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EDC Minutes <br />July 15, 2016 <br />Page 3 of 10 <br /> <br />policies in place for this program it is not funded. The program is meant for small <br />businesses that have been established in Mounds View for a number of years looking to <br />improve the façade of their buildings in order to improve the aesthetics. There are other <br />revolving loan programs that could be put into place, however without proper funding, <br />these programs are not possible. <br /> <br />Beeman informed the Commission that property acquisitions is one of the bigger <br />unfunded programs. Staff keeps an inventory of vacant properties along with the square <br />footage, current pricing, whether or not the owner has shown any interest in the past in <br />selling and a list of developers specifying if they are residential or commercial <br />developers and if they have shown any particular interest in specific parcels in the past <br />including their timeline, and number of acres they are looking for, then we try to match <br />them up. We try to identify the types of funding sources that may help them spur <br />development. Because the City is limited in funding sources and has been reluctant to <br />bond in the past, not to mention the Charter restrictions, etc. an EDA levy would help <br />solve this problem. <br /> <br />The next unfunded item is surveys. Sometimes it is necessary to complete surveys of <br />the property before development can occur, this comes with an expense an EDA levy <br />could help pay for this. <br /> <br />Appraisals are also sometimes requested and necessary to negotiate a fair market <br />value. Depending on the appraisal, some could be good for six months to a year. Again, <br />an EDA levy could assist in this cost. <br /> <br />EDA levy funds can also be used for professional fees. Whenever a transaction is taking <br />place attorneys must be involved to draft legal documents and ensure the City is <br />protected in development agreements and land transfers. Financial consultants analyze <br />the project to determine its feasibility and if the subsidy is deemed appropriate according <br />to State Statutes and helps keep the City out of legal challenges. <br /> <br />An EDA levy can also be used for training and professional development which is <br />needed to keep staff current on state statutes and economic development programs. <br />Having well trained staff is good for business. It is a way for staff to keep current on <br />State DEED programs and be able to explain those programs to developers. Good <br />training also helps staff in preventing any missteps which could lead to costly lawsuits. <br /> <br />Next, Beeman explained the chart listing all entities currently using EDA levies. Beeman <br />explained that staff had surveyed the organizations listed on the chart and what those <br />cities were using their levies for and if it has been effective. For example, the City of <br />Columbus is using their EDA levy for advertising/branding, marketing, attracting new <br />development and businesses and retaining current businesses, as well as the Shovel <br />Ready program, and their website. <br /> <br />Beeman found that the City of Dayton uses their levy for small incentives, a business <br />summit, and other marketing to encourage new business. The City of Hutchinson mainly <br />uses their levy for operations like paying & training staff. The City of North Branch uses <br />their levy for multi-use housing and industrial development. Brooklyn Park used their <br />EDA levy for the Open to Business program. Beeman has talked to other cities who