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July 15, 2016 EDC Meeting Item 5A – EDA Levy Page 3 of 8 travel with DEED to trade shows, complete the Shovel Ready Certification Program, market the city in several publications through articles and sponsorships, and participate in recruiting events. With limited or no funding, marketing efforts have been limited. Advertising: Currently, there are no funds budgeted for advertising. Advertising is accomplished by placing ads in business publications that reach key personnel in targeted corporations. Articles are used to promote the city’s redevelopment sites, i ts business friendly atmosphere, as well as community events like the Festival in the Park, through Mounds View Matters, and other venues. Advertising has been limited. Small scale incentives: Cities across Minnesota are offering many variations of small business loans set up to be revolving loans. This means that when one business pays back their loan another business can benefit with the continuous replenishing of funds. Each program has its own policy and has different purposes. For example, some loan programs target job creation; others target property valuation, while others qualify the project by the community benefit in relation to its social value. Still others focus on the aesthetics like improving the façade of small businesses. All these programs make it easier for business to get over the hump so that they are sustainable and create long - term value to the community. The City of Mounds View has a Business Improvement Loan Program and we have had businesses that have asked for this loan. However, the program has been unfunded for several years and therefore, the City has not been able to use the business loan program to help our local businesses. Property acquisitions: The city keeps an inventory of vacant and distressed properties with the idea of purchasing these properties then packaging them together for redevelopment. Several opportunities have come up that the city has been forced to pass on because there hasn’t been a funding mechanism to purchase the properties without issuing bonds to cover the debt. If Mounds View wishes to continue its growth, it must concentrate on purchasing and redeveloping properties with the cooperation of private developers. Surveys: When redeveloping property it is sometimes necessary to conduct surveys of the parcels. With limited funding, completing surveys is an added cost that puts a strain on the city’s budget. An EDA levy could help solve this problem. Appraisals: When purchasing property, appraisals are sometimes required in order to negotiate a fair price. Appraisals are normally only good for 6 months and are an added tool in the negotiation process.