Agenda - Economic Development Authority - 03/15/2015

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Economic Development Authority (EDA) Meeting Date: 03/05/2015 Submitted For: Patrick Brama, Administrative Services By: Patrick Brama, Administrative Services Title: Staff Updates Purpose /Background: Use of EDA Revolving Loan Fund (RLF) At the February EDA meeting, restrictions to the EDA RLF were discussed. In summary, clarification was needed as to whether or not State /Federal restrictions existed on the City's EDA revolving loan fund (does the EDA have discretion to spend RLF dollars where they see fit ?). Based on a discussion with the City's Finance Director and Economic Development Consultant, it was determined the City's RLF dollars are unrestricted and available for use as the EDA sees fit. The only existing restrictions on the RLF is the 2009 adopted EDA RLF policy. Closed Session Discussions Minn. Stat. § 13D.05, subdivision 3 allows a meeting to be closed: (1) to determine the asking price for real or personal property to be sold by the government entity; [and/or] (2) to develop or consider offers or counteroffers for the purchase or sale of real or personal property. This statutory language does not limit the discussion to just price. The sale of land may, and often does, include terms other than price, such as earnest money, timing, title evidence, environmental issues, amount of land to be sold (if dividing a parcel), potential future use, division of closing costs, survey requirements, encroachments, etc. All such terms may be part of the negotiation and considered in the review of an offer or in the development of a counteroffer. This exception to the Open Meeting Law is designed to allow the government to negotiate all such terms in private for the public's best interests. New Ramsey (Anoka County Sponsored) "Open to Business Program" Anoka County has sponsored all Anoka Cities to join an "Open to Business Program." This program targets small /start-up businesses and fills the gap of expertise/ professional consulting/ and opportunities for micro loans that are not typically provided by banks and municipalities (for small /start-up businesses). Below is a summary, the program coordinator will attend the April EDA meeting to provide an overview and answer questions. Staff plans on advertising this program through: City website, Facebook and the Ramsey Resident. This program /service is free to the City of Ramsey in 2015. Anoka County hopes that Anoka Cities will consider joining /subscribing to this program in 2016. Ramsey Launches "Open To Business" Program Need a trusted advisor? A free business consultant? Or money to start or expand your business? Ramsey's "Open To Business" program might be just what you are looking for! This program provides one -on -one business counseling to current and prospective entrepreneurs, helping them get the technical assistance that they need to succeed. Consultants offer support in the areas offinancial management, bookkeeping set -up and training, loan packaging, business plan development, real estate analysis, marketing, strategic planning, business regulations, and more. Through the Open to Business Loan Program, direct loans ranging up to $25, 000 are available for startup businesses and larger loan packages are available for established businesses. Our consultants can help entrepreneurs determine all of their capital needs and help them to apply for financing that will meet those