City Council Resolution 2023-106CITY OF MONTICELLO
WRIGHT COUNTY
STATE OF MINNESOTA
RESOLUTION NO.2023-106
RESOLUTION APPROVING ECONOMIC DEVELOPMENT REVOLVING LOAN FUND
POLICY
BE IT RESOLVED By the City Council (the "Council") of the City of Monticello,
Minnesota (the "City") as follows:
Section 1. Recitals.
1.01. The City has previously received a grant through the Community Development
Block Grant Economic Development Set Aside program (the "Program") and the Minnesota
Investment Fund, administered through the Department of Employment and Economic
Development ("DEED"). The grant was used to make loans to local businesses. As the recipient
of a grant through the Program, the City is authorized to keep all of the principal repayments and
interest on the loans it makes. The City is required to use these funds to create a revolving loan
fund ("Economic Development RLF") and to establish policies and procedures for the RLF. In
December 2005, the City Council requested that Minnesota DEED designate the City of
Monticello Economic Development Authority (the "EDA") as a Local Development Organization
("LDO") so the Program funds could be transferred to the EDA for the administration of the RLF
utilizing Program dollars. A letter response from MN -DEED, dated January 3, 2006, recognizes
the EDA as a LDO and therein effectuates the transfer of the Program funds and the
administrative authority of those dollars.
1.02. The Council acknowledges that Economic Development RLF can be a valuable
financing tool to further the development and redevelopment objectives of the City and the EDA,
and to that end, the EDA and the City have caused to be updated certain criteria to guide the
EDA in snaking awards from the Economic Development RLF pursuant to the state and federal
requirements (the "Economic Development RLF Policy").
Section 2. Economic Development RLF Policy Approved.
2.01. The Council hereby approves the Economic Development RLF Policy on file in City
Hall, which criteria supersedes any other prior Economic Development RLF policy or criteria
adopted by the City.
2.02. City staff is hereby authorized to take all actions necessary to implement the
Economic Development RLF Policy.
Approved by the City Council of the City of Monticello, Minnesota this I I' day of
December, 2023.
MN 190\101 \916118.v 1
Mayor
ATTEST:
Ci Clem
i
MN 190\ 101 \916118.v 1