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5.0. 6.0. 7.0. 8.0. 9.0. EDSR 08-09-1999 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY II MEMORANDUM TO: Economic Development Authority ( FROM: Paul T. Steinman, Director of Economic { Development DATE: August 4, 1999 SUBJECT:°Agenda Memo for August 9, 1999, EDA Meeting 5. US Postal Service Presentation The US Postal Service has prepared a presentation to the EDA and HRA at this meeting regarding their planned relocation and expansion of the post office from its current downtown location to a potential Highway 169 location. The following is a summary of discussions staff has had with representatives of the post office regarding rdin the following issues/questions regarding their planned relocation and expansion project: •The sites provided as options along Jackson Avenue did not meet the requirements for the retail segment of the planned post office expansion. • The post office has been most favorable to sites that are on major traffic corridors, creating high visibility for their planned retail uses. • The post office has proposed a central business district location for a contract postal unit (CPU),which is similar to the type of postal services that are often times seen in large grocery stores. • The post office is currently reviewing a site on Highway 169 near the mobile home park redevelopment project. The post office presentation will likely include a review of the various central business district sites that were reviewed and denied, along with an update on the progress they are making toward the purchase of a site for construction of their new facility. In the last meeting with the postal service, their was complete rejection of further discussion of splitting the retail and distribution 13065 Orono Parkway • P. O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 • Fax (612) 441-7425 Equal Opportunity Housing and Equal Opportunity Employment EDA Agenda Memo August 9, 1999,Meeting Page 2 110 portions of their operation. The postal service did open the door for a location of their entire operation within the CBD if a site could be assembled on Highway 10 within the CBD. Staff indicated it would be unlikely to assemble a 3 to 4 acre site on Highway 10 within the CBD. It appears there will be a full contingent of postal service personnel at this meeting for the presentation,including Steve Muyskens, real estate specialist for the postal service, representatives from the retail component of postal service operations, and local post office representatives. There will be ample opportunity for questions and comments from the EDA and HRA at this meeting regarding this issue. 6. Consider Year 2000 Budget Attached to this memo you will find the following information regarding the year 2000 EDA Budget: •Budget worksheet Page 1 - EDA and Business Incubator Revenue Projections • Budget worksheet - Page 2 - EDA Projected Expenses • Budget worksheet - Page 3 -Business Incubator Projected Expenses As in the past, there really are three separate budgets for the economic development department,including: • Economic Development - General Fund • Economic Development Authority • Housing and Redevelopment Authority It has been necessary in previous years to use dollars from all three sources to balance the department's budget. It is necessary as well for the year 2000 budget. The only expenses proposed to be shared by all three categories include full time and part time salaries and benefits - to be divided among the three categories as follows: • General Fund 35% • EDA 50% • HRA - 15% EDA Agenda Memo August 9, 1999,Meeting Pace 3 • Other common administrative expenses are proposed only to be shared by the EDA (75%) and the HRA(25%). These line item expenses are as follows: • Office supplies • Legal fees • Telephone • Postage • Travel, Conferences and Schools •Publishing • Dues and Subscriptions • Miscellaneous For ease of administration of these budgets, the HRA will simply make a one time transfer to the EDA at the end of year 2000 to cover 25% of the expenses in these line item categories. The following is a line item analysis of the proposed year 2000 expenditures for the EDA: • • Office supplies - (HRA to pay 25%) $ 1,200 • Fuels and Lubricants $ 100 • Legal Fees - (HRA to pay 25%) $ 4,500 • Other Professional Services $ 9,000 * Complete an economic development marketing plan • Telephone - (HRA to pay 25%) $ 1,900 • Postage - (HRA to pay 25%) $ 1,100 • Travel, Conferences and Schools (HRA to pay 25%) $ 4,500 • Advertising and Marketing $ 29,000 * Minnesota Real Estate Journal - $4,500 * City Business $6,000 * Industrial Properties Magazine - $2,000 *Ventures Magazine - $4,500 * Web Site Development - $2,000 * Brochure Inserts $2,000 * Miscellaneous Marketing Materials - $1,000 *Implement Major Marketing Event - $7,000 • Publishing - (HRA to pay 25%) $ 1,000 • Insurance 500 • Dues and Subscriptions - (HRA to pay 25%) $ 700 • * Economic Development Association of Minnesota * National Association of Housing and Redevelopment Officials * Minnesota Taxpayers Association EDA Agenda Memo August 9, 1999,Meeting Page 4 • * Chamber of Commerce * Council for Urban Economic Development * Various Professional Association Publications • Miscellaneous -(HRA to pay 25%) $ 6,000 * Donation to Chamber of Commerce • Equipment $ 2,500 * Computer,Purchase Total EDA Year 2000 Proposed Expenditures $145,100 Total EDA Year 2000 Projected Revenues $145,150 Staff proposes to bring two of the budgeted line items above back to the EDA prior to undertaking these expenditures including: • Other Professional Services - Create an Economic Development Marketing Plan $9,000 • Advertising and Marketing Implement Marketing Event - $7,000 Staff will ask in its recommendation that these two items be lip specifically noted to receive individual approval by the EDA prior to any expenditures for these two activities. The EDA business incubator budget is very straightforward with total revenue from rent expected in the amount of approximately $10,000 in 2000. Proposed business incubator expendituresinclude the following: • Operating supplies $ 500 • Professional Services Harlan Jacobs, consultant $ 6,000 • Advertising and Marketing - $ 5,000 • Cleaning services $ ° 500 • Building rent -Larry Hickman,landlord $ 21,000 • Buildings and Structures potential minor leasehold improvements $ 5,000 Total Business Incubator Expenditures $ 38,000 Total Business Incubator Revenues $ 10,000 Amk The approximate $28,000 shortfall in this budget is proposed, as it has lip been in the past, to be funded through the use of funds generated by Tescom Corporation's loan repayment. EDA Agenda Memo August 9, 1999,Meeting Page 5 Recommendation Staff recommends the EDA approve the,year 2000 EDA Budget and Business Incubator Budget as presented considering that the issue of creation of an economic development marketing plan and implementation of a major marketing event will be brought back to the EDA for specific authorization prior to undertaking expenditures for these activities. 7. Consider Resolution 99- Regarding EDA Levy This issue pertains to passage of a resolution establishing the tax levy for the Elk River EDA for the year 2000 and requests that the City Council levy such maximum amount for the authority for the year 2000, as in previous years. The city must certify its proposed maximum levy, including EDA and HRA levies, to Sherburne County by September 15, 1999. Recommendation • Staff is recommending the EDA approve Resolution 99-_, establishing the tax levy for the Elk River Economic Development Authority and requesting that the City Council of the City of Elk River levy a tax in the amount of.01813% of the taxable market value of the city less 2000 HACA of$12,072 for the year 2000 for the benefit of the authority to be used for Economic Development Authority purposes as provided by the statute. 8. Consider Modifications to EDA Micro Loan Policy Please see the attached memo and resolution from Assistant Director of Economic,Development.Marc Nevinski regarding the revised Micro Loan Policy. 9.` TIF District No. 18 Decertification Please see the attached memo and resolution from Assistant Director of Economic Development Marc Nevinski regarding decertification of the Morrell Tax Increment Financing District No. 18. BUDGET WORKSHEET G Date: 08/03/99 le--CIV 6..‘4A- -- . � Time: 3:30pm City of Elk River FFFF��"��" Prior Current Year Y,Z. 20 Year Original Amended Actual Thru Estimated Mont 31/99 Actual Budget Budget July Total REQUESTED Recommended Adopted Fund: EDA Revenue TAX TAXES 3111 Current Ad Valorem Taxes 103,137 117,300 117,300 59,707 123,750 TAXES 103,137 117,300 117,300 59,707 123,750 GOVT INTERGOVERNMENTAL REVENUE 3322 Homestead Credit 12,118 12,050 12,050 6,035 12,050 INTERGOVERNMENTAL REVENUE 12,118 12,050 12,050 6,035 12,050 OREV OTHER REVENUE 3621 Interest Income 4,509 0 0 2,375 3,050 3629 Miscellaneous Revenue 0 0 0 0 OTHER REVENUE 4,509 0 0 2,375 3,050 TRIN TRANSFERS IN 3949 Transfer-BRA 0 0 0 0 6,300 TRANSFERS IN 0 0 0 0 f6,30�� GA. 'C Dept Group: 600 _MOUSING 6 ECONOMIC DEVELOPMENT 1 Dept: 620.623(USINESS INCUBATOR) OREV OTHER REVENUE 3629 Miscellaneous Revenue 14,978 0 0 8,383 10,000 R REVENUE 14,978 0 0 8,383 10,000 TRIN II ERS IN 3921 Operating Transfer 28,633 0 0 0 TRANSFERS IN 28,633 0 0 0 BUSINESS INCUBATOR 43,611 0 0 8,383 10,000 HOUSING 6 ECONOMIC DEVELOPMENT 43,611 0 0 8,383 10,000 Total Revenues 163,375 129,350 129,350 76,500 155,150 EDA 163,375 129,350 129,350 76,500 155,150 • BUDGET WORKSHEET Pz Date: 08/02/99 EKTime: 11:17am City of Elk River /` - -x'10 Prior Current Year r..12-41 C CJ v� Year Original Amended Actual Thru Estimated 1107/31/99 Actual Budget Budget July Total REQUESTED Recommended Adopted Fun : 920 EDA Expenditures Dept Group: 600 ... ' . :_.me,.0 DEVELOPMENT Dept: 620../1 ECONOMICDEVELOP IN,' PS PERSONAL 4101 Regular Pay 31,847 51,900 51,900 15,291 109,050 54,500 4102 Overtime Pay 233 500 500 116 4103 Part-time Pay 12,444 12,850 12,850 6,300 13,100 13,100 4104 PERA 1,964 2,500 2,500 854 6,050 3,200 4105 FICA 2,691 3,300 3,300 1,396 7,600 4,100 4107 Medicare 629 800 800 326 1,800 1,000 4108 Insurance 1,955 4,400 4,400 1,217 9,300 4,650 4109 Workers Comp 53 200 200 165 550 550 PERSONAL SERVICES 51,816 76,450 76,450 25,665 147,450 81,100 SUPP SUPPLIES 4201 Office Supplies 1,451 900 900 892 1,200 1,200 4212 Fuels & Lubs 104 100 100 27 100 100 SUPPLIES 1,555 1,000 1,000 919 1,300 1,300 OSC OTHER SERVICES & CHARGES 4304 Legal Fees 518 5,500 5,500 1,019 7,500 4,500 4 er Professional Services 1,464 6,000 6,000 6,992 9,000 9,000 4321 Telephone 1,308 1,050 1,050 420 1,900 1,900 4322 Postage 628 600 600 307 1,100 1,100 4331 Travel, Conferences & Schools 0 3,000 3,000 2,629 4,500 4,500 4349 Advertising/Marketing 28,704 31,000 31,000 13,840 29,000 29,000 4359 Publishing 694 600 600 21 1,000 1,000 4361 Insurance 538 500 500 322 500 500 4433 Dues & Subscriptions 0 450 450 536 700 700 4440 Miscellaneous 9,871 6,000 6,000 14,945 6,000 6,000 OTHER SERVICES & CHARGES 43,725 54,700 54,700 91,031 61,200 58,200 CAP CAPITAL OUTLAY 4560 Equipment 0 3,000 3,000 2,178 2,500 2,500 CAPITAL OUTLAY 0 3,000 3,000 2,178 2,500 2,500 TROU TRANSFERS OUT 4721 Transfer-General Fund 2,000 2,000 2,000 0 2,000 2,000 TRANSFERS OUT 2,000 2,000 2,000 0 2,000 2,000 ECONOMIC DEVELOPMENT 99,096 137,150 137,150 69,793 214,450 195,100 J (j BUDGET WORKSHEET Par Date: 08/02/99 EXP" Time: 11:17am City of Elk River P_gt: 7 Prior Current Year )/ Year Original Amended Actual Thru Estimated f W 07/31/99 Actual Budget Budget July Total REQUESTED Recommended Adopted F , : 920 EDA Expenditures Dept Group: 601 •. - _ . .;,'MIC DEVELOPMENT Dept: 620.6 t BUSINESS INCUBATOR SUPP SUPPLIES 4219 Operating Supplies 1,269 500 500 183 500 500 SUPPLIES 1,269 500 500 183 500 500 OSC OTHER SERVICES 6 CHARGES 4319 Other Professional Services 6,000 6,000 6,000 3,874 6,000 6,000 4349 Advertising/Marketing 1,313 5,000 5,000 571 5,000 5,000 4405 Cleaning Services 442 500 500 0 500 500 4412 Building Rent 19,776 20,450 20,450 11,536 21,000 21,000 OTHER SERVICES 6 CHARGES 27,531 31,950 31,950 15,981 32,500 32,500 CAP CAPITAL OUTLAY 4520 Buildings 6 Structures 38,793 6,600 6,600 7,301 5,000 5,000 CAPITAL OUTLAY 38,793 6,600 6,600 7,301 5,000 5,000 BUSINESS INCUBATOR 67,593 39,050 39,050 23,465 38,000 38,000 3�; y HOUSING & ECONOMIC DEVELOPMENT 166,689 176,200 176,200 93,258 252,450 183,100 i 1 rya.. 51( •otal Expenditures 166,689 176,200 176,200 93,258 252,450 183,100 EDA -3,314 -46,850 -46,850 -16,758 -252,450 -27,950 i • RESOLUTION 99 - A RESOLUTION OF THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY A RESOLUTION ESTABLISHING THE TAX LEVY FOR THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELK RIVER, MINNESOTA WHEREAS, Minnesota Statutes, Section 469.107, Subdivision 1, authorizes the Economic Development Authority to levy an amount not to exceed .01813 percent of the taxable market value in the city to fund the Authority's anticipated budget needs for the fiscal year 2000; and, WHEREAS, the Elk River Economic Development Authority will adopt and approve its budget and will forward such to the City of Elk River pursuant to Minnesota Statutes, Section 469.100, Subdivision 2. • NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in and for the City of Elk River, Minnesota, that it hereby requests the City Council of the City of Elk River to levy a tax in the amount of.01813 percent of the taxable market value in the city less 2000 HACA certified to be $12,072 for the year 2000 for the benefit of the Authority to be used for Economic Development Authority purposes as provided by the Statute. Passed and adopted by the Elk River Economic Development Authority this 9th day of August, 1999. Patrick Dwyer, President ATTEST: Paul T. Steinman, Executive Director ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY • MEMORANDUM TO: Economic Development Authority FROM: Marc Nevinski, Assistant Director of Economic Development DATE: August 9, 1999 SUBJECT: Revised Micro Loan Fund Policies Issu e AsY ou are aware, staff has been in the process of revising the Micro Loan Fund polices. In July, the EDA Finance Committee reviewed a draft of the revised policies and provided comments on various aspects of the revisions, which have been incorporated into the attached draft. The EDA is now asked to provide its comments and recommendations for the Micro Loan Fund policy revisions. Background Two issues prompted modifications to the fund's policies. First, the need to state clear guidelines for different loan fund uses (i.e. gap financing, incentives, & redevelopment) required that various provisions of the policies be restructured. Second, last minute passage of the Business Subsidy Law by the state legislature placed restrictions on fund dollars and implemented reporting requirements. The result of these revisions is a loan fund that has three distinct loan programs: • The Supplemental Financing Program is designed fill a gap that may exist between project costs and conventional financing sources. Up to $50,000 is available to all Elk River industrial businesses for three years at one point below prime. • The Redevelopment Financing Program is designed for use by businesses in the central business district. Although dollars may be used for interior improvements, 20% of Micro Loan Fund dollars must be used for facade restoration. • The Incentive Financing Program is designed to attract industrial businesses to the West Business Park.Industries locating in the park are eligible to receive up to $100,000 for up to five years at four points below • prime. 13065 Orono Parkway • P. O. Box 490 • Elk River,MN 55330-1743 • (612) 441-7420 • Fax (612) 441.-7425 Equal Opportunity Housing and Equal Opportunity Employment • Other modifications to the loan policies include: • The structuring of Micro Loans as participation loans with the borrower's primary lender. (p.4) • Refinements in the explanation of the application and approval process.(p.5) • Information and requirements associated with the State's Business Subsidy Law. (p.7) Several issues that the EDA may wish to discuss in its consideration of the policy revisions include: • The use of certain funds only in designated areas, such as the CBD or West Business Park. • Job creation and wage requirements in light of the trend towards automation and extremely low unemployment rates. ("...Not all projects assisted with subsidies derive their public purpose.... solely by virtue of job creation."- Jim O'Meara) • Repayment period, interest rates for various loan programs, or other loan terms. • Criteria for redevelopment loans in the Central Business District Recommendations Staff recommends that the EDA review the revisions, provide comments, and • approve the revised polices with recommendations to be incorporated into the final draft. State law mandates that a public hearing of the loan policies be held before the revisions can be formally adopted. A final draft will be prepared for comment at a public hearing at the September 13, 1999 EDA meeting, after which the policies may be formally adopted. Attachments • Revised loan fund policies and application. • Business Subsidy Law Summary - Jim O'Meara S 0 REVISED ELK RIVER ECONOMIC DEVELOPMENT MICRO LOAN FUND POLICIES & GUIDELINES "s City of Elk River Economic Development Authority 13065 Orono Parkway, P.O. Box 490 Elk River, MN 55330 (612) 441-7420 I. PURPOSE The Economic Development Authority for the City of Elk River (EDA) recognizes the need to stimulate private sector investment into manufacturing facilities and equipment in order to create new jobs, boost productivity and retain existing jobs for local residents. Additionally, the need exists to encourage investment in the expansion and/or rehabilitation of commercial and retail buildings in order to maintain the economic viability of Elk River's central business districts. Subsequently, the purpose of this program is to provide low interest, long term(i.e. greater than one year.) loans as incentives for industrial development within the City of Elk River and to encourage commercial and retail business owners in the central business district 1111 to rehabilitate their existing buildings. II. LOAN PROGRAMS In order to meet the economic and community development objectives of the EDA, three distinct loan programs exist within the Micro Loan Fund to promote business growth in Elk River. Supplemental Financing Program Purpose: The Supplemental Financing Program is designed industrial firms who have maximized their conventional financing and equity resources and subsequently would be unable to complete a project without EDA assistance. Amount: Up to $50,000 Equity: Must match EDA loan with 1:1 ratio. Total loans not to exceed 90% of project value. Rate: Fixed; 1 point below the lowest prime rate published in the Wall Street Journal the day the loan is closed. • Term: Financing up to 3 years. Loans may be amortized up to 15 years with a balloon payment. Micro Loan Fund Policy Guidelines Page 2 Refinancing:The loan may be refinanced up to 2 additional years at a • market rate of interest. Criteria: 1. Borrower must create one new full time job for each $20,000 loaned within two years. Said jobs must pay a minimum average wage of$8 per hour plus benefits. 2. Borrower must be an industrial firm and comply with the provisions of the city's industrial and business park zoning ordinances. Redevelopment Financing Program Purpose: The Redevelopment Financing Program is available to business and property owners in the central business district (CBD) for the rehabilitation and restoration of their buildings. Amount: Up to $50,000 Equity: Must match EDA loan with 1:1 ratio. Total loans not to exceed 90% of project value. Rate: Fixed; 2 points below the lowest prime rate published in • the Wall Street Journal the day the loan is closed. Term: Financing up to 3 years. Loans may be amortized up to 15 years with a balloon payment. Refinancing:The loan may be refinanced up to 2 additional years at a market rate of interest. Criteria: 1. At a minimum 20% of Micro Loan dollars must be used for the rehabilitation of the building's facade. 2. Borrower must be located in the Central Business District (see attached map). Industrial Incentive Program Purpose: The purpose of the Industrial Incentive Program is to encourage industrial development that supports the tax base and brings quality jobs to the city. Amount: Up to $100,000 Must match EDA loan with a 3:1 ratio. Total loans not to • Equity: 2 Micro Loan Fund Policy Guidelines Page 3 • exceed 90% of project value. Rate: Fixed; 4 points below the lowest prime rate published in the Wall Street Journal the day the loan is closed. Term: Financing up to 5 years. Loans may be amortized up to 15 years with a balloon payment. Refinancing:The loan may be refinanced up to 2 additional years at a market rate of interest. Criteria: 1. Borrower must be an industrial firm and create one new full time job for each $20,000 loaned within 2 years. Said jobs must pay a minimum average wage of$10 per hour plus benefits. 2. Borrower must locate in the West Business Park and comply with the provisions of the city's industrial and business park zoning ordinances. III. USES • 1. Permitted Fund Uses: a. Building construction b. Land acquisition c. Machinery d. Furniture, fixtures, and equipment (FF&E) e. Renovation and modernization of buildings f. Exterior renovation of retail, commercial and industrial buildings g. Public infrastructure needed for economic development expansions 2. Ineligible Fund Uses: a. Expenditures for the construction and/or renovation of residential units b. Working capital c. Refinancing of existing debt d. Inventory IV. BUSINESSES ELIGIBILITY Any project meeting the above criteria, and located or proposed to be located within the city limits of Elk River, may be eligible for an • Economic Development Micro Loan. 3 Micro Loan Fund Policy Guidelines Page 4 • Business must be a for-profit corporation, partnership, or sole • proprietorship. • Business must be a small business as defined by the Small Business Administration (SBA). • Business must have a positive net worth. • Religious, political, and pornographic enterprises are not eligible to use the Economic Development Micro Loan Fund. V. MICRO LOAN FUND TERMS & CONDITIONS 1. Loan Structure All EDA Micro Loans will be structured as participation loans and will be serviced by the project's primary lending institution. Such an arrangement allows for the central distribution and collection of funds and simplifies the financing process for all parties involved. A participation agreement will be signed by the borrower, primary lender and the EDA. 2. Simultaneous Micro Loans The simultaneous use of different Micro Loan Fund Programs by any one borrower or for any one project is prohibited. 3. Call of Loan • A loan shall become due and payable in full if a business relocates outside of the city of Elk River prior to the maturity date of the EDA loan. VI. REGULATION FOR NEW CONSTRUCTION AND IMPROVEMENTS All buildings within which public funds will be used for construction or renovation are to be brought into conformance with city codes and policies. Repairs may include the following systems and portions or real property: a. Mechanical heating, plumbing, and electrical b. Structural; including the facade of the structure and energy related improvements. VII. LOAN SECURITY AND GUARANTEES Applicant must be able to secure the loan by providing the EDA with a minimum of a subordinate mortgage upon the building and/or assets or other approved collateral. • 4 Micro Loan Fund Policy Guidelines Page 5 • Applicant must demonstrate the financial means to repay the loans, as determined by the Economic Development Authority. VIII. TIMING OF PROJECT EXPENSES No project should commence until the Elk River Economic Development Authority has approved the loan application. Any costs incurred prior to the approval of the loan application are generally not eligible expenditures. No building construction should commence until the required City permits are secured. The applicant will be responsible for all legal, recording, and other fees required for protection of a security interest in the loan. IX. PROCEDURAL GUIDELINES FOR APPLICATION AND APPROVAL 1. All applicants shall first contact a primary lending institution • to determine if additional equity is needed, and if so, how much. 2. The applicant and the primary lender shall then meet with City Staff to obtain information about the micro loan program, discuss the project, and obtain application forms. 3. The applicant shall complete and submit an application form to the City, along with a processing fee of 1% of the loan request. (The fee is used to cover processing expenses and will be returned if application is denied.) The applicant must provide evidence of their ability to meet the equity requirements or provide a letter of commitment for conventional financing from the primary lending institution. 4. The application will be reviewed by the City staff to determine if it conforms to all City policies and ordinances and to consider the following: a. The availability and applicability of other governmental grants and/or loan programs. b. Whether the proposed project will result in conformance with • building and zoning codes. 5 Micro Loan Fund Policy Guidelines Page 6 c. Whether it is desirous and in the best interests of the public to provide funding for the project. 5. The EDA Finance Committee and EDA Commissioners will review each application in terms of its consistency with the goals of the Growth Management, Strategic, and Economic Development Plans and in relation to the project's overall impact on the community's economy. Redevelopment Loan applications will also be reviewed by an HRA member in conjunction with the EDA Finance Committee. They will also evaluate the project application in terms of the following: a. Project design - Evaluation of project design will include review of proposed activities, time lines and a capacity to implement. b. Financial Feasibility -Availability of funds, private involvement, financial packaging and cost effectiveness. • Appropriate ratio of private funds to Micro Loan funds. • • Sufficient cash flow to cover proposed debt service as demonstrated by financial statements and projections. • Business must show a positive net worth. • Letter of Commitment from applicant pledging to complete the project during proposed project duration, if the loan application is approved. • Letter of Commitment from other financing sources stating terms and conditions of their participation in the project if applicable. • Sufficient collateral. c. All other information as required in the application and/or additional information as may be requested by the Economic Development Authority. d. Project compliance with all city codes and policies. • 6 Micro Loan Fund Policy Guidelines Page 7 e. Program Objectives - In addition to job and wage requirements, the applicant must meet all Micro Loan Fund criteria and demonstrate how the proposed activities will meet at least one of the following objectives: • The project contributes to the fulfillment of the city's approved and adopted economic development and/or redevelopment plans. • The project prevents or eliminates slums and blight. • The project increases the local tax base. • The project brings a structure into compliance with an existing building code violation. 6. The EDA Finance Committee will recommend the approval, denial, or request a resubmission. A recommendation from the Finance Committee will be forwarded to the EDA for final action. X. LOAN POLICY REVIEW The above criteria will be reviewed on an annual basis to ensure that the policies reflected in this document are consistent with the economic development goals set forth by the City. XI. COMPLIANCE WITH STATE STATUTES Each company receiving assistance in excess of$25,000 from the EDA Micro Loan Fund shall be subject to the provisions and requirements set forth by state statute 116J.993 and summarized below. Progress Reports The borrower shall file a report annually for two years after the closing of the loan or until all goals set forth in the application have been meet, which ever is latter. Reports shall be completed using the format drafted by the State of Minnesota and shall be filed with the City no later than March 1 of each year for the previous year. Businesses fulfilling job creation requirements must file a report with the city no later than 30 days after the deadline. Maintain Facility The borrower agrees to maintain and operate its facility at the site where the loan is used for a period of five years after the date the loan • is closed. 7 Micro Loan Fund Policy Guidelines Page 8 Goal Attainment In addition to attaining or exceeding the jobs and wages goals set forth • in section IV of the application, the borrower agrees to achieve at least one of the goals for community development set forth in section IX, part 5, subdivision (e) (see page 6) of the Micro Loan Fund policy. Redevelopment loans in the central business district are exempt from job creation and wage goals stated in section IX, part 5, subdivision (e) provided the loan amount does not exceed fifty percent of the project cost. Failure to Comply Businesses failing to comply with the above provisions will be subject to fines, repay requirements, and be deemed ineligible by the State to receive any loans or grants from public entities for a period of five years. XII. RIGHT OF REFUSAL The Elk River Economic Development Authority may deny any project which it deems inappropriate according to the guidelines established in this document. • 1110 8 APPLICATION ECONOMIC DEVELOPMENT MICRO LOAN FUND • ELK RIVER, MINNESOTA I. CONTACT INFORMATION Company: Address: City/State/Zip Contact Person(s) Business Phone Fax Home Phone Email Check One: Proprietor Corporation Partnership Social Security No. Federal ID # State ID # • II. NATURE OF LOAN REQUEST Which Micro-Loan Program are you applying for? Supplemental Financing Program Redevelopment Financing Program Industrial Incentive Program Amount Requested: $ Total Project Cost: $ Type of project: New construction for a start up business. New construction for an existing business. On site expansion Equipment purchase Remodeling: (circle one) Commercial/Retail/Industrial Other Please give a brief summary of your business and its products or service: • Please give a brief summary of the project: • Please describe how this loan will impact your project: III. FINANCING Project Costs Land $ Site improvements $ • Buildings (attach plans & costs) $ Equipment/Machinery/Fixtures (attach list and estimated costs) $ Remodeling $ Industrial Inventory/Working Capital $ Other (attach description) $ Total Costs $ Comments: • Proposed Sources of Financing SOURCE NAME TERMS AMOUNT Bank Loan $ Bank Loan $ Other Private Funds $ Applicant Contribution $ Other $ Fed Grant/Loan $ State Grant/Loan $ EDA Micro Loan $ Total Financing $ Comments: • Collateral Assignments Lien Description Position To Bank 1 To Bank 2 To Private Sources To Other Sources To Federal Govt To State To EDA Micro Loan Comments: Value of Collateral Existing Book Value Cost Liens Land $ $ $ Buildings $ $ $ Machinery& Equip. $ $ $ Other $ $ $ Other $ $ $ Comments: W. JOB & WAGE GOALS Present# of Employees Total Payroll Jobs To Be Created* Please provide the following information on jobs you expect to create. Average Are the Jobs Expected • Number Hourly Annual Permanent or Hiring Job Title , of Jobs Wage Salary Temporary? Date *If loan is for job retention only, please explain in Business Plan. Job Creation Timetable Please indicate on the table below when individual jobs will be added to the firm. Number Qtr. Qtr. Qtr. Qtr. Qtr. Qtr. Qtr. Qtr. Job Title of Jobs 1 2 3 4 5 6 7 8 • Comments: IV. PROJECT CONTACTS • Attorney Name Address Phone Accountant Name Address Phone Financing Sources (lenders,partners, etc...) Name Address Phone Name Address Phone Name Address • Phone Name Address Phone Name Address Phone Parent Company Name Address Phone Others Name Address Phone Name • Address Phone V. ATTACHMENTS CHECK LIST Please attach the following: A) Written Business Plan: • 1. Description of Business 2. Ownership 3. Management 4. Date Established 5. Products/Services 6. Future Plans B) Financial Statements for Past Two Years C) Financial Projections for Two Years D) Resume of Owner/Management E) Personal Financial Statements of Proprietor, Partners, Guarantors F) Letter of Commitment from Applicant Pledging to Complete During the Proposed Project Duration G) Letter of Commitment from the Other Sources of Financing, • Stating Terms and Conditions of their Participation in Project H) Other I) Other J) Fee (1% of amount of loan request) 41111 AGREEMENT I/We certify that all information provided in this application is true and correct to the best of my/our knowledge. I/We authorize the City of Elk River and the Finance Committee to check credit references and verify financial and other information. I/We agree to provide any additional information as may be requested by the City and the Finance Committee. DATE APPLICANT NAME BY BY S S S • • '� JUl 30 1993 2200 FIRST NATIONAL BANK BUILDING 332 MINNESOTA STREET SAINT PAUL,MINNESOTA 55101 TELEPHONE(651)223-6600 iORIGGS AND MORGAN FACSIMILE(651)223-6450 FESSIONAL ASSOCIATION WRITER'S DIRECT DIAL • WRITER'S E-MAIL MEMORANDUM . TO: Clientele et al. FROM: Jim O'Meara DATE: July 28, 1999 RE: Business Subsidies (Minnesota Statutes, Sections 116J.993 through 116J.995, copy attached) WARNING: Review only at "peak" times. Drink plenty of fluids. Prolonged exposure to III this memo and the law which it summarizes may cause dizziness,headaches, nausea,crankiness and loss of self-esteem. Side effects include memory loss, aimlessness and staring blankly off into the distance,presumably in search of one's retirement horizon. The new Business Subsidies Band begins playing August 1 at a location near you. The current"corporate welfare" law(Section 116J.991) is repealed on that date. Since the legislative session ended,I've tried to persuade myself that this law really didn't pass. It died in the House,but the Conference Committee resuscitated it. Maybe the Unicameralists are on to something after all. The law appears as Article 12 of the 1999 Tax Bill (Laws 1999, Chapter 243), and I guess it's time to face the music. Determining what is or isn't a "subsidy"under this law, and what to do about it and when if it is,will be works in progress. As usual,there are more questions than answers at this point. This memo focuses on the law as it applies to local government, not the State. S 1070094.1 MINNEAPOLIS OFFICE•IDS CENTER•WWW.BRIGGS.COM MEMBER-LEX MUNDI,A GLOBAL ASSOCIATION OF INDEPENDENT LAW FIRMS BRIGGS AND MORGAN • Must Have Business Subsidy Policy Step one is to hold a public hearing on and to adopt criteria for awarding subsidies. These criteria "must include a policy regarding the wages to be paid for the jobs created." Some comments: • Each grantor or "local government agency" must hold a public hearing and adopt its own policy. This includes each city, EDA, HRA, port authority, community development agency, town, county, et al. For example, if your city has an EDA and an HRA, all three need to do the drill. • The definition of "local government agency" also includes any "nonprofit entity created by a local government agency, or any other entity created by or authorized by a local government with authority to provide business subsidies." This language may hook some local development corporations, particularly those which the local government helped create and/or may support financially. • A public hearing, afterpublished notice thereof, must be held on the policy. • One publication of the notice is sufficient. There is no minimum or maximum number of days prior to the hearing specified for the publication date. • It appears that the "policy regarding the wages to be paid" does not require specificity or any strict formula like "y jobs for every x thousand dollars of subsidy." Instead, I would suggest more general guidelines since these "subsidies," despite enumerated exceptions, cover a broad field, and detailed/explicit policies on numbers of jobs and wage levels are soon likely to conflict with very worthwhile, real-world projects. It isn't all about jobs. • I have drafted and enclosed a sample policy and a form of the related public hearing notice. I mean only to suggest it as legally sufficient, realizing that local goals and preferences may vary widely. • As the policy need not be specific, so it appears that the law itself does not necessarily require that any jobs be created in connection with the subsidy, particularly where a rationale supports the fact that a project simply does not primarily involve the creation of jobs. The law specifically allows retention 1070094.1 2 BRIGGS AND MORGAN • ' of existing jobs to be the goal, as long as the loss of those jobs is "imminent and demonstrable." • Subsidies can't be granted until the policy is adopted. Definition of Subsidy; Exceptions A subsidy is "a state or local government agency grant, contribution of personal property, real property, infrastructure, the principal amount of a loan at rates below those commercially available to the recipient, any reduction or deferral of any tax or any fee, any guarantee of any payment under any loan, lease, or other obligation, or any preferential use of government facilities given to a business." Keep this definition handy; review it every time you're thinking of treating a business preferentially. Think ahead;compliance with this law is complicated and time-consuming. • The law doesn't define "business" but does define "recipient" (which is presumably IDwhat is meant by business) as any for-profit or non-profit business entity that receives a business subsidy. There's an exception for non-profit entities which either have fewer than 100 full-time equivalent positions or have a ratio of highest to lowest paid employees that does not exceed ten to one(determined on the basis of full-time equivalent positions):These "small nonprofits" are not "recipients," so assistance to them isn't subject to this law. The following are not business subsidies: • A subsidy of less than $25,000. • Assistance for housing,pollution control/abatement(including soils condition TIF districts) or energy conservation. • Assistance solely for renovating or bringing up to code old or decaying building stock, provided the assistance is no more than 50% of the total cost. • Redevelopment,but only when the recipient's investment(net of the subsidy?) in site purchase and site preparation is at least 70% of the assessor's current year's estimated market value of the site. • 1070094.1 3 BRIGGS AND MORGAN • Public improvements to buildings or land owned by the state/local government that serve a public purpose and do not principally benefit a single business or group of businesses. • Assistance that is generally available to all businesses or to a general class of similar businesses,such as a line of business,size,location,or similar general criteria. • The proceeds of obligations/bonds which received an allocation of bonding authority under Chapter 474A(for example,small issue manufacturing IDB's and multi-family rental housing bonds; but note here that "501(c)(3) bonds" for"charitable" users do not require allocations, so they may be subsidies but may qualify for the "small nonprofit" recipient or "housing" exceptions). • There are a number of other exceptions, most of them of less widespread application. Some of these are headscratchers on why they're even on the list (e.g.,"workers'compensation and unemployment compensation"and"benefits derived from regulation"). • Are There More "Subsidies" Than You Think? I encourage you to think expansively on all the ways in which local government action results in the preferential financial treatment of a business. The analysis would go something like this: First, is it a subsidy? Second, does it fall within one of the exceptions? And third, is it being given to a"recipient"? Which items on the following list are or might be subsidies and which of those subsidies may fall within an exception? • Tax increment financing. • Abatement. • Preferential utility rates. • Special assessment projects financed other than in accordance with city policy (e.g., the city assesses only 25% instead of the usual 50%). What about deferred assessments? ID 1070094.1 4 • BRIGGS AND MORGAN • Planning and zoning decisions, for example,variances, PUD's or special use permits which effectively increase the value of the property. Definition of Benefit Date The "benefit date" is the date the recipient receives the subsidy. If the subsidy involves the purchase,lease or donation of physical equipment,the benefit date begins when the recipient puts the equipment into service. If the subsidy is for improvement to property, the benefit date is the earlier of(1)the date on which the improvements are finished for the "entire project"and(2)the date on which the business(the recipient?)occupies the property. In general, the recipient has two years from the benefit date to achieve the job/wage goals. That period can be extended by one more year if the grantor holds a public hearing on and approves the extension. • Public Purpose Each business subsidy must meet a public purpose other than increasing the tax base. If there are new jobs, I suppose that's the public purpose under this law. Job retention qualifies only where job loss is imminent and demonstrable. The Subsidy Agreement The grantor and the recipient must sign a subsidy agreement which: • Describes the amount and type of the subsidy and type of TIF district, if there is one. • States the public purpose for the subsidy. • States the goals for the subsidy. • Describes the financial obligations of the recipient if the goals aren't met. • 1070094.1 5 BRIGGS AND MORGAN • States why the subsidy is needed. • Contains the recipient's commitment to continue operations at the site where the subsidy is used for at least five years after the "benefit date" (another elaborate definition). • • States the names and address of the parent corporation of the recipient,if any. • Lists all financial assistance by all grantors for the project (?), specifically states the number ofjobs to be created(if any)within two years of the benefit date,which may be separately stated for full-time and part-time,or the number ofjobs to be retained if their loss is imminent and demonstrable,and the wage goals for the jobs created/retained. • States the recipient's obligation if it defaults on the subsidy agreement. If the recipient fails to meet the "subsidy agreement goals," it must either pay back the assistance with interest at the "implicit price deflator" of Section 275.70, Subdivision 2 (don't ask). The grantor may prorate the repayment based on 4111 partial fulfillment of the(jobs?)goals. After a public hearing,the grantor may also extend for up to one year the period for meeting the (jobs?) goals. A recipient that defaults on a subsidy agreement can't receive any other subsidy for a period of five years from the date of that default or until the recipient satisfies its repayment obligations,whichever occurs earlier. For its part, the grantor must check the "compilation and summary report" to be prepared annually by the Department of Trade and Economic Development to determine whether the recipient is eligible to receive a new subsidy. Business subsidies which are grants must be structured as forgivable loans. If the business subsidy is not structured as a forgivable loan (and hence, presumably, is not a grant?),the subsidy agreement must state the fair market value of the subsidy, including the value of conveying property at less than fair market value or other in-kind benefits to the recipient. If the subsidy benefits more than one recipient, the grantor must assign a proportion of the subsidy to each recipient on a reasonable estimate of benefits basis. The subsidy agreement must also be approved by the local elected governing body (e.g.,the City Council),except for the St.Paul Port Authority and any seaway port authority. 1070094.1 6 BRIGGS AND MORGAN • Public Hearings Required for Subsidies in Excess of$100,000 If the subsidy from a local grantor exceeds$100,000,another public hearing must be held,this one on the subsidy. This public hearing is not required"if a hearing and notice on the subsidy is otherwise required by law." This exception is quizzical but presumably applies in the case of tax increment financing where a City Council or County Board public hearing is required,although the public hearing requirements for the subsidy are quite different from the public hearing requirements for a TIF plan. Pertaining to the public hearing on the subsidy: • A notice must be published in a local paper of general circulation at least ten days before the hearing. • The notice must identify the location of information about the subsidy, including where a copy of the subsidy agreement is available (meaning, of • course, that the agreement has to be negotiated prior to starting the public hearing process). • Published notice should be "sufficiently conspicuous in size and placement to distinguish the notice from the surrounding text" (the hiring of a single engine plane to tow a banner over the County Fair is not required). • The grantor must make the information available in "printed paper copies" and,if possible, on the Internet. (Videos and subsidy web sites may be next.) Reporting by Recipients, Grantors and DTED If you thought the law was "really rolling" based on the above, hang on. One of the criticisms of the expiring"corporate welfare" law was that reporting under it was spotty,not enforced or resulted in skimpy, unreliable data. The think tankers assembled such questionable data as there was,drew correspondingly inaccurate conclusions from it and set out to correct the "problem." You'd think that doing "economic development" was like storing spent uranium rods in your garage. As we know from the l'll:front, in the brave new • 1070094.1 7 BRIGGS AND MORGAN • • virtual world of accountability, it isn't what you do that counts, it's whether you can report on it. Anyway. On reporting by the recipient: • Recipients must report until the job goals are met or the assistance is repaid. • The forms are to be developed by DTED and copies of the completed reports must be sent to the Commissioner of DTED and to the local government agency that provided the subsidy. • The reports must include the type,public purpose,and amount of subsidies and type of TIF district, if any (this was already required to be in the subsidy agreement). The reports must also include: • The hourly wage of each job created with separate bands of wages. • The sum of the hourly wages and cost of health insurance provided by the ip employer with separate bands of wages. • The date the job and wage goals will be reached. • A statement of goals identified in the subsidy agreement and an update of achievement of those goals. • The locations of the recipient prior to receiving the subsidy(it's a little late for that). • Why the recipient did not complete the project outlined in the agreement at its previous location, if the recipient was previously located at another site in Minnesota (there seems to be a trend here). • The name and address of the parent corporation of the recipient, if any. • A list of all financial assistance by all grantors for the project. • Other information the Commissioner may request. 1070094.1 8 BRIGGS AND MORGAN 110 • Reports must be filed no later than March 1 of each year for the previous year and within 30 days after the deadline for meeting the job and wage goals. • Recipients of assistance which falls under certain pollution and redevelopment exceptions to the definition of business subsidy must nonetheless report based on a slightly shorter list of requirements. • If the recipient doesn't make its reports, the local government agency must mail the recipient a warning within one week of the required filing date. If, after 14 days of the postmarked date (to be precise) of the warning, the recipient fails to provide the report, then the recipient must pay the grantor a penalty of $100 for each subsequent day until the report is filed, up to a maximum of$1,000. Local government agencies with a population of more than 2,500 also have significant reporting requirements to the Commissioner. These include: • • A list of recipients that did not complete their reports. P P P • A list of recipients that haven't met their job and wage goals and the steps being taken to bring them into compliance or to recover the subsidy. • If the Commissioner doesn't receive the report by April 1,the Commissioner must issue a warning to the government agency. If the report isn't in by June 1,the local government agency may not award any business subsidies until the report has been filed. Finally, DTED has significant collating and publishing responsibilities on all this information. Goodness. JPO:jvs ID 1070094.1 9 Business Subsidy Policy i This Policy is adopted for purposes of the business subsidies act (the "Act"), which is Minnesota Statutes,Sections 116J.993 through 116J.995. Terms used in this Policy are intended to have the same meanings as used in the Act,and this Policy shall apply only with respect to subsidies granted under the Act if and to the extend required thereby. While it is recognized that the creation of good paying jobs is.a desirable goal which benefits the community, it must also be recognized that not all projects assisted with subsidies derive their public purposes and importance solely by virtue of job creation. In addition,the imposition of high job creation requirements and high wage levels may be unrealistic and counter-productive in the face of larger economic forces and the financial and competitive circumstances of an individual business. With respect to subsidies,the determination of the number of jobs to be created and the wage levels thereof shall be guided by the following principles and criteria: • Each project shall be evaluated on a case by case basis,recognizing its importance and benefit to the community from all perspectives, including created or retained • employment positions. • If a particular project does not involve the creation of jobs,but is nonetheless found to be worthy of support and subsidy,it may be approved without any specific job or • wage goals, as may be permitted by applicable law. • In cases where the objective is the retention of existing jobs, the recipient of the subsidy shall be required to provide reasonably demonstrable evidence that the loss of those jobs is imminent. • The setting of wage and job goals must be sensitive to prevailing wage rates, local economic conditions,external economic forces over which neither the grantor nor the recipient of the subsidy has control,the individual financial resources of the recipient and the competitive environment in which the recipient's business exists. • Because it is not possible to anticipate every type of project which may in its context and time present desirable community building or preservation goals and objectives, the governing body must retain the right in its discretion to approve projects and subsidies which may vary from the principles and criteria of this Policy. Adopted by: Date of adoption: Date of public hearing: • 1070590.1 Notice of Public Hearing on the Adoption of a Policy and Criteria for Granting Business Subsidies • NOTICE IS HEREBY GIVEN that the City Council (the "Council") of the City of ,Minnesota,will hold a public hearing on ,at a meeting of the Council beginning at approximately .m., Central Time, in the , on the proposed adoption of the City's Business Subsidy Policy under Minnesota Statutes,Sections 116J.993 through 116J.995. All persons may appear at the public hearing and present their views orally or in writing. A copy of the proposed Business Subsidy Policy may be obtained at the City's offices. [Adapt appropriately for local government agencies other than cities.] • • 1070590.1 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY • MEMORANDUM TO: Economic Development Authority FROM: Marc Nevinski,Assistant Director of //0 Economic Development DATE: August 9, 1999 SUBJECT: Consider Resolution 99 - Decertification of Tax Increment Financing District No. 18 Issue The issue before the Economic Development Authority at this time is to consider passing a resolution that formally decertifies TIF District No. 18, lying in Development District No. 1. • Background TIF District 18 was established on April 6, 1998 with the intention of providing an incentive for Morrell Transfer, Inc. to build a new facility at 171st Avenue on the east side of Elk River and to demolish their existing structure on the corner of Jackson and School Streets. Despite the establishment of the TIF district however, Morrell Transfer, Inca opted to construct their new building without TIF and are presently attempting to sell their former building at Jackson and School Streets. Subsequently,TIF District 18 should be decertified. Recommendation Staff recommends the approval of Resolution 99-_Decertifying Tax Increment Financing District No. 18 lying within Development District No. 1 in the City of Elk River. Attachments Map - TIF District 18 Resolution 99 • 13065 Orono Parkway• P. O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 • Fax (612) 441-7425 Equal Opportunity Housing and Equal Opportunity Employment • RESOULTION 99 - CITY OF ELK RIVER COUNTY OF SHERBURNE STATE OF MINNESOTA RESOLUTION DECERTIFYING TAX INCREMENT FINANCING DISTRICT NO. 18 WITHIN DEVELOPMENT DISTRICT NO. 1 IN THE CITY OF ELK RIVER BE IT RESOLVED, by the Economic Development Authority of the City of Elk River, Minnesota as follows: WHEREAS,the EDA created Tax Increment Financing District No. 18 in 1998; and, WHEREAS, TIF District No. 18 is not necessary as a financing mechanism of proposed Morrell project; and, WHEREAS, the continuance of TIF District No. 18 serves no public or private purpose. • THERFORE, BE IT RESOLVED by the EDA of the City of Elk River as follows: I. That TIF District No. 18 shall be decertified on December 31, 1999. II. That the EDA of the City of Elk River hereby directs staff to take necessary step to decertify TIF District No.18 including providing notification to Sherburne County and the Minnesota State Auditor's Office. Passed and adopted by the EDA of the City of Elk River this 9th day of August, 1999. Patrick Dwyer, EDA President ATTEST: • Paul T. Steinman, Executive Director , • iiiIuIII6iilIiuiir.I! uIIiII �uJinl 1111111/111111 r 16011111111-19PLIVAL.Gmmoitaurgapromsfi 0. um. Eltallillitilli7rAllimmum#111411:14-Fdt; . 111-M • growlyaminsomme••••••oltaitithme6mo D r �1iI�'j>mbmm1C■ Emit,. r I..'I'■■.'tti.,014 6.,„Ii er. 4:u:1:� IFig a; 1!RI I eall i :4111/�I�C�110-4 0.0 :.._, ��I ..i► .4 Lam__/a1mY1 �rOr\ �/�V='4=�n�� l►`��`�•�INn:��l.qG�11Iu��-��.ai, •ppm• w /�\- G.l �.u. ti mow..�1. 1 lei I/A ll\, tiiqu.a�\■.IL. .off 11 �_I i��,■\vivi �u.r�� I�� I ��i �1 '�•�\■� �t, ■■iii�■i��_—_�... .,..��•. 11111111-HINIIPOINIA-ask5 -44,0-40_,7421*111111.hUil=4.m._.a El...W 1111661111s ti ......*'''''. 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