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Mounds View EDA September 25, 2000 <br />Regular Meeting Page 5 <br /> <br />President Coughlin inquired as to if the funds could be used as “seed money” for the City’s street <br />redevelopment project. <br /> <br />The Economic Development Coordinator indicated how the funds are used is relatively <br />unrestricted and is a policy decision. <br /> <br />II. Economic Development Plan update including review of business loan <br />program. <br /> <br />It was noted that in 1986, Mounds View adopted an “Economic Development Plan” to plan <br />future development. This plan included property inventories, fiscal analysis, the use of economic <br />development incentives, a community inventory, and an economic development program. More <br />recently, an Economic Development element was included in the Comprehensive Plan currently <br />being reviewed by the Metropolitan Council. <br /> <br />If the EDA desires, the EDC could develop an Economic Development Plan similar to the one <br />adopted in 1986, but based on the principles contained within the Comprehensive Plan. Through <br />previous staff and community planning initiatives, a substantial portion of the work has already <br />been completed. At this point, it just needs to be integrated into one specific policy document. <br /> <br />Additional areas that could be incorporated into an updated plan include site-specific <br />redevelopment opportunities; business retention and expansion; marketing / image and identity; <br />and economic development / redevelopment issues associated with Highway 10. An evaluation <br />of the Business Improvement Partnership Loan Program could also be done based on Mounds <br />View’s overall economic development strategy. <br /> <br />Finally, evaluating the use of pre-1997 interest earnings and contemplating an Economic <br />Development Plan are just two areas that the EDC could direct its efforts. A myriad of other <br />possibilities exist. <br /> <br />Vice President Stigney specifically recommended the EDC look at ways to redirect funds to the <br />street redevelopment project as a way of reducing the franchise fee of 4% to the residents. <br /> <br />Commissioner Thomason inquired as to if the EDC needed direction from the EDA at this <br />meeting or if the matter could be brought to a work session for discussion. <br /> <br />A consensus was reached to have the EDC bring more information on the items presented to a <br />Work Session for further discussion. <br />