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EDA Minutes 05-27-2020MINUTES REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, May 2711, 2020 — 7:00 a.m. Due to recommendations related to the COVID-19 virus, the EDA meeting was conducted as a remote/virtual meeting. Commissioners Present: Steve Johnson, Bill Tapper, Jon Morphew, Tracy Hinz, 011ie Koropchak-White, and Jim Davidson Commissioners Absent: Lloyd Hilgart Staff Present: Jim Thares and Angela Schumann 1. Call to Order Steve Johnson called the Regular Meeting of the EDA to order at 7:00 a.m. 2. Roll Call 3. Consideration of additional agenda items None. 4. Consent Agenda None. 5. Consideration of Housing Studv RFO-RFP submittals and Authorization to enter into negotiations for a Contract for Services with most qualified, preferred Vendor Jim Thares introduced the item for consideration of selecting a consultant to complete an updated Housing Study for the Monticello EDA. It was noted that the item was briefly discussed, but due to the short amount of time, the EDA tabled action on the request. The EDA discussed whether to continue with the Housing Study due to the current pandemic situation and its potential unknown implications in the housing marketplace. It was noted that the study would take a long-term (five to ten year) view of housing and perhaps given that timeframe, it was worthwhile to continue. The need to round out policy recommendations for the comprehensive plan in the next two months was also noted. EDA decided that given the longer view of the study and the need to support the comprehensive plan efforts, the EDA would like to continue forward with the study. The EDA Commissioners present ranked the five submittals/consultants, with MSA Professional Services being the top choice. Economic Development Authority Minutes — May 27th, 2020 Page 114 TRACY HINZ MOVED TO SELECT MSA PROFESSIONAL SERVICES AND AUTHORIZE NEGOTIATING AND ENTERING INTO A CONTRACT FOR SERVICES TO COMPLETE THE 2020 COMPREHENSIVE HOUSING NEEDS AND MARKET DEMAND STUDY. JON MORPHEW SECONDED THE MOTION. MOTION CARRIED, 6-0. 6. Consideration of Creating an Emergency Small Business Financial Assistance Program Jim Thares explained that the EDA recently reviewed this item at an EDA workshop meeting on May 13th, 2020. Thares mentioned that staff utilized the City of St. Louis Park's program (which has been very successful) as a model for drafting a similar assistance program in Monticello. Thares also added that staff took into account feedback that was received from local businesses during a roundtable discussion that had a variety of representation and also included members of the City Council and EDA. The assistance program would be in place to help businesses survive during the current pandemic and uncertain economy. Thares also explained that Wright County recently approved a loan fund program. Staff have a copy of the policies and application form. The assistance program has $200,000 worth of funding and is required to be paid back with a zero percent interest rate. It was noted that businesses in Monticello would be eligible. Thares indicated that staff defer to the EDA to make the decision of whether to approve the City's draft financial assistance program. Bill Tapper noted that the EDA tabled action on this item at the previous meeting to understand any new guidelines put in place by the Governor. Because there are businesses that are being able to open up again, Tapper was supportive of the program. He noted concerns with whether the $5,000 would be enough of a help and that the guidelines to produce financial information may be difficult. Steve Johnson explained that the requirements of the program may seem ominous to small businesses, especially the financial information requirement. He also explained support for the program, but noted concern with the amount of money awarded and that the requirements should be slimed down. 011ie Koropchak-White asked if the staff and the Chamber of Commerce were able to meet again to incorporate any suggestions into the guidelines. Thares indicated that staff informed the Chamber of Commerce of the EDA's decision to table action on the assistance program at their last meeting. Koropchak-White also explained that the City of Shoreview was doing a similar financial assistance program for $5,000 per business. She also mentioned that some communities are sending out coupons to all residents to spend at local businesses. The businesses could than return the coupons to the Chamber of Commerce for a refund. Jim Davidson expressed his support for the program, especially as businesses are being able Economic Development Authority Minutes — May 27'x', 2020 Page 2 14 to open up again. He mentioned that he wished there would be more money available to give to these businesses and noted that he expected the EDA funds to be exhausted almost immediately after approving a financial assistance program. Due to the relatively low amount of the grant, he also noted that the financial information requirement was not as important to receive. He recommended cleaning up the draft policy and implementing. If the application was overly complicated, it could turn businesses away. OLLIE KOROPCHAK-WHITE MOVED TO AUTHORIZE CREATION OF AN EMERGENCY SMALL BUSINESS GRANT FUNDING PROGRAM BY UTILIZING $100,000 +/- FROM THE GMEF LOAN PROGRAM AS A FIRST PHASE OF FUNDING FOR THE GRANT PROGRAM AND FURTHER AUTHORIZING ADOPTING THE POLICES AND APPLICATION WITH CHANGES AS NOTED DURING THE EDA MEETING TO TRIM THE REQUIREMENTS. BILL TAPPER SECONDED THE MOTION. Discussion continued between the EDA and staff. Johnson noted that ultimately the EDA would be able to decide who is eligible for the grant and make the final decision. Tapper reiterated the concern to remove the financial background information requirement. Angela Schumann commented that many small businesses that have applied for State and Federal assistance programs have provided similar that information and should have it readily available. Johnson also mentioned that there would be confidentiality issues in the grant process for what businesses consider proprietary information. MOTION CARRIED, 6-0. 7. Director's Report Jim Thares provided the Economic Development Director's Report as included in the packet. 8. Closed Session — Consideration of pending litigation pursuant to Minnesota Statute 13D.05, Subdivision 3(c)(3) Address: 3880 Chelsea Road West; PID: 155-253-001010 9. Adiourn TRACY HINZ MOVED TO ADJOURN THE MEETING AT 8:21 A.M. OLLIE KOROPCHAK-WHITE SECONDED THE MOTION. MOTION CARRIED, 5-0. Economic Development Authority Minutes — May 27th, 2020 Page 3 1 4 Recorder: Jacob Thunander Approved: June 10th, 2020 Attest: YV"VI J T ares, Economic Development Director Economic Development Authority Minutes — May 27', 2020 Page 4 14