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Economic Development Advisory Committee <br />April 6, 2023 <br />Page 2 <br /> <br />DRAFT MINUTES <br />• A 20% administrative fee is charged to offset the cost of the Economic Development <br />staff. <br />• Easy access to monies when a property becomes available for purchase. The only <br />requirement to access the money is a resolution from City Council. Ms. Skepper said <br />she would also need to know what the project is to ensure it is eligible according to <br />state law. <br />• Funding can be cross-allocated between cities via a loan agreement. <br />• The Board questioned if the funds could be used for open space initiatives. Ms. Skepper <br />will look into it and circle back with Mr. Grochala. <br />• Annual money received from the levy would generate an estimated $380,000. <br />• The County is currently undertaking a comprehensive housing analysis that will be <br />completed for each City in Anoka County. This is funded by the administrative fee that <br />is assessed for this program. The information collected can be used by developers who <br />are looking at areas to establish their business and is an added benefit to the City. <br />• Money from the HRA and EDA program can be used for housing or economic <br />development. <br />• The Board questioned if we could remove ourselves from the program once <br />development balance has been achieved. Mr. Grochala said he would need to look <br />further into it. <br />• The Board voiced concern that the money needs to be used efficiently and should not <br />sit in an account for an extended period. <br />• The Board wanted to know the percentage we would receive if we loaned money to <br />other cities. Ms. Skepper said she would need to investigate it. <br /> <br />The Board agreed to move forward with further discussion and research. When asked <br />about implementation, Mr. Grochala advised it would be the better part of this year to get <br />the program set up and the levy collectible by 2025. Ms. Skepper stated if we bought into <br />the program, and a project became available, we could get some assistance from the <br />County by next year. Ms. Skepper stated that she would work with the Finance Director to <br />put some numbers together on what the levy would look like for our City. <br /> <br /> <br />4. ADJOURNMENT <br /> <br />Mr. Cravero made a motion to adjourn the meeting at 9:03 a.m. Motion was supported by <br />Mr. Vojtech. Motion was carried 8-0. <br /> <br />Respectfully submitted, <br />Julie Whitney, Community Development Administrative Assistant <br /> <br /> <br /> <br />