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EDA Agenda - 07/12/2023AGENDA REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, July 12, 2023 — 6:00 p.m. Mississippi Room, Monticello Community Center Commissioners: President Steve Johnson, Vice President Jon Morphew, Treasurer Hali Sittig, 011ie Koropchak-White, Rick Barger and Councilmembers Lloyd Hilgart and Tracy Hinz Staff: Executive Director Jim Thares, Rachel Leonard, Angela Schumann, Hayden Stensgard 1. General Business A. Call to Order B. Roll Call 6:00 p.m. C. Consideration of Approving Special Meeting Minutes —June 14, 2023 D. Consideration of Approving Regular Meeting Minutes —June 14, 2023 E. Consideration of Additional Agenda Items 2. Consent Agenda N/A 3. Public Hearing N/A 4. Regular Agenda A. Consideration of authorizing MontiArts installation of a public mural art project on vacant EDA owned parcel located at 220 West Broadway B. Consideration of Draft 2024 EDA Budget Proposal and Property Tax Levy Amount; Review and Approval Process 5. Other Business A. Consideration of Economic Development Manager's Report 6. Adjournment MINUTES ECONOMIC DEVELOPMENT AUTHORITY SPECIAL MEETING Wednesday, June 14, 2023 — 4:00 p.m. Monticello Community Center EDA Members Present: President Steve Johnson, Vice President Jon Morphew, Treasurer Hali Sittig, 011ie Koropchak-White, Rick Barger Councilmembers Present: Mayor Lloyd Hilgart, Sam Murdoff, Tracy Hinz Councilmembers Absent: Charlotte Gabler, Lee Martie Staff Present: Tammy Omdahl (Northland Public Finance), Jim Thares, Angela Schumann, Sarah Rathlisberger 1. Call to Order EDA President Steve Johnson called the joint workshop meeting to order at 4:05 p.m. 2. 4:00 p.m. Tax Increment Financing (TIF) and Tax Abatement Overview Monticello EDA Financial Advisor, Tammy Omdahl of Northland Public Finance, provided a presentation and overview of Tax Increment Financing and Tax Abatement and addressed potential capabilities of each program to the EDA, City Council, and public. Multiple questions were asked on the subject of the agenda item. There was considerable discussion on the topic of the City of Monticello adopting a policy on Tax Abatement for utilizing as a tool for development. Councilmember Tracy Hinz arrived at 4:35 p.m. EDA Treasurer Hali Sittig left at 5:00 p.m. No action was taken on the item. 3. Adjournment TRACY HINZ MOVED TO ADJOURN THE JOINT WORKSHOP MEETING. SAM MURDOFF SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY, 7-0. MEETING ADJOURNED AT 6:02 P.M. MINUTES REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, June 14, 2023 — 6:00 p.m. Mississippi Room, Monticello Community Center SPECIAL MEETING — ECONOMIC DEVELOPMENT AUTHORITY (EDA) Monticello Community Center — North Mississippi 4:00 p.m. Tax Increment Financing (TIF) and Tax Abatement Overview Commissioners Present: President Steve Johnson, Vice President Jon Morphew, Rick Barger, Councilmember Tracy Hinz Commissioners Absent: Treasurer Hali Sittig, 011ie Koropchak-White, Mayor Lloyd Hilgart Staff Present: Executive Director Jim Thares, Angela Schumann, Hayden Stensgard 1. General Business A. Call to Order President Steve Johnson called the regular meeting of the Monticello EDA to order at 6:08 p.m. B. Roll Call 6:00 p.m. Mr. Johnson called the roll. C. Consideration of Approving Regular Meeting Minutes — May 10, 2023 TRACY HINZ MOVED TO APPROVE THE MAY 10, 2023, REGULAR MEETING MINUTES. JON MORPHEW SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY, 4-0. D. Consideration of Additional Agenda Items None 2. Consent Agenda A. Consideration of Approving Payment of Bills B. Consideration of funding contribution for the IEDC Business Roundtable Showcase Event (September 14, 2023) in the amount of $300 JON MORPHEW MOVED TO APPROVE THE JUNE 14, 2023, REGULAR MEETING CONSENT AGENDA. RICK BARGER SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY, 4-0. 3. Public Hearin None 4. Regular Agenda A. Consideration of Authorizing Professional Services Contract with MSA Professional Services in the amount of 521.200 to complete a Housine Needs and Demands Study Update Executive Director Jim Thares provided an overview of the agenda item to the EDA and the public. At the May 10, 2023, regular meeting, City staff addressed the EDA regarding interest in updating the housing study which was last completed in 2020. The Study Update quote from MSA Professionals is $21,200. Completing the study update will provide City policy makers and staff with data driven indicators that will be useful in discussions and decision-making for housing proposals. Staff identified additional ala carte areas at a cost of $5,200 that could be addressed in the update as well, including gathering data on affordability in the community. Rick Barger asked if the additional items requested were addressed in the original 2020 housing study. Mr. Thares clarified these items were not originally addressed, and that they would be new components to the study. Staff feels that these items would be helpful to the policymakers in addressing housing needs and as proposals come forward in the future. Councilmember Tracy Hinz appreciated the timeline established in the update proposal. 1116111/1:�]:1_� ��I� L•>►•I �7r•Ll�)I>f:[•]:lC4�T23.]1��,I[•]►rel�1A:1TjI",SCSI 0111 1 WITH MSA PROFESSIONAL SERVICES IN AN AMOUNT OF $26,400 TO COMPLETE A HOUSING NEEDS AND DEMANDS STUDY UPDATE. RICK BARGER SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY, 4-0. B. Consideration of Authorizing a Professional Services Contract with Stephen Sherf, Hospitality Consulting Services, LLC to complete a 2023 Hotel -Hospitality Study Update Mr. Thares provided an overview of the agenda item to the EDA and the public. Also at the May 10, 2023, regular meeting, EDA members directed staff to begin efforts to update the 2020 Hotel -Hospitality Study. An update to the study will provide policy makers with more up-to-date information when it comes to potential new hotel developments within the City. The group proposing to provide the updates noted they would submit a proposal for the work within the next week. Councilmember Hinz asked for clarification on what the total cost of the study update would be. Mr. Thares clarified that the group that will do the study has indicated it would be $6,000. Mr. Johnson expressed interest in updating the hotel study, and also noted that the expenses for the professional services budget is beginning to rise for the 2023 year, and if necessary, can be adjusted to provide more if necessary. TRACY HINZ MOVED TO AUTHORIZE A PROFESSIONAL SERVICES CONTRACT WITH STEPHEN SHERF, HOSPITALITY CONSULTING SERVICES, LLC. TO COMPLETE A HOTEL - HOSPITALITY STUDY UPDATE. JON MORPHEW SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY, 4-0. 5. Other Business A. Consideration of Economic Development Manager's Report Mr. Thares provided an overview of the agenda item to the EDA and the public. No action was taken on the item. 6. Adjournment TRACY HINZ MOVED TO ADJOURN THE REGULAR MEETING OF THE MONTICELLO EDA. JON MORPHEW SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY, 4-0. MEETING ADJOURNED AT 6:59 P.M. EDA Agenda: 07/12/2023 4A. Consideration of Authorizing a public art proiect on EDA owned property located at 220 West Broadway (Block 36) Prepared by: Meeting Date: ® Regular Agenda Item Economic Development Manager 07/12/2023 ❑ Consent Agenda Item Reviewed by: Approved by: Community & Economic Development Community Development Director Coordinator ACTION REQUESTED Motion to authorize Monti Arts to complete a public mural art project on a vacant parcel owned by the EDA, located at 220 West Broadway Street. Motion of other as determined by the EDA. REFERENCE AND BACKGROUND The EDA is asked to consider authorizing a visual public art project on the EDA owned parcel located at 220 West Broadway in Block 36. Sue Seeger, Monti Arts Director, recently proposed using the vacant parcel as a site for mural art project. An illustration of the art project proposal is attached. The project would add color and brighten up the general look of Block 36 along Broadway Street. The EDA is not being asked to fund any portion of the art project. No permanent negative impacts to the land parcel are expected due to the art project. In May 2023, the EDA approved a "mish mosh" art proposal for the north and east sides of the former Zoo building (property owned by the EDA), 130 East Broadway Street. The mural art project is a similar proposal and intent. City staff believe that supporting the MontiArts programming efforts is a small but important component of a holistic economic development approach for Monticello's downtown. Budget Impact: There is no cost attributed to the EDA related to the proposed mural art project. II. Staff Workload Impact: City staff workload related to the proposed art project is minimal. III. Comprehensive Plan Impact: The Vision adopted as part of the Monticello 2040 + Plan includes Community Character, Design and Art goals to evoke authenticity, a sense of comfort and well-being, and a collective shared identity. Specifically, the Public Art and Placemaking goals recognize that art provides social, cultural, and economic benefits and fosters opportunities for local artists residents and stakeholders to participate in its EDA Agenda: 07/12/2023 creative process with an end goal of enlivening and animating public spaces in the City for community use and enjoyment. STAFF RECOMMENDATION City staff recommends approval. The proposed public art project at the vacant EDA owned parcel along West Broadway Street will have positive visual impacts in an area near the Block 52 redevelopment on the opposite side of the street. The art proposal comports with the Comprehensive Plan Vision and will brighten up and enliven the Block 36 area of Broadway Street. The proposal has no impact on the lot itself nor the EDA's 2023 budget. SUPPORTING DATA 1. Monti Arts Proposed Mural Art Project — Illustration 2. Aerial Photo — 220 West Broadway (Block 36) Jim Thares From: Sue Seeger Sent: Wednesday, July 5, 2023 6:51 PM To: Jim Thares Cc: Tom Pawelk; Angela Schumann; Hayden Stensgard Subject: Re: MontiArts Mural, EDA Agenda Hi Jim, Of course. Here are some pics. The mural has never been photographed as shown in it's completed mock-up form as it is too large to be laid out. It needs to be installed to be seen fully completed. The pics are details, and an installation plan (mock-up.) to ..o,. fit ".4t41 On Wed, Jul S, 2023 at 4:28 RM Jim Thares<Jim.Thares@ci.monticello.mn.us> wrote: Hi Sue. Can you send me a photo illustration of the shoe mural project proposal for the vacant EDA owned lot in Block 36? 1 have a staff report completed and want to attach the illustration(s) to the report. Also, it would be great if you have time in your schedule to attend the EDA meeting on July 12. The meeting starts at 6:00 p.m. FYI —the Fred's Auto garage lease extension will be on the August 9, 2023, EDA meeting agenda (or possibly July 26, 2023 if the EDA has its second meeting [7:00 a.m.] of the month). Thank you and let me know if you have any questions. Jim Thares Economic Development Manager City of Monticello 763-271-3254 www.ci.monticello.mn.us Email correspondence to and from the City of Monticello government offices is subject to the Minnesota Government Data Practices Act and may be disclosed to third parties. EDA Agenda: 07/12/23 4B. Consideration of Discussion regarding Preliminary 2024 EDA Budget and HRA Property Tax Levy Amount Prepared by: Meeting Date: ® Regular Agenda Item Economic Development Manager 07/12/23 ❑ Consent Agenda Item Reviewed by: Approved by: Community Development Director, City Administrator Community & Economic Development Coordinator, Finance Director ACTION REQUESTED Motion as determined by the EDA. REFERENCE AND BACKGROUND Staff is seeking direction from the EDA regarding the amount of the property tax levy that it would like to certify for the payable 2024 cycle. Direction on the levy will assist the annual budget process. The budget schedule allows the EDA preliminary levy to be certified at the same time as the city levy, in September 2023. Currently, the goal is to update the EDA on the budget process and get feedback regarding the desired levy amount and proposed budget for 2024. Setting the annual levy is a policy decision for the EDA. The total proposed 2024 EDA General Fund expenditures are budgeted at $499,000. As proposed, this budget relies on the maximum allowed property tax levy as well as interest earnings from invested funds. Also, it should be noted that the meeting stipends paid to EDA board members is a transfer from the City's General Fund. As a result, it is also included in budget revenues. Additionally, it should be noted that unused funds carry over from year to year and remain in the EDA General Fund and are available for various EDA goals as needed. In the table below, the amount of the maximum allowed property tax levy along with the EDA's actual certified levy is shown over a timeframe that spans 2016 (when the HRA levy began) to 2024. The table also shows the City's projected 2024 taxable market value. For purposes of the discussion, this is currently set at the payable 2023 level as final numbers have not been received from Wright County for payable 2024. The City's total taxable property valuation has increased by $267,011,800 (+13%) over the previous year. The maximum 2024 allowed HRA levy is 0.0185 percent of the property valuation which equals $451,000. EDA Agenda: 07/12/23 Year Taxable Mkt. Value* Allowed Levy by Statute Actual Levy 2024 $2,440,585,300 $451,000 $????? 2023 $2,173,573,500 $402,000 $402,000 2022 $2,100,005,500 $388,000 $388,000 2021 $1,980,148,000 $366,300 $366,300 2020 $1,923,814,900 $355,000 $355,000 2019 $1,883,565,600 $348,000 $348,000 2018 $1,748,750,200 $323,000 $323,000 2017 $1,631,446,700 $302,000 $280,000 2016 $1,513,570,400 $280,000 $280,000 *Taxable market value is for the calendar year prior to the levy year, e.g., 2024 levy is based on 2023 Taxable Market Value amount The proposed 2024 levy is calculated at 0.0185 percent x municipal taxable market value (.0185 x $2,440,585,300) The preliminary 2024 EDA General Fund Expenditures Budget proposal is attached for reference. The budget line items include all operating expenditures, such as staff salaries and benefits, training, and travel, overhead (electricity, computer maintenance, postage), legal fees, financial advisor fees, and marketing, various memberships such as the Wright County Economic Development Partnership and Economic Development Association of Minnesota. Expenditures for professional services, including the Broadway parking lot agreement, economic development services, and marketing, were increased to reflect recent and anticipated activity increases. During the discussion, staff will provide any additional information needed regarding the activities associated with the budget line items. The EDA's largest single budget category each year is the land acquisition -redevelopment activities line item and is usually a flex and fill figure (the last line filled) based on the levy amount for a balanced budget. The 2024 Redevelopment activities line item is proposed to be $155,613. It should be noted that unused funds carry over from year to year and remain in the EDA General Fund and are available for various EDA goals as needed. It is this line item, along with the EDA General Fund and pooled TIF resources, that has supported property acquisitions and redevelopment activities of the EDA. Staff will take feedback on the levy discussion from the July 12th regular meeting and incorporate it into a final budget and levy presentation for consideration by resolution at the August 9th meeting. The City Council will also weigh in with its final review and decision of the EDA levy in late September and again in early December 2023. EDA Agenda: 07/12/23 I. Budget Impact: The cost of initial discussions related to the 2024 HRA property tax levy target and the preliminary EDA General Fund Budget is minimal. II. Staff Workload Impact: City staff involved in the initial levy and budget discussions included the City Administrator, Finance Director, Community Development Director, Economic Development Manager. III. Comprehensive Plan Impact: Economic Development Goals outlined in the Comprehensive Plan 2040 + include the following. Goal 1: Business Attraction and Retention Goal 2: Tax Base Expansion Goal 3: Downtown Vitality Goal 4: Redevelopment and Reinvestment Goal 5: Life Cycle Housing Goal 6: Workforce Development Goal 7: Promotion and Partnerships Goal 8: Opportunities Areas STAFF RECOMMENDATION Staff will provide an overview of the proposed preliminary budget line items during the meeting. The EDA is asked to provide feedback regarding the preliminary 2024 EDA General Fund Budget and the HRA property tax levy in the context of current costs, historical budget trendlines and anticipated factors tied to the Comprehensive Plan and the 2022-2024 EDA Workplan. The EDA is encouraged to reference the EDA's 2022-2024 Work Plan goals and the overall mission to facilitate economic development and redevelopment and housing activities that expand the tax base, increase employment opportunities, and create a vibrant economy as part of its budget decision process. These are wide-ranging, community -impacting goals. SUPPORTING DATA a. Preliminary 2024 EDA General Fund Expenditures Budget Proposal b. Preliminary 2024 EDA General Fund Revenue Budget Proposal c. Qtr. #2 2023 - EDA Financial Statements - Revenue -Expenditures and Balance Sheet d. 2022-2024 EDA Workplan Goals and Objectives 2024 Budget Draft EXPENDITURES EDA FUND 2021 2022 2023 2023 2024 % EDA General EDA General ACTUAL ACTUAL BUDGET THRU6/30 BUDGET CHANGE 213-41911-431990 MISC PROFESSIONAL SERVICES $ 3,170 $ 130,973 $ $ $ 213-46301-410100 SALARIES, FULL TIME - REG 89,400 117,379 130,518 62,146 135,687 3.96% 213-46301-410200 SALARIES, FULL TIME - OT 6 609 - 497 --- 213-46301-410300 SALARIES, PART TIME - REG 3,230 6,909 7,125 5,355 7,200 1.05% 213-46301-411100 SEVERANCE PAY 631 - - - 213-46301-411110 SEVERANCE BENEFITS (10,621) - - - 213-46301-412100 PERA CONTRIBUTIONS 6,641 8,901 9,789 4,698 10,177 3.96% 213-46301-412200 FICA CONTRIBUTIONS 6,719 9,144 10,530 5,013 10,931 3.81% 213-46301-413100 HEALTH/DENTAL/LIFEINSURAN 15,648 19,400 28,539 10,152 29,190 2.28% 213-46301-413250 HSA CONTRIBUTIONS 3,877 5,468 - 2,887 --- 213-46301-413300 LIFE INSURANCE CONTRIBUTIONS 83 120 60 213-46301-413400 DISABILITY INS CONTRIBUTIONS 513 693 - 368 213-46301-415100 WORKERS COMP INSURANCE 3,206 2,639 3,138 1,400 3,233 3.03% 213-46301-421990 GENERAL OPERATING SUPPLIES 54 374 300 5 400 33.33% 213-46301-430300 PROF SRV - ENGINEERING FEE 228 - 10,500 - 51000 -52.38% 213-46301-430400 PROF SRV - LEGAL FEES 18,894 10,497 20,000 1,093 20,000 0.00% 213-46301-431990 MISC PROFESSIONAL SERVICES 7,769 71,996 31,700 90,725 31,700 0.00% 213-46301-431991 MISC PROFESSIONAL SERVICES - PROPERTY MGMT - - 3,000 (855) 4,000 33.33% 213-46301-431993 MISC PROFESSIONAL SERVICES - ECON DEV SVCS 14,651 74,959 10,900 5,785 18,200 66.97% 213-46301-432100 TELEPHONE STIPEND 780 780 780 195 780 0.00% 213-46301-432150 IT SERVICES 3,002 3,659 3,473 1,737 3,358 -3.31% 213-46301-432200 MAIL & DELIVERY SERVICES 119 76 275 4 275 0.00% 213-46301-433100 TRAVEL/TRAINING EXPENSE 1,803 1,996 1,850 3,500 3,600 94.59% 213-46301-434990 ADVERTISING & MARKETING 501 26,766 37,500 - 45,000 20.009/o 213-46301-435100 LEGAL NOTICE PUBLICATION - 203 650 167 650 0.009/o 213-46301-436100 INSURANCE - LIABILITY/PROPERTY/VEHICLE 1,664 1,668 1,650 962 1,650 0.009/o 213-46301-437100 PROPERTYTAXES 13,682 13,664 - - 213-46301-438100 UTILITIES -GAS/ELECTRICITY 1,171 4,273 750 - 100 -86.67% 213-46301-438200 WATER/SEWER 1,180 2,281 750 (291) 100 -86.67% 213-46301-440100 REPAIR & MTC - BLDG & SYSTEMS 3,203 - 213-46301-440200 REPAIR & MTC - FACILITIES MAINTENANCE - 6,500 1,512 378 2,156 42.59% 213-46301-443300 DUES, MEMBERSHIP & SUBSCRIP 4,996 8,091 6,000 6,336 91000 50.00% 213-46301-461500 REDEVELOPMENT ACTIVITIES - 214,689 127,685 4,500 155,613 21.87% 213-46301-443990 MISCELLANEOUS OTHER EXP 331,498 306,409 1,086 288,242 11000 -7.92% 213-46301-472030 OPERATING TRANSFER OUT - - - --- 213-46601-443990 MISCELLANEOUS OTHER EXP - - - - TOTAL EXPENDITURES $ 527,696 $ 1,051,117 $ 450,000 $ 495,058 $ 499,000 10.89% 2024 Budget Draft REVENUES EDA GENERAL FUND 2021 2022 2023 2023 2024 % ACCOUNT NUMBER REVENUES ACTUAL ACTUAL BUDGET THRU 6/30 BUDGET CHANGE 213-00000-310110 CURRENT AD VALOREM TAXES $ 366,077 $ 386,806 $ 402,000 $ 205,553 $ 451,000 12.2% 213-00000-310210 DELINQUENT AD VALOREM TAXES 1,688 680 - 1,011 - --- 213-00000-310310 MANUFACTURED HOME TAX 688 - - 213-00000-319100 PENALTIES&INT -TAX (26) 805 - 213-00000-334235 STATE GRANT - 375,547 284,123 213-00000-347110 RENTAL OF CITY PROPERTY 23,181 8,700 - - --- 213-00000-362110 INTEREST EARNINGS- INVESTMENTS (16,422) (115,824) 42,000 42,000 0.0% 213-00000-362300 CONTRIBUTIONS 1,250 1,000 - - --- 213-00000-362400 SALE OF PROPERTY 300,000 821,866 213-00000-362900 OTHER MISCELLANEOUS REV 4,100 - - --- 213-00000-392000 OPERATING TRANSFERS IN 2,368 4,900 6,000 6,000 0.0% 213-41911-349655 ENGINEERING - BILLABLE PROJECTS 3,170 130,973 - --- 213-46301-341090 INITIATION/APPLICATION FEES 600 - 213-46301-362200 TIF INTRAFUND LOAN REPAYMENT- PRIN - - 213-46301-362220 TIF INTRAFUND LOAN REPAYMENT- INT 7,803 2,286 TOTAL REVENUES $ 694,476 $ 1,617,739 $ 450,000 $ 490,687 $ 499,000 10.9% CITY OF MONTICELLO Schedule of Assets, Liabilities, Deferred Inflows of Resources, and Fund Balances Economic Development Authority & Small Cities Development Program June 30, 2023 - Unaudited TIF 6 (d) TIF 19 TIF 20 (d) TIF 22 TIF 24 TIF 29 TIF 30 TIF 34 (d) TIF 40 TIF 41 TIF 43 GAAP Total Total EDA General GMEF TIF Future Ralndance MS Shores Prairie West Downtown St. Henry's Front Porch CMHP Interchange Briggs UMC Headwaters Reconciliation EDA SCDP ASSETS Cash and investments $ 2,770,057 $ 1,049,743 $ - $ 18,001 $ 18,875 $ 104,172 $ 585,090 $ 27,915 $ 22,104 $ 87,288 $ 77,370 $ 41,516 $ 31,432 $ - $ - $ 4,833,563 $ 779,295 Receivables Delinquent taxes 1,722 - - - - - 2,687 - - - - - - - - 4,409 - Accounts 8,876 - - - - - - - - - - - - - - 8,876 - Intrafundreceivable 124,149 - - 731,000 - - - - - - - - - - (855,149) - - Notes receivable 127,246 196,267 - - - - - - - - - - - - - 323,513 120,655 Land held for resale 1,994,036 163,200 2,157,236 TOTAL ASSETS $ 5,026,086 $ 1,246,010 $ $ 749,001 $ 18,875 $ 104,172 $ 750,977 $ 27,915 $ 22,104 $ 87,288 $ 77,370 $ 41,516 $ 31,432 $ $ (855,149) $ 7,327,597 $ 899,950 LIABILITIES Accounts and contracts payable $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 127,246 $ - $ 127,246 $ - Intrafundpayable - - 45,363 - - - - - - 78,500 - - 731,286 - (855,149) - - Unearned revenue - - - - - - 163,200 - - - - - - - (163,200) - - Escrow deposits 5,762 5,762 Total liabilities 5,762 45,363 163,200 78,5N 731,286 IY7,246 (1,018,349) 133,008 DEFERRED INFLOWS OF RESOURCES Unavailable revenue - property lazes 1,722 2,687 4,409 FUND BALANCES Restricted - 1,246,010 - 749,001 18,875 104,172 585,090 27,915 22,104 8,788 77,370 41,516 (699,854) (127,246) 163,200 2,216,941 899,950 Assigned Economic Development 4,818,802 - (45,363) - - - - - - - - - - - - 4,773,239 - Fa9ade Grant 200,000 200,000 Total fund balance 5,018,602 1,248,010 (45,363) 749,001 18,875 104,172 585,090 27,915 22,104 8,788 77,370 41,516 (699,854) (127,246) 163,200 7,190,180 899,950 TOTAL LIABILITIES, AND FUND BALANCES $ 5,026,086 $ 1,246,010 $ $ 749,001 $ 18,875 $ 104,172 $ 750,977 $ 27,915 $ 22,104 $ 87,288 $ 77,370 $ 41,516 $ 31,432 $ $ (855,149) $ 7,327,597 $ 899,950 Required or Actual Decon'ficetlon Date 12/9/2013 12/312023 12/10/2018 12/312024 12/312028 12/312029 12/31/2029 12/312022 12/31/2045 12/31/1030 TIF District Type Redevelopment Housing Redevelopment Housirgb Housing Housing Housing Redevelopment Housing Economic Housing (d) = d-lb.d Redevelopment Development CITY OF MONTICELLO Schedule of Revenues, Expenditures and Other Financing Sources (Uses) Economic Development Authority & Small Cities Development Program For the Period Ended June 30, 2023 - Unaudited TIF 6(d) TIF 19 TIF 20 (it) TIF 22 TIF 24 TIF 29 TIF 30 TIF 34 (it) TIF 40 TIF 41 TIF 43 GAAP Total Total EDA General GMEF TIF Future Raindance MS Shores Praine West Downtown St. Henry's Front Porch CMHP Interchange Briggs UMC Headwaters Reconciliation EDA SCDP Rev Property taxes $ 206,564 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 206,564 $ - Taxincrements - - - - 18,875 - 164,206 27,915 22,104 8,788 - 35.010 32,549 - - 299,447 - Intergovemmental 284,123 - - - - - - - - - - - - - - 284,123 - Intersston loans 1,845 1,845 1,741 Total revenues 490,687 1,845 18,875 164,206 27,915 22,104 8,788 35.010 32,549 791,979 1,741 ExpendiNres: Current Salary and wages 62,742 - - - - - - - - - - - - - - 62,742 - ganefits 21,844 - - - - - - - - - - - - - - 21,844 - Supplies 5 - - - - - - - - - - - - - - 5 - Professionalservices -legal 1,093 - - - - - - - - - - - - - - 1,093 - Professionalservices-other 95,659 - - - - - - - - - - - 923 - - 96.582 - LPV Insurance 962 - - - - - - - - - - - - - - 962 Legal and general publications 167 - - - - - - - - - - - 194 - - 361 - Dues and membership 6,336 - - - - - - - - - - - - - - 6,336 - Utilities (96) - - - - - - - - - - - - - - (96) IT services 1,737 - - - - - - - - - - - - - - 1,737 - Travel and conferences 3,173 - - - - - - - - - - - - - - 3,173 - Otherexpenditures 293,120 293,120 Total expenditures 486,742 1,117 487,859 Net change in fund balances 3,945 1,845 - - 18,875 - 154,206 27,915 22,104 8,788 - 35,010 31,432 - - 304,120 1,741 Fund balance at beginning of year 5,014,657 1,244,165 (45,363) 749,001 - 104,172 430,884 - - - 77,370 6,506 (731,286) (127,246) 163,200 6,886,060 898,209 Fund balance at end of year $ 5,018,602 $ 1,246,010 $ (45,363) $ 749,001 $ 18,875 $ 104,172 $ 585,090 $ 27,915 $ 22,104 $ 8,788 $ 77,370 $ 41,516 $ (699,854) $ (127,246) $ 163,200 $ 7,190,180 $ 899,950 Required o,Achual Decenification Data 12x92013 12312023 12/102018 12312024 12/31/2026 12/312029 12/312029 12/312022 12/31/2045 12/312030 TIF District Type Redevelopment Housing Redevelopment Housing& Housing Housing Housing Redevelopment Housing Economic Houslog (d) = d-6.d Redevelopment Development Monticello MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY 2022-2024 ECONOMIC DEVELOPMENT WORK PLAN EDA Purpose: The EDA is charged with coordinating and administering the City of Monticello's economic development and redevelopment plans and programs. The EDA is also responsible for housing and housing redevelopment. EDA Work Plan Mission Statement: The EDA's work plan is adopted in support of achieving the goals of the Monticello 2040 + Comprehensive Plan. The EDA will be proactive by developing and undertaking actions for achievement of the Comprehensive Plan's Economic Development goals and will be reactive in responding to economic development opportunities as they arise in the most timely and effective manner possible. The EDA shall utilize the Economic Development Implementation Chart contained in the Comprehensive Plan as a guiding document creating its 2022-2024 Work Plan. Comprehensive Plan Goals: 1. Business Attraction and Retention 2. Tax Base Expansion 3. Downtown Vitality 4. Redevelopment and Reinvestment 5. Life Cycle Housing 6. Workforce Development 7. Promotion and Partnerships 8. Opportunity Focus Areas 11 Page GOAL #1: BUSINESS ATTRACTION AND RETENTION Policy 1.1. Business and Employment Retention Strategies: 1. Maintain a strong Business Retention and Expansion (BR&E) program to monitor opportunities for continued growth and expansion of businesses as well as the continued relationship development between the City and existing businesses. 2. Identify and support companies that are expanding and adding employees. 3. Identify and promote programs that assist existing companies in expansion and creation of new positions. 4. Assist and support companies in accessing business assistance programs including financing and educational programs. 5. Bring Businesses and Educations Organizations together to create training programs to foster new living wage opportunities. Policy 1.2: Local Business Support Strategies: I . Facilitate relationships with existing businesses on the expansion, redevelopment and improvement of their buildings and facilities. 2. Consider facade rehabilitation programs, small business loans, grants and other tools to encourage property reinvestment and support local businesses. 3. Foster partnerships and maintain networking relationships with the goal of maintaining communication in support of existing businesses. GOAL #2: TAX BASE EXPANSION Policy 2.1: Diversify economic sectors to broaden the base of available living wage employment in the community. Strategies I. Capitalize on the proximity to the I-94 regional transportation facilities, available land and educated and skilled workforce to create opportunities for job growth. 2. Inventory existing industry clusters by attracting similar and complementary businesses. 3. Work with existing business clusters to expand the attraction of supply chain companies. 4. Recognize changing land use patterns for industrial parks, and other or alternative uses such as co -working spaces. Policy 2.2: Maintain a business development and job creation toolbox to assist existing and future businesses. Strategies: Continue discussion on use of tax reimbursement/abatement, including development of criteria/application. 21 Page 2. Identify and communicate new or innovative state and federal programs or grants which could be leveraged to support business development. 3. Proactively support small business start-up efforts through programs, collaborative efforts and various tools available for small businesses. Policy 2.3. Work collaboratively with partners to foster the attraction of new businesses. Strategies: 1. Continue to support the IEDC interactions within the Wright County Workforce Pathways efforts in addressing workforce needs and training. 2. Consider IEDC recommendations and be prepared to be a partner in potential solutions based on WCWFP findings. 3. Partner with Wright County EDA on infrastructure and development project funding as warranted. GOAL #3: DOWNTOWN VITALITY Policy 3.1: Implement the recommendations of the Downtown Small Area Plan. Strategies: 1. Support and advocate for improvements to the downtown as envisioned in the Small Area Plan and Walnut Street Corridor Plan. 2. Develop and support the appropriate policies, programs, and incentives that enable the type of development described in the Plan. 3. Continue to build a funding base for use in property acquisition and redevelopment efforts in targeted areas. 4. Implement a facade improvement program for desired revitalization areas. 5. Continue to meet with downtown property owners with the goal of relationship building in informal group settings (Downtown Rounds) or individually and to understand their concerns with traffic, parking, land use and possible reinvestment in their property as well as willingness to sell, partner, desired price, etc. 6. Encourage continued incorporation of arts as an economic development tool for Downtown Monticello and the community at -large. 7. Support opportunities for park and pathway development as consistent with the Downtown Small Area Plan. 8. Encourage the redesign of the pathway connection under the MN-TH #25 bridge to incorporate safety elements and improved lighting. 9. Ensure that greenway and pedestrian/cycle connections are considered within the downtown and from the downtown to other areas within the community. 10. Support park improvements in the downtown area. 31 Page GOAL #4: REDEVELOPMENT & REINVESTMENT Policy 4.1: Redevelopment: Continue to support redevelopment efforts for publicly owned properties in Block 52, Block 34 and other EDA owned sites. Strategies: 1. Work collaboratively with the selected developer to implement an agreed upon Block 52 redevelopment proposal utilizing Small Area Plan vision and principals. 2. Advocate for adequate City Council support for related Block 52 infrastructure components that are impacted by redevelopment proposals. 3. Advocate for the best designs and efficient traffic circulation related to the Walnut Street - River Street connection in support of Block 52 redevelopment. 4. Remain open to and analyze strategic opportunities for redevelopment throughout the community. 5. Proactively market Block 34, the Cedar/Broadway site, 4th Street site, West River Street parcel and the West 7th Street land tract to the commercial and residential development community. GOAL #5: LIFE -CYCLE HOUSING Policy 5.1: Actively promote and seek opportunities for the development of a wide variety of housing types, styles and price points as a mechanism to support and attract employment. Strategies: 1. Develop revised policy statements for housing which address the identified 2020 Housing Study needs. 2. Continue to market workforce housing development on EDA owned land along East 4th Street and Outlot A, Country Club Manor, or at other suitable sites in the City, including the Downtown. 3. Support efforts by private and non-profit entities to develop affordable housing projects utilizing state and federal programs. 4. Examine the use and application of available housing TIF dollars per the 2016 TIF Management Plan and the adopted Policy Statements for Available TIF Funds. 5. Continue to periodically examine housing stock for aging or blighted properties and research development of programs for redevelopment and/or revitalization of existing housing. 6. Market the availability of incentives/subsidies available for development of housing. GOAL #6: WORKFORCE DEVELOPMENT Policy 6.1. Diversified and Skilled Workforce Strategies: 1. Support interactions with local organizations to address workforce needs and training. 41 Page 2. Partner with Wright County Workforce Pathways (WCWFP) on solutions for workforce needs and training. 3. Promote Central Minnesota Jobs and Training Services as an option to Community College or university for students seeking alternative careers in the trades, manufacturing, and similar sectors. 4. Support the development of a plan to market living wage employment opportunities. GOAL #7: PROMOTION & PARTNERSHIPS Policy 7.1: Create and maintain a comprehensive Marketing & Communication Strategy for priority sectors and locations. Strategies: 1. Identify community partners that can be regularly engaged and advised on economic development activities and events. 2. Engage with partners in the development of strategic marketing plan, including creation of an overall economic development brand, for various focus audiences and sectors of development; residential, commercial and industrial and redevelopment. 3. Incorporate the marketing of EDA incentive programs in a more proactive manner, both within the community and beyond, a. Present existing and new incentive programs to smaller community groups, local banks, realtors, and local businesses either in an informal group session or a formal roundtable format. b. Develop and communicate a "complete" development package program which provides support and assistance to prospects and developers from inquiry to construction. 4. Market industrial development at the Monticello Business Center (Otter Creek Business Park) to a broad variety of prospects as guided by the Comprehensive Plan. a. Focus on prospects which serve or rely on the St. Cloud and Twin Cities markets. b. Focus on supply chain prospects. 5. In collaboration with the IEDC, communicate with current business and industry in support of Business Retention & Expansion. a. Engage in informal business and industry small group meetings and explore potential format of helpful formal round tables meetings. b. Work with the Monticello Times to do a business spotlight or profile article two times per year. c. Leverage the networks of existing commercial and industrial entities currently doing business in and around Monticello. Policy 7.2: Engage as a partner in local and regional planning and development opportunities. Strategies: 1. Monitor the regional planning efforts of the Central Mississippi River Regional Planning Partnership (CMRRPP) and engage with feedback as requested. 51 Page 2. Consider funding and/or completing studies that provide policy and strategy framework for desired land uses/or projects in the downtown and for other programs. 3. Monitor commuter rail development in and around the Twin Cities metro region for potential benefits and opportunities to serve Monticello. GOAL #8. OPPORTUNITY FOCUS AREAS Policy 8.1: Opportunity Focus Areas 1. Maintain open lines of communication with property and business owners to understand their long-term development objectives. 2. Consider strategies, loans, grants and other financing methods to boost reinvestment and improvements. 3. Encourage public infrastructure investment in these areas in an effort to support private investment. Policy 8.2: Support community quality -of -life initiatives which act as economic development tools. Strategies: 1. Encourage and support coordinated planning and development of parks, trails in or near business districts. 2. Increase the visibility of the intersection of all amenities including parks and trails with the economic hubs of the city. 3. Support the development of Bertram Chain of Lakes Regional Park, including community Connections. Appendix: Monticello 2040 Vision + Plan, Economic Development and Implementation 61 Page Economic Development Authority Agenda: 07/12/2023 5A. Economic Development Manager's Report Prepared by: Meeting Date: 0 Regular Agenda Item Economic Development Manager 07/12/2023 Reviewed by: Approved by: N/A Economic Development Manager REFERENCE AND BACKGROUND 1. WSB Economic Development Assistance Quarterly Update Report — Please see attached 2nd Quarter 2023 written report from Jim Gromberg, WSB Economic Development Coordinator. — Exhibit A. 2. Economic Development Resources — Summary Update Report from Minnesota 2023 Legislative Session — Power Point Slide Show - Exhibit B. 3. Prospect List Update: See attached Exhibit C. ws b Memorandum To: Jim Thares, Economic Development Manager From: Jim Gromberg, Economic Development Coordinator Date: July 7, 2023 Re: Project Updates Thank you for the opportunity to continue to assist the City of Monticello in their continued efforts to provide economic vitality for the community and the residents. Below are updates on some of the projects and insights into the trends currently facing the city. The city currently has several projects in progress for the continued growth of the commercial - industrial tax base. In addition to the tax base growth these projects will allow for the continued availability of employment opportunities in Monticello. The recently passed state budget includes a significant increase in spending for a variety of projects across the state including infrastructure, economic development programs, broadband expansion, childcare and the development of housing. Many of these programs are new and do not currently have fully defined structures. The departments that are tasked with the distribution of these funds are working on the processes to allow for the implementation of the programs and successful funding. The state will also need to develop and implement the programs associated with the legalization of cannabis. Project Updates: Project Nacho: • The city received a Request for Information (RFI) for a light manufacturing project that needs a 200 acres site. • Population center 300,000 within one hour. • $500 million capital investment. • 30 MW of electricity. • Access to city water and sewer capacity. • The city submitted the Northwest Industrial site from the Industrial Study. • The city was eliminated from consideration during the first review of sites. • Minnesota still has 3 sites under consideration for the project. Project Margarita: • The city received an RFI from DEED for another project that requires 40 acres of land, preferably greenfield. • 50 MW of electricity • $200 Million CAPEX • Th City submitted the Featherstone site as a potential site for the project. • The state is currently waiting to see if any sites in Minnesota make it through the first round of review. Monticello EDA July 7, 2023 Page 2 Project Singularity: No changes DEED is awaiting a response from the Company. • German Manufacturing Company that is looking for 50 -acre site. • RFP was received from the state and was the second round of sites to be reviewed. • The criteria have changed to include any sites with a labor shed of 150,000 within a 45 - minute drive. • CAPEX is estimated to be $90 million with a workforce of 500 employees. Project Wafer: No changes DEED is awaiting a response from the Company. • Project Wafer is a manufacturing project RFI that was received by the city in October. • The proposed project site requires 100 acres with the expansion possibility of 20 additional acres. • Capex would be an estimated $630 million with the creation of 1,500 employees for phase 1. • One of the significant requirements for the project was a location within 20 minutes of an interstate or major highway. • The city submitted a potential site in the newly identified eastern industrial park. Shovel Ready Site Update: • All the information has been submitted to the state for their review and comments. • The contract for the review of the of information "certification" has expired and DEED will be issuing an RFP for those services. • The RFP should be posted in the next few weeks and a new contractor selected by the end of August or early September. • After the state has determined the contractor and completed the implementation of a contract, they will be arranging for a site visit which should be in 2023. • Upon the DEED's completion of the review of information , the city will be submitting the application fee for the certification. Outlook: • The inflation rate has been trending down over the last few months with a current rate of 4.05% compared to 4.93% last month. • The Federal Reserve at their last meeting did not increase fed rate but did indicate that they are considering an increase at the next meeting depending on the economic factors. • Gas prices are moderating and are currently stabilizing at $3.20-$3.50 per gallon. • Some analysts are projecting prices to fall below $3/gallon by the end of the year. However, this may encounter headwinds from the hurricane season, refinery outages and OPEC's decisions on output. • Minnesota's unemployment rate is currently at 2.9% compared to the national rate of 3.6%. • The economy added 209,000 nonfarm jobs in June, vs an expected 225,000 indicating a slowing of the labor market which may affect decisions on the Fed Rate. • Wright County's unemployment rate is 2.7% compared to Sherburne County's 3.0%. • Minnesota's labor participation rate is 68.2% compared to a national average of 62.6%. • GDP grew at 2.0% for the first quarter of 2023 slowing from the rate of 2.7% for 2022. • 30 -year mortgage rate is around 6.81 % compared to 5.30% last year at this time. • Residential real estate market remains strong; however, the days on the market are decreasing from 60 days in January 2023 to 50 days in June 2023. Please let me know if you have any questions concerning the above projects or require additional information on the projects. In addition, let me know if you have additional projects that should be reviewed and included. I "C7.1 DEED 2023 0 Legislative Session Wrap -Up • With the November election, the DFL took control of the House, Senate and Governor's office. The Senate was 34/33 DFL and the House 70/64 DFL. • The February Budget Forecast projected a $17.5 billion surplus. • The 2023 Legislature passed historic investments in legislative priorities and key items on the DFL's to-do list, including passing a $72 billion biennial budget and infrastructure investments of $2.6 billion. • For DEED, this amounts to almost $1.8 billion in total investments in FY24-25. EMPLOYMENT AND ECONOMIC DEVELOPMENT mn.gov/deed • Of the $1.8 billion for DEED, $1.3 billion to Economic Development: • $800 million — General Fund Programs (Jobs, Tax, Cannabis) • $443 million — Capital Investment (GF and GO) • $100 million — Broadband (Ag) • Perspective — over the last 8 years: • 2015-2022 Economic Development Awarded $1.25 billion in appropriations EMPLOYMENT AND ECONOMIC DEVELOPMENT mn.gov/deed EMPLOYMENT AND ECONOMIC DEVELOPMENT A one-time flagship investment of $400 million for the Minnesota Forward Fund —to attract business, leverage federal funds, and deploy capital quickly. • $50,000,000 - Matching funds required by federal programs • $100,0001000 - DOD matching funds for a bio industrial manufacturing pilot or an aerospace center or both • $250,0001000 - CHIPS matching funds • MIF and JCF fully funded - $20 million per year • JCF program changes — lower thresholds, additional wage category for high wage jobs MEMPLOYMENT AND ECONOMIC DEVELOPMENT • The Jobs bill provides aone-time investment of $10 million for an Expanding Opportunity Fund • $7 million for the McKnight Foundations for their revolving loan funds. • $6 million of Canstartup loans —financing for Cannabis businesses • $2 million for the Emerging Entrepreneur Fund • $3 million for Community Wealth Building Program (MCCD) MEMPLOYMENT AND ECONOMIC DEVELOPMENT I • The Tax bill funded the Angel Tax Credit at $10 million in FY24-25 but not ongoing. • The Film Board Tax Credit was funded at $18.6 million in FY24-25 and $25.7 million in FY26-27. EMPLOYMENT AND ECONOMIC DEVELOPMENT EMPLOYMENT AND ECONOMIC DEVELOPMENT • The Agriculture omnibus included $100 million for broadband infrastructure. Of this: o $60 million for the Border -to -Border Broadband Grant Program o $40 million for the Low Population Density Grant Program • Codification of the Low Population Density Grant Program (codified under 116J.3952). • Modification of the Border -to -Border Broadband Grant Program statute to increase the maximum award from $5 million to $10 million. • Preparing for BEAD funding from NTIA MEMPLOYMENT AND ECONOMIC DEVELOPMENT EMPLOYMENT AND ECONOMIC DEVELOPMENT As power plants across Minnesota plan for closure, communities surrounding them face economic uncertainty. $10 million in new funding in the FY24-25 biennium for the Energy Transition Grant Program to support impacted areas by providing resources for these communities to diversify their economies and find new opportunities for quality jobs and economic growth. J -j rm MEMPLOYMENT AND ECONOMIC DEVELOPMENT e • Create the Office of Economic Promotion at Explore MN Tourism funded at $11M in FY24-25. • This initiative will harness the brand and expertise of Explore Minnesota to market Minnesota not only as a place to visit, but to live and work. • MN Job Skills Partnership ($4.295m per year) and the Job/Automation Training Incentive Program ($1.35m per year) were fully funded EMPLOYMENT AND ECONOMIC DEVELOPMENT EMPLOYMENT AND I III ECONOMIC DEVELOPMENT • PROMISE Act Grants $94.950M —for working capital • $10K for businesses with a gross revenue in the prior year of $100,000 or less • $25,000 for businesses with a gross revenue in the prior year of more than $100,000 but no more than $350,000 • $50,000 for businesses with a gross revenue in the prior year of more than $350,000 but no more than $750,000. • PROMISE Act Loans $30.3M —for development • No more than $1M • Term or no more than 10 years • Interest rate of no more than 3% EMPLOYMENT AND ECONOMIC DEVELOPMENT 16t . • The Jobs bill funded the Small Business Partnership program at $12.85M for FY24-25 and at $5.450M in FY26-27. • Included 17 direct appropriations of over $31 million to various technical assistance providers across the state • CanNavigate - $2M FY24-25: focused on technical assistance for businesses on cannabis regulations. EMPLOYMENT AND ECONOMIC DEVELOPMENT • The Jobs bill provided $15 million in the FY24-25 biennium and $3 million in the FY26-27 biennium to support child care economic development in Greater Minnesota. • Also created an Office of Child Care and Community Partnerships at the Department of Employment and Economic Development funded at $1 million in each biennium. • Provided $7 million to the McKnight Foundations for their Child Care programming. MEMPLOYMENT AND ECONOMIC DEVELOPMENT Nil � r- • The Jobs bill provided $500,000 per year for FY2024 and each year thereafter to support the Small Business Development Centers (SBDCs). • Funds will increase the number of entrepreneurs and small businesses that receive business assistance and counseling. • This budget funds this program at $5 million in FY24-25 to support Launch Minnesota's work. • Launch Minnesota empowers and elevates the innovation ecosystem to make Minnesota the best place to start and scale new ventures. MEMPLOYMENT AND ECONOMIC DEVELOPMENT view Program Alert! EMPLOYMENT AND ECONOMIC DEVELOPMENT The Capital Investment bill made many investments in public infrastructure, including funding for three of DEED's existing programs and one new program: • Business Development Public Infrastructure Grant Program - $10 million • Innovative Business Development Public Infrastructure Grant Program - $1.5 million • Transportation Economic Development Infrastructure Grant Program - $1.5 million • Greater Minnesota Child Care Facilities - $900 thousand MEMPLOYMENT AND ECONOMIC DEVELOPMENT mn.gov/deed • Redevelopment received base funding increase • Contamination Clean Up, Host Community and • Emerging Developer Program - LISC • There are also several other GO bonding and cash provisions totaling $47.7 million in General Obligation bonds and $395.567 million in cash projects that DEED will administer. • 53 to local units of government • 63 to non-profit organizations MEMPLOYMENT AND ECONOMIC DEVELOPMENT mn.gov/deed EMPLOYMENT AND ECONOMIC DEVELOPMENT • Drive for 5 Workforce Fund - $20 million to prepare the workforce to enter five of the most critical occupational categories in the state with high-growth jobs and family - sustaining wages. • Clean Economy Equitable Workforce - $3 million to prepare workers for high -demand fields of construction, clean energy and energy efficiency. • Targeted Population Workforce Programs - $50 million to bring workers who have been overlooked for employment -particularly people of color —into the workforce at family -sustaining wages. • Youth Workforce Development - $20 million in the FY24-25 biennium toward youth workforce development. MEMPLOYMENT AND ECONOMIC DEVELOPMENT • Office of New Americans - $1.5m over the biennium to support immigrant and refugee integration, reduce barriers to employment, and improve connections between employers and job seekers. • The Jobs bill makes sone -time $10 million investment to modernize the digital tools that support workforce development initiatives across Minnesota. • Unemployment Insurance Between Terms Removal for Certain Employees. The legislature changed the law to remove this limitation during summer breaks to make these K-12 school workers eligible to collect UI benefits (bus drivers, non -instructional staff). EMPLOYMENT AND ECONOMIC DEVELOPMENT mn.gov/deed • New programs + existing programs = more staffing and new faces at DEED • Patience — we have a lot to get through! • Accountability — expectations on DEED, partners and projects/initiatives being funded • Historic funding and opportunity for economic development! EMPLOYMENT AND ECONOMIC DEVELOPMENT mn.gov/deed EMPLOYMENT AND ECONOMIC DEVELOPMENT We welcome your questions. Date of Company Name Business Category Project Description Contact IL Retained lobs New lobs Total Investment 5/22/2018 Karlsburger Foods Food Products Mfg. Facilty Expansion 11/29/2018 Project Blitzen Precision Machining Exist Bldg or New Const. 3/28/2019 Project Nutt Co -Working Space Existing Building 5/9/2019 Project FSJP Light Mfg -Res. Lab New Construction 8/16/2019 Project Jaguar Office New Construction 1/20/2020 Project Panda v3 Service -Child Care New Construction 12/23/20- 6- Project TDBBST Industrial New Construction 30-22 $1,400,000 Active Search 22,000 sq. ft. 2/16/2021 Project Cold Industrial -Warehouse -Di New Construction 10,500 sq. ft. 0 stri $4,100,000 3/19/2021 Project Orion Warehouse-Distributi on New Construction 2/28/2022 Project Emma II Light Ind -Assembly New Construction 6/16/2021 Project UBAA Child Care Services New Construction or Exist 6/30/2021 Project Ecosphere Industrial Tech Mfg. New Construction 06/23/2023 Project BA710 Lt Assem-Distribute New Construction 6,500 to 7,000 sq. ft 0 10 $650,000 Building -Facility Retained lobs New lobs Total Investment Project Status New Construction 42,000 sq. ft. 40 $3,600,000 Active Search 2/7/2022 Project Shepherd III 20,000 sq. ft. +/- 42 10 to $4,500,000 On Hold Project Cougar Precision Machining -Mfg. 20 38 $4,700,000 Active Search 12,000 sq. ft. 10 $1,200,000 Concept Stage ? ? ? ? Concept stage 20,000 sq. ft. 0 20+/- $1,400,000 Active Search 22,000 sq. ft. 22 4 $2,700,000 Active Search 10,500 sq. ft. 0 21 $4,100,000 Active Search 10,000 to 15,000 sq. 0 9 $1,850,000 Concept Stage ft. 80,000 sq. ft. 0 21 $12,000,000 Concept Stage 832,500 sq. ft. 0 500 $125,000,000 Active Search 20,OOOsq. ff. 0 4 $1,350,000 Active Search 5,000 sq. ft. 0 14 to 19 $2,000,000 Act Search 1,000,000 sq. ft. 0 1122 $85,000,000 Act Search 7/29/2021 Project BA710 Lt Assem-Distribute New Construction 6,500 to 7,000 sq. ft 0 10 $650,000 Active Search 10/28/2021 Project Stallion Technology Servicer New Construction 42,000 sq. ft. 40 $3,600,000 Active Search 2/7/2022 Project Shepherd III Lt Assembly Distribution New Construction 75,000 sq. ft. 75 $10,500,000 Active Search 4/28/2022 Project Cougar Precision Machining -Mfg. New Construction 35,000 to 45,000 sq. ft. 38 $4,700,000 Active Search 8/11/2022 Project Sing Precision Machining New Construction 400,000 sq. ft. 0 500 $90,000,000 Active Search 10/28/2022 Project IAG Mfg. New Construction 300,000 sq. ft.? 0 50? $70 to $80,000,000 Active Search 11/9/2022 Project Tea Mfg New Construction 25,000 sq. ft. 55 20 $5,800,000 Active Search 12/13/2022 Project Love Mfg New Construction 250,000 130 $24,000,000 Active Search 4/20/2023 Project Lodge DH1 Lodging -Service New Construction ? ? ? $9,500,000 to $12,500,000 Active Search 4/20/2023 Project Lodge RS2 Lodging Service New Construction ? ? ? $9,500,000 to $12,500,000 Active Search 4/26/2023 Project Lodge DO Lodging Service New Construction ? ? ? $9,500,000 to $12,500,000 Active Search 5/30/2023 Project Flower -M &M Commercial Concept Expansion ? ? ? ? Concept 6/9/2023 Project Pez Mfg New Construction 6,000 to 8,500 sq. ft. 12 2 $1.300,000 Active Search Contacts: M = 04 YTD = 18