EDA Resolution No. 2023-15 (Approving Economic Development Revolving Loan Fund)CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
CITY OF MONTICELLO
WRIGHT COUNTY
STATE OF MINNESOTA
RESOLUTION NO.2023-15
RESOLUTION APPROVING ECONOMIC DEVELOPMENT REVOLVING LOAN FUND
POLICY
BE 1T RESOLVED By the Board of Commissioners (the "Board") of the City of Monticello
Economic Development Authority (the "EDA") as follows:
Section 1. Recitals.
1.01. The City of Monticello (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 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 Board 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 making 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 Board 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 EDA.
2.02. EDA staff is hereby authorized to take all actions necessary to implement the Economic
Development RLF Policy.
Approved by the Board of Commissioners of the City of Monticello Economic Development
Authority this 13th day of December, 2023.
President(��
A EST:
Extc-u'Ave Director
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