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Adopted XX/XX/2013 <br />The City will consider all financial assistance pilisted above only for projects <br />that directly address existing blighted properties; see Appendix A: Primary Area of <br />Concern. <br />Utilization of financial assistance requires completion and approval of a Business <br />Subsidy Application by the Ramsey EDA and City Council. Consideration will be <br />based on the merits of an individual project and community benefit. <br />II. EDA REVOLVING LOAN FUND (RLF) <br />Upon adoption of this Statement of Goals, the Ramsey EDA will review alternatives to <br />utilize the City's existing Revolving Loan Fund (RLF) to stimulate cleanup and <br />revitalization of the 167/47 Node. This may include, but is not limited to, the <br />following: <br />i. Storefront Matching grants to help encourage/spark the `clean-up' or improved <br />`curb -appeal' of properties. For example, a matching grant with a $10,000 <br />maximum City contribution. <br />ii. Revitalization Loan Program: low interest loans tied to revitalizing properties to <br />a marketable condition. <br />NOTE: the City has about $275,000 available for these types of programs. This <br />effort would require the creation and adoption of new program polices. <br />III. PEDESTRIAN UNDERPASS <br />It has been requested, for the City to consider funding a pedestrian underpass to connect <br />the east and west side of MN trunk Highway 47. A pedestrian underpass would <br />increase public safety, enhance connectivity to and from Elmcrest Park and increase <br />foot traffic to retail businesses. <br />At this point, the City will not pre -commit a specific funding source, or specific dollar <br />amount, to a pedestrian underpass. The City would react to this specific request at the <br />time of future development; and, would base their response on the merits of a project — <br />and the value it will bring to the community. Examples of potential funding solutions <br />below: <br />i. Cost Share Agreement with developer (most desired) <br />ii. Redevelopment TIF District proceeds <br />iii. Grant Programs (various) <br />iv. Park/Trail Dedication Fees (from 167/47 area, new development) <br />v. Land Write Down Contribution (city owned parcels) <br />NOTE: When future development occurs, the City will also consider methods beyond a <br />pedestrian underpass for increasing safety at the 167/47 intersection. <br />IV. SEWER TRUNK FUND <br />The 167/47 Node is not currently connected to City sanitary sewer service. Extending <br />sanitary sewer service to this node will make properties more attractive for future <br />development and will provide existing property owners with an alternative to the use of <br />septic tanks. <br />Policy for Guiding Development Participation: 167/47 Retail Node [DRAFT] Page 3 of 7 <br />