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Mounds View EDA April 22, 2013 Regular Meeting Page 2 the EDA to discuss advertising the City to a target audience of businesses and potential 1 developers. She commented the EDC discussed this item last Friday but does not have a 2 recommendation at this time. The EDC would like to further review the item at their May 3 meeting prior to making a recommendation to Council. 4 5 Commissioner Mueller thanked staff for working through this issue with the EDC and she looked 6 forward to hearing their recommendation in May. 7 8 Commissioner Meehlhause noted he attended the EDC meeting last Friday and one item 9 discussed was better utilizing the billboards in the community to create interest for potential 10 developers. 11 12 Mayor Flaherty explained he looked forward to discussing this item in detail next month. 13 14 B. Review Home Improvement Loan Program 15 16 Economic Development Specialist Steinmetz stated the EDA’s home improvement loan program 17 was created in late 2010. The four different loan types were discussed in detail. She explained a 18 total of three loans have been closed since the program began. It was noted the lack of interest in 19 this program could be due to the downturn in the economy or rise in unemployment. 20 21 Economic Development Specialist Steinmetz commented the EDC discussed this program and 22 recommended the EDA reduce the amount allotted for the loan program to $100,000. This 23 would allow for the remaining $50,000 to be used for revitalization of County Road 10. The 24 EDC also recommended the EDA increase the home demolition loan amount to $15,000, which 25 would closer reflect the actual expense to demo a home. 26 27 Commissioner Mueller questioned how the EDC suggested the $50,000 should be used for 28 revitalization. Economic Development Specialist Steinmetz stated no priorities were specified at 29 their last meeting. She commented the EDC understood that the corridor was a priority and 30 having these funds available would better align with the EDA’s 2013 goals. She indicated 31 $100,000 would be enough to meet the current needs of the home improvement loan program. 32 33 President Flaherty thought this adjustment made sense and the shift in funds would assist the 34 EDA in meeting their goals for the corridor. He supported the increase to the home demolition 35 loan amount to $15,000. He explained the economy was coming around and the loan program 36 may see more use in the coming years. 37 38 President Flaherty requested staff review the loan documents further to see if performance 39 measures were in place for demolition loans. 40 41 Vice President Gunn reviewed the loan process forms noting all contractors had to be licensed 42 and all work must be completed within 120 days of the loan closing. It was her understanding 43 that these stipulations ensured that demolition work would be completed. 44