchase, or acquisition/improvement of real property for subsequent lease. The
maximum loan amount is $50,000. Funds cannot be used to finance working capital or
professional fees.
The purpose of the Belle Plaine Revolving Loan Fund (RLF) is to establish a low interest loan
program to provide the capability and incentive for owners and tenants of new and existing
businesses to upgrade the appearance, structural condition, and operating efficiency of their places
of business, thereby improving their marketability and retaining and expanding job opportunities.
The EDA will review each loan application provided the loan does not exceed the amount in the
RLF. The interest rate will be set at 2%below the prime interest rate. The term for any loan will be
determined by the Review Group and be set at 10 years or less. The applicant must be able to
secure the loan with at least a junior mortgage upon the building and/or assets involved or other
approved collateral. An administration fee of$100 or 1% of the loan, whichever is greater, will be
required at the time of application.
Business Subsidy Program
The Minnesota State Legislature enacted the Business Subsidy Act (Minnesota Statutes, Section
116K.993-995). A business subsidy is a local government agency grant of personal property, real
property, infrastructure,the principal amount of a loan at rates below those commercially available
to the recipient, any reduction or deferral of any tax or any fee, any guarantee of any payment
under any loan, lease, or other obligation or any preferential use of government facilities that are
given to a business. Basically,the likelihood that a business subsidy will be granted increases if its
proponent can demonstrate that the public purpose will be achieved if, and only if, the business
subsidy is granted. Any business that is seeking to obtain a business subsidy should carefully
articulate the public purpose to be achieved and then demonstrate how the project in question
would achieve that public purpose.
In accordance with the MN Business Subsidy Law, the local body will consider using business
subsidies to assist private development projects in an attempt to achieve one or more of the
following public purpose objectives: to retain local jobs and/or increase the number and diversity
of jobs; enhance and diversify the City's tax base; encourage additional unsubsidized private
development in the area, either directly or indirectly, through "spin off' development; achieve
development on sites that would not be developed without business subsidies assistance; remove
blight and/or encourage development of commercial and industrial areas in the city that result in
higher quality development or redevelopment and private investment; and offset increased costs of
development of specific properties when the unique physical characteristics of the site may
otherwise preclude private investment.
Those that may apply to the Prior Lake EDA/City of Prior Lake could include: 1) a business
subsidy of less than $25,000; 2) assistance for housing; 3) assistance for energy conservation; and
4)tax increment financing for a soil conservation district.
Development Assistance—Jordan
The City of Jordan promotes local economic development via the Jordan Economic
Development Authority. Three very active commercial lenders in Jordan-Frandsen
Bank,Hometown Bank, and Riverland Bank,provide financing for a wide range of economic
development projects. The EDA has recently become a member of the Twin Cities Community
Capital Fund(TCCCF)which is a nonprofit loan fund that offers customized, flexible financing
solutions for gap financing. A business in Jordan can borrow up to $500,000 with the invitation
from a bank.
Entrepreneurial Fund—Red Wing
The Red Wing Port Authority(RWPA)has developed an Entrepreneurial Fund to support the
growth and expansion of local business/individuals and attract new business development to the
Red Wing Area. This is a limited loan and collateralization can be a financial investment and/or
sweat equity. The loans are from$500 up to $50,000. The loans assist with startup costs;product
development costs; marketing materials;rent;working capital; equipment;and building rehab.
Commercial Incentives—City of Warren
• New Commercial Construction
To be given to any business that is newly established within the City limits of Warren.
This incentive is given to any entrepreneur willing to take a risk at starting a new business.
Upon completion of new construction,the owner will be provided with a utility credit of
$3000 and$75.00 off the cost of a Building Permit.
• First Time Purchase of Existing Commercial Building
Purchaser receives a utility credit of$1500 and a free Building Permit for remodeling the
building.
• Remodel/Relocation of Existing Commercial Building
Utility credit of$500, free building permit for remodel, and remodel must be a value
greater than$7500 to qualify.
STATE FUNDS
Minnesota Investment Fund—State of MN
The Minnesota Investment Fund provides State grants to help add new workers and retain high-
quality jobs on a statewide basis. The focus is on industrial,manufacturing, and technology-related
industries to increase the local and state tax base and improve economic vitality statewide.
Applications are accepted on a year-round basis. Grants are awarded to local units of government
who provide loans to assist expanding businesses build new or expanded facilities. Cities,counties,
townships and recognized Indian tribal governments are eligible for this fund. All projects must
meet minimum criteria for private investment, number of j obs created or retained, and wages paid.
There is a maximum of$500,000 per grant. Only one grant per state fiscal year may be awarded to
a government unit. At least 50 percent of total project costs must be privately financed through
owner equity and other lending sources (most applications selected for funding have at least 70
percent private financing). Grant terms are for a maximum of 20 years for real estate and a
maximum of 10 years for machinery and equipment. Interest rates are negotiated.
Small Business Development Loan Program
Manufacturing and industrial companies located or intending to locate in Minnesota and meet the
federal definition of a small business (generally those with 500 or fewer employees)are eligible.
Loans up to a maximum of$5 million may be made for any one business. Generally,20 percent of
the project costs must be privately financed through equity or other sources. Interest rate is the
market rate of interest for similar securities at the time bonds are sold; rates are fixed for the term
of the loan. Real estate loans are for a maximum of 20 years; equipment is 10 years. Collateral
requirements include the first mortgage on real property or equipment financed by MAEDB and
personal guarantees of owners. In some cases, additional security in the form of other liens or
guarantees may be required by MAEDB. There is no MAEDB fee,but bond issuance costs of 4
percent are capitalized with the loan principal; 10 percent of bond issue must be escrowed. Funds
are disbursed upon execution of the required loan documents and sale of the bonds. Applications
are accepted on a year-round basis, but must be received by the first of each month to be
considered at that month's MAEDB meeting.
Other State Funds are also available from DEED.
ACTION REQUIRED
Review funding program information and comment on the feasibility of them as a possible use in
Farmington in the future.
ilieRespectfully se
ee Smick, City Planner
AICP, CNU-A