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06-20-22
CITY OF Meeting Location: FARMINGTONFarmington City Hall 430 Third Street Farmington, MN 55024 ECONOMIC DEVELOPMENT AUTHORITY REGULAR MEETING AGENDA June 20, 2022 6:00 PM 1. CALL TO ORDER 2. ROLL CALL 3. APPROVE AGENDA 4. CONSENTAGENDA (a) Meeting Minutes (May 16, 2022 Regular Meeting) (b) Monthly Financial Statement S. DISCUSSION ITEMS (a) DEED Presentation- Farmington Workforce Overview 6. ADJOURN CITY OF 0 43o Third St., Farmington, MN 55024 FARMINGTON © 651-280-6800 W91 Farmington MN.gov TO: Economic Development Authority FROM: Kalley Swift, Community Development Specialist SUBJECT: Meeting Minutes (May 16, 2022 Regular Meeting) DATE: June 20, 2022 INTRODUCTION/DISCUSSION Attached are the draft meeting minutes from the May 16, 2022 Regular EDA Meeting. ACTION REQUESTED Approve the May 16, 2022 Regular EDA Meeting minutes. ATTACHMENTS: Type Description a Exhibit Meeting Minutes (May 16, 2022 Regular Meeting) CITY OF FARMINGTON ECONOMIC DEVELOPMENT AUTHORITY MINUTES REGULAR MEETING May 16, 2022 1. CALL TO ORDER The meeting was called to order by EDA Chair Wilson at 6:07 p.m. 2. ROLL CALL Members Present: Bernhjelm,Hoyt,Porter,Lien,Wilson Members Absent: None Staff Present: Lynn Gorski,City Administrator; Samantha DiMaggio,Community Development Director; Kalley Swift,Community Development Specialist 3. APPROVEAGENDA MOTION by Hoyt,second by Porter to approve the Agenda.APIF,MOTION CARRIED. 4. CONSENT AGENDA a) Meeting Minutes(April 18, 2022 Regular Meeting) b) Monthly Financial Statement MOTION by Bernhjelm,second by Hoyt to approve the consent agenda.APIF,MOTION CARRIED. 5. DISCUSSION ITEMS a) Business Subsidy Policy-2022 Policy Update Director DiMaggio reviewed the proposed update to Farmington's business subsidy policy. The EDA originally began discussion on this topic at their Regular meeting in February 2022.Minnesota State Statute dictates a lot of what is allowed within a business subsidy and our proposed policy reflects that.Discussion was had regarding wage and job creation and the maximum amount of subsidy per job created.One option is to have the maximum amount of subsidy be equal to the annual salary of the jobs being created that comply with the wage requirement.The EDA discussed this option and decided that having a maximum amount of subsidy outlined in this manner was not ideal. Discussion continued about the benefits of having a business subsidy in place and how it can help attract businesses in and put in essential infrastructure like roads,water,sanitary sewer,etc.Discussion continued about how a business subsidy does not have to occur with all new business coming into Farmington,but that it can help spur spinoff development. The EDA would like to see the policy reworked to combine business incentives like tax abatement and TIF into one business subsidy policy and bring it forward to a public hearing as the next step of action.This will allow for one policy document and one application document when a business is looking for an incentive.City staff will schedule a public hearing for policy adoption. 6. DIRECTOR'S REPORT Director DiMaggio reviewed the Open To Business report from the first quarter of 2022. Ten Farmington businesses and six Farmington residents utilized this free program.City Economic Development Authority Minutes Pagel of 2 Regular Meeting May 16,2022 staff also reviewed our available properties webpage on our website hosted through LOIS. This site highlights both buildings and land for sale or available within the city.City staff encouraged the EDA to direct people to this website when they are interested in coming into Farmington and to let city staff know of additional listings to add onto the webpage. 7. ADJOURN MOTION by Bernhjelm,second by Hoyt to adjourn at 6:47 p.m. APIF,MOTION CARRIED. Respectfully submitted, Kalley Swift Community Development Specialist Economic Development Authority Minutes Page 2 of 2 Regular Meeting May 16,2022 CITY 4F O 430 Third St., Farmington, MN 55024 FARMINGTON © 651-28o-6800 ®.rua FarmingtonMN.gov TO: Economic Development Authority FROM: Samantha DiMaggio- EDA Executive Director SUBJECT: Monthly Financial Statement DATE: June 20, 2022 INTRODUCTION/DISCUSSION Attached is the monthly financial statement of the EDA. ACTION REQUESTED Acknowledge the monthly financial statement for the EDA and ask any questions you may have. ATTACHMENTS: Type Description D Exhibit Monthly Financial Statement More Robust Financial Report Business Object Account Cumulative 12 Cumulative 12 Cumulative 12 Cumulative 12 Cumulative 12 Cumulative 12 Cumulative 12 Cumulative 12 Unit Account Description Actual Budget Actual Budget Actual Budget Actual Budget 2019 2019 2020 2020 2021 2021 2022 2022 2000-HRA/ECONOMIC DEVELOPME 1010 CASH 197,086.27 203,702.91 165,522.75 214,948.42 2000-HRA/ECONOMIC DEVELOPME 1010 CASH-LGA ASSMNT RELIEF 35,000.00 35,000.00 35,000.00 35,000.00 2000-HRA/ECONOMIC DEVELOPME 1011 PREMIUM/DISCOUNT ON INVESTMENT 38.19. -142.41 535.95 0.00' 2000-HRA/ECONOMIC DEVELOPME 1095 ACCRUED INTEREST INVESTMENTS 565.86 523.28 515.28 0.00' 2000-HRA/ECONOMIC DEVELOPME 1305 ACCOUNTS RECEIVABLE 0.00 54,202.17 0.00 0.00 2000-HRA/ECONOMIC DEVELOPME 1305 ACCOUNTS RECEIVABLE MANUAL 0.00 -54,202.17 0.00. 0.00 2000-HRA/ECONOMIC DEVELOPME 1353 '..DUE FROM COUNTY 65,397.70 54,202.17 0.00 0.00 2000-HRA/ECONOMIC DEVELOPME 1505 PREPAID EXPENSES 300.00 0.00 1,365.00 0.00 2000-HRA/ECONOMIC DEVELOPME 2010 ACCOUNTS PAYABLE MANUAL -6,237.92 -62.14 -20.16 0.00 2000-HRA/ECONOMICDEVELOPME 3510 !UNRESERVED FUND BALANCE 299,361.64 -292,073.72 293,223.81'.. -201,846.92 2000-HRA/ECONOMIC DEVELOPME 4955 INTEREST ON INVESTMENTS -6,661.47 -2,300.00 -4,390.92 -2,700.00 -3,135.90 -2,100.00 -909.79 -2,400.00 2000-HRA/ECONOMIC DEVELOPME 4960 GAIN/LOSS INVEST MKT VALUE 3,772.51 -2,305.52 2,885.48 0.00 2000-HRA/ECONOMIC DEVELOPME 5010 SALES OF ASSETS 0.00 0.00 0.00 0.00 -34,000.00 0.00 0.00 0.00' 2000-HRA/ECONOMIC DEVELOPME 5205 OPERATING TRANSFERS -50,000.00 -50,000.00 -40,000.00 -40,000.00 -40,000.00 -40,000.00 -20,833.35 -50,000.00 2000-HRA/ECONOMIC DEVELOPME 5360 REFUNDS&REIMBRSMNT-DBB -65,397.70 -169,469.33 -162,911.00 -122,312.85 -180,474.00 0.00 -183,465.00 2000-HRA/ECONOMIC DEVELOPME 6110 FULL TIME SALARIES 50,128.63- 128,629.60 122,761.00 90,881.27 129,430.00 0.00 134,160.00 2000-HRA/ECONOMIC DEVELOPME 6152 FICAIMEDICARE 3,643.60 9,362.38 9,392.00 6,679.37 10,030.00 0.00 10,579.00. 2000-HRA/ECONOMIC DEVELOPME 6154 PERA 3,759.73 9,647.15 9,208.00 6,816.11 9,707.00 0.00 10,638.00'. 2000-HRA/ECONOMIC DEVELOPME 6158 EMPLOYEE BENEFITS 7,865.74 20,154.17 21,550.00 14,846.30 9,046.00 0.00 21,465.00 2000-HRA/ECONOMIC DEVELOPME 6159 WORKERS COMP 182.17 263.43 790.00 0.00 833.00' 2000-HRA/ECONOMIC DEVELOPME 6220 '..EQUP SUPPLIES&PARTS-DBB 58.08 0.00 2000-HRA/ECONOMIC DEVELOPME 6280 BOOKS&SUBSCRIPTIONS 85.00 80.00 0.00 2000-HRA/ECONOMIC DEVELOPME 6280 BOOKS&SUBSCRIPTIONS-DBB 496.36 0.00 0.00 2000-HRA/ECONOMIC DEVELOPME 6401 PROFESSIONAL SERVICES 9,512.50 11,680.00 2,635.00 12,000.00 26,575.00 11,650.00 0.00 11,650.00 2000-HRA/ECONOMIC DEVELOPME 6401 PROFESSIONAL SERVICES-DBB 29.04 0.00 0.00 2000-HRA/ECONOMIC DEVELOPME 6403 'LEGAL 853.00 4,000.00 83.50 2,500.00' 2,287.46' 2,000.00 0.00 2,000.00 2000-HRA/ECONOMIC DEVELOPME 6404 IT SERVICES 8,317.00 8,317.00 8,767.00 8,767.00 9,472.00 9,472.00 4,715.00 11,316.00 2000-HRA/ECONOMIC DEVELOPME 6404 ''..IT SERVICES-DBB 1,800.00' 2000-HRA/ECONOMIC DEVELOPME 6412 ..CELLULAR SERVICES-DBB 507.13 348.23 540.00 0.00 540.00 2000-HRA/ECONOMIC DEVELOPME 6422 ELECTRIC 207.93 300.00 246.10 300.00 13.86 300.00 0.00 0.00 2000-HRA/ECONOMIC DEVELOPME 6426 INSURANCE 142.70 130.00 121.21 130.00 542.38 130.00 202.45 550.00 2000-HRA/ECONOMIC DEVELOPME 6450 OUTSIDE PRINTING 0.00 500.00 0.00 500.00 4,572.00 500.00 0.00 500.00 2000-HRA/ECONOMIC DEVELOPME 6455 LEGAL NOTICES 0.00 0.00 91.50 0.00 2000-HRA/ECONOMIC DEVELOPME 6460 MEMBER DUES&LICENSURE 1,820.00 2,500.00 795.00 2,000.00 1,250.00 2,000.00 1,790.00 2,000.00 2000-HRA/ECONOMIC DEVELOPME 6460 MEMBER DUES&LICENSURE 1,526.00 0.00 2000-HRA/ECONOMIC DEVELOPME 6470 TRAINING&SUBSISTANCE 2,898.45 3,000.00 1,678.71 4,000.00 1,637.95 3,500.00 1,980.16 3,000.00. 2000-HRA/ECONOMIC DEVELOPME 6470 TRAINING&SUBSISTANCE-DBB 175.80 1,529.71 5,000.00 0.00 5,000.00 2000-HRA/ECONOMICDEVELOPME 6480 MEETING EXPENSE 10.93 135.68 2000-HRA/ECONOMIC DEVELOPME 6485 MILEAGE REIMBURSEMENT 391.32 1,000.00 21.28 800.00 410.48 400.00 550.13 400.00 2000-HRA/ECONOMIC DEVELOPME 6492 ADVERTISING 0.00 3,000.00 0.00 0.00 0.00. 2,500.00 0.00 2,500.00 2000-HRA/ECONOMICDEVELOPME 6505 EQUIPMENT REPAIR/MAINTENANCE 0.00 0.00 12.98 0.00 1,296.00 0.00 0.00 0.00. 2000-HRA/ECONOMIC DEVELOPME 6505 EQUIPMENT REPAIR/MAINT-DBB 272.55 247.64 195.00 0.00 250.00 2000-HRA/ECONOMIC DEVELOPME 6550 DEVELOPER PAYMENTS 9,500.00 20,000.00 37,922.98 3,485.00 2000-HRA/ECONOMIC DEVELOPME 6570 PROGRAMMING EXPENSE 31,229.00 17,000.00 11,113.55 7,733.00' 5,240.20 8,000.00 5,150.00 8,000.00' 2000-HRA/ECONOMIC DEVELOPME 6950 MACHINERY,EQUIPMENT&TOOLS 27,744.00 0.00 2000-HRA/ECONOMIC DEVELOPME 7140 LEGAL&FISCAL FEES 1,230.50 0.00 2000-HRA/ECONOMIC DEVELOPME 7310 OPERATING TRANSFERS 2,850.00 2,850.00 0.00 0.00 44,366.78 0.00 -44,366.78 0.00 Total 2000-HRAIECONOMIC DEVELOPM 0.00 1,977.00 0.00 -3,970.00 0.00 47,384.00 0.00 -8,684.00 0.00 1,977.00 0.00 3,970.00 0.00. -17,384.00 0.00 -8,684.00. 0.00 1,977.00 0.00 3,970.00 0.00 -17,384.00 0.00. -8,684.00 6/14/2022 2:22:22 PM Page 1 of 1 CITY O 0 430 Third St., Farmington, MN 55024 FARMINGTON © 651-28o-6800 Farmington MN.gov TO: Economic Development Authority FROM: Samantha DiMaggio- EDA Executive Director SUBJECT: DEED Presentation - Farmington Workforce Overview DATE: June 20, 2022 INTRODUCTION/DISCUSSION Neal Young, Director of Economic Analysis at the Minnesota Department of Employment and Economic Development,will be presenting an overview of workforce in the City of Farmington. Previously, Neal was an economic analyst at DEED. I n addition to D EED, Neal has worked as an analyst for the U.S. Department of Agriculture, U.S. Department of Commerce, and the I owa Department of Revenue. He has a BA in economics from Drake University in Des Moines, Iowa and an MA in Public Affairs from the University of Minnesota's Humphrey School. ACTION REQUESTED As this is a presentation, no formal action is required.