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Home My WebLink AboutEDA PACKET 04.23.20Agenda ECONOMIC DEVELOPMENT AUTHORITY Tuesday, April 21, 2020 REMOTE MEETING 5:30 PM Meeting to be held remotely pursuant Minn. Stat. Sec. 13D.021 Anyone wishing to attend the meeting can join virtually by using this link: https://zoom.us/'/91044175856 Or call +1 312 626 6799. Meeting ID: 910-4417-5856 5:30 pm 1. Call to Order CI I Y OF�— EST. 1906 5:31 pm 2. Roll Call (Denaway, Gallivan, Houle, Klein, Petty, Puleo, Weidt) 5:32 pm 3. Approval of Minutes EDA Meeting of February 18, 2020 5:33 pm 4. Business Resource Update Speaker: Chris Eng, Washington County 6:10 pm 5. Update on Downtown Redevelopment 6:30 pm 6. Adjournment If you need accommodations for the EDA meeting please contact Rachel Juba at (651) 762-6304 or riuba@ci.hugo.mn.us, thank you. Background memo for the EDA Meeting of Tuesday, April 21, 2020 3. Approval of Minutes Staff recommends approval of the minutes from the February 18, 2020 EDA Meeting as presented. 4. Business Resource Update Staff will provide an update on business resources on a local level. Chris Eng from the Washington County CDA will provide an overview of business resources on a County level. 5. Update on Downtown Redevelopment Staff will provide an update on downtown redevelopment. If you need accommodations for the EDA meeting please contact Rachel Juba at (651) 762-6304 or rjuba@ci.hugo.mn.us, thank you. MINUTES FOR THE EDA MEETING OF FEBRUARY 18, 2020 Chair Weidt called the meeting to order at 5:30 pm. PRESENT: Denaway, Gallivan, Houle, Klein, Petty, Puleo, and Weidt. ABSENT: None. STAFF: Bryan Bear, City Administrator Rachel Juba, Community Development Director Emily Weber, Community Development Assistant APPROVAL OF MINUTES FOR THE EDA MEETING OF JANUARY 21, 2020 Commissioner Klein made a motion, Commissioner Houle seconded, to approve minutes for the EDA meeting of January 21, 2020. All Ayes. Motion carried. UPDATE ON THE CATTLE HOUSE The City executed an option agreement with Tony Harmening on the City -owned property along Egg Lake. Tony Harmening has submitted a site plan, preliminary plat, and PUD applications that outline the development plan for the entire site with the first phase being a restaurant. The Cattle House Restaurant is proposed to be approximately 4,000 square feet and shows natural areas for outdoor activities and access to the lake. Staff has been working with the development team to adjust come elements to the plans. Tony Harmening, the applicant, and Kathy Anderson, of Architectural Consortium, LLC, addressed the EDA. Harmening provided an overview of his goals for the project and showed the EDA samples of the proposed materials. The EDA discussed the project and asked the applicant questions. Among other topics, they talked about the entrance to the site from Highway 61, parking on site, and the phasing/timing of the project. Generally, the EDA was supportive of the project and is looking forward to welcoming new businesses to Hugo. UPDATE ON DOWNTOWN REDEVELOPMENT Staff provided additional background on downtown redevelopment. The Oneka Commons Sketch Plan application that was shown at the last meeting has since been withdrawn and staff continues to work on a monument sign for the north entrance of the City. ADJOURNMENT Commissioner Klein made a motion, seconded by Commissioner Puleo, to adjourn at 6:13 pm. All ayes. Motion carried. Respectfully submitted. Emily Weber, Community Development Assistant COVID-19 SMALL BUSINESS RESOURCES Program Agency Eligibility Amount Interest Collateral Terms Deferral Forgivable? Use of Funds Other/Notes Requirements Period - Up to 3 to 4 weeks to process application - Apply online - $10,000 cash advance (maximum) SBA Economic Small Business Small business or ° 3.75 /°-business Security Interest Up to 30 Up to 12 No, except for Fixed debt, payroll, accounts payable, etc. that - List of supporting financial documents requested Iniury Disaster Administration non-profit Up to $2M 2 75% non-profit in Business years months $10,000 loan could have been paid if COVID-19 had not _Approval can be based on credit score Loan Property advance happened. Apply to SBA directly - Personal Guarantees for loans over $200k - Apply at: httl)s://covid19relief.sba.gov/ Yes (for - Up to 1 to 2 weeks to process application SBA Paycheck expenses 8 - Apply through an SBA -Approved Lander Protection Small Business Small business or Up to $10M ° 1 /° No 2 years Up to 6 weeks after Payroll, Interest on Mortgage, Rent, Utilities. - Loan based on 2.5x average monthly payroll Program Administration non-profit months getting the Apply through a SBA approved lender. - Smoother application process loan) - No Personal Guaranty - Minnesota SBA Approved Lender -Apply through a non-profit lender (available on Small business Be willing to DEED's website) Minnesota effected by provide Partial -Must also apply for SBA Economic Injury Small Business Department of Minnesota EO 20- $2500 to collateral or Up to 5 Up to 6 forgiveness Disaster Loan assistance at the same time Emergency Loan Employment & 04 and 20-08 that $35,000 0% personal years months may be Funds are available for working capital -Are unable to qualify for a loan from a bank or Program Economic have been guarantee up to available credit union. Development operational for at 20 /° -Must be current on financial obligations as of least one year March 1, 2020. Apply at: MN DEED Fund Technical Assistance Metropolitan Current and Open to Business Website Open to Consortium of perspective Free advising and technical assistance on Tyler Hilsabeck Business Community entrepreneurs business issues and lending options (a_ thilsabeckmccdmn.org Developers (612) 789-8838 Small Business Small Business Small businesses Free advising on pre -venture, start-up or Development Development or perspective established business services Center Center Unemployment and Other Programs Shared Work Department of Employment and Minnesota Workers work reduced hours, and the workers Helps businesses and employees avoid a layoff Program Economic businesses are paid unemployment benefits to offset part while keeping trained staff and increases Development of their reduced wages. operations more quickly when conditions improve. Department of Workers Unemployed workers should apply online using Unemployment Employment and unemployed due N/A N/A N/A N/A N/A N/A the schedule set out according to social UI tax rate for businesses will not increase if Insurance Economic to COVID-19 security number. The waiting period has been workers collect unemployment benefits Development waived. Updated April 6, 2020