Agenda Packets - 1994/05/02 - Laserfiche WebLink

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1995 PROGRAM/PERFORMANCE BUDGET DEPARTMENT Administration PROGRAM Economic Development FUNDING SOURCE General Fund TIF Funds PROGRAM PURPOSE The economic development program will strive to stimulate business growth and diversification, and expand funding mechanisms to support and sustain quality job opportunities for Mounds View residents. PROGRAM SUMMIR -- The Business Climate Action Statements of the Focus 2000 report place a high emphasis on improving the business climate to both retain companies and attract new companies to the City. Included in these action statements is the creation of the Economic Development Commission, development of incentives, review of current regulations, and facilitate strategic alliances between businesses. To. coordinate these efforts, in 1994 an Economic Development Coordinator was hired to implement the program for the City of Mounds View under the Administration Department. As part of the program an Economic Development Authority was created with the council members serving as the governing board to allow more flexibility in the use of funds generated from the tax increment district for rehabilitation of housing stock, redevelopment of highway 10 corridor and to enhance the competitiveness of the area for successful attraction and retention of high paying jobs. 1995 PROGRAM OBJECTIVES • Secure adequate state and federal funding mechanisms, using the results of housing inventory analysis, for extensive rehabilitation of deteriorating and substandard single and multi-family housing stock. • Review recommendations of the highway 10 task force and gain EDA approval to initiate a redevelopment plan. • Continue to actively initiate positive relationships with the local business community and act as the City liaison for business. In addition, provide the highest level of service and response to our businesses and prospects by offering up to date information and assistance in dealing with City procedures and business development incentives. • Actively participate in North Metro Business Retention and Development Commission activities. • Implement development proposals to attract and retain quality businesses with the guidance and approval of the EDA. • Continue to participate in networking opportunities with local; state and national economic development professionals to identify new sources of business financing and prospect development. 1995 PROGRAM PERFORMANCE MEASURES • Submit at least one grant proposal for housing rehabilitation at the county, state or federal level. • Develop two proposals to submit to EDA for review regarding redevelopment of Mounds Views main thorough fares • Meet and assist 50 local business. • Join the North Metro Business Retention and Development Commission and attend two joint workshop with participating cities. • Meet with 10 prospects regarding city development proposals • Participate in 10 networking opportunities with local, state and national economic development professionals.