EDA Minutes 12-13-2017 (Special Meeting)MINUTES
SPECIAL MEETING EETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, December 12t', 2017 — 5:00 p.m.
Academy Room, Monticello Community Center
Commissioners Present: Bill Demeules, Bill Tapper, Steve Johnson, Tracy Hinz, Jon
Morphew, Jim Davidson, Lloyd Hilgart
Staff Present: Jim Thares, Angela Schumann, Jeff O'Neill, Wayne Oberg, Sarah
Rathlisberger
1. Call to Order
President Bill Demeules called the special meeting of the EDA to order at 5:00 p.m.
2. Roll Call
3. MIF -Small Cities
Jim Thares presented information about the Minnesota Investment Fund and Small Cities
Development Program Loan Funds and allowed usage. Thares explained that there are
and would be a number of prospects that will need loan funding requests. Thares stated
that it was time to review the loan programs to see if any changes needed to occur.
Thares stated that back in 2005, the EDA was approved for a request to be a Local
Development Organization (LDO). Thares stated at that time, the City received $750,000
from the Small Cities Development Program. The City allocated the dollars to Twin
Cities Die Cast.
Thares stated the Minnesota Investment Fund is $500,000 and the federal program has
$620,000 for uses such as housing and rehabilitation, public infrastructure, community
and economic development, business expansion, and job creation and training. The
federal funds would have strings including low to moderate income benefit, elimination
of slum and blight, and imminent threat to health and safety and environmental review
requirements for each funded project.
Thares stated that with the LDO set up, the City should be able to use these funds with
out these strings. As for the MIF (State dollars), the City could give 20 percent back to
the State of Minnesota and keep 80 percent to invest in projects with absolutely no strings
attached. Thares stated that these dollars could possibly go towards housing projects
within the city.
Thares explained that the City could meet with Central Minnesota Housing Partners
(CMHP) to discuss project ideas. Angela Schumann stated that CMHP would complete a
community analysis to understand the demand for housing and if residents want to see
more residential development.
Thares stated that updated policies would be brought to the EDA in January.
4. Industrial band Inventory
Jim Thares provided a draft of statistics of the Industrial Land Inventory Study. It is a
work-in- progress and more information will be provided at a future workshop.
5. Adjourn
TRACY HINZ MOVED TO ADJOURN THE SPECIAL MEETING AT 6:43 P.M.
STEVE JOHNSON SECONDED THE MOTION. MOTION CARRIED, 7-0.
Recorder: Jacob Thunander
Approved: January 10t", 2018
Attest: rhares,
im Economic Development Director