Agenda - Council - 10/26/1982 - Laserfiche WebLink

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! I I I I I I I I I I I I I I I October 6, 1982 Dear l:lanager: The purpose of this letter is to inform local lending institutions of current economic development and housing activities being pursued by Anoka County and cities within its boundaries. As a recipient of Community Development Block Grant funds, the County has the opportunity to encourage and support industrial and commercial growth through loans and grants, either directly to eligible business concerns or through land and improvements writedowns. We have accom- plished these activities to date by making grants to cities who have in turn offered assistance to businesses locating there. Since our funds for economic development are limited, an expanding or newly-formed company must seek a large proportion of its development costs from other sources, frequently from the local bank or savings and loan. If you are aware of a company wishing to expand or develop in one of the cities on the attached list, and can state a need for public assistance, please make the appropriate contact at the city. The only requirement we have in order for an industry to qualify for economic development assistance under our CDBG program is that the expenditure result in new jobs for low/moderate income individuals (as defined by Federal income standards). We have generally considered a $7,000 to $8,000 CDBG expenditure for each new job created to be a reasonable guideline. Another item which may be of interest to you, is an announcement by the Hinnesota Housing Finance Agency of the availability of Federal funds to write down the cost of energy efficiency improvements to rental properties. The agency would offer 20% to 50% of the cost of such improvements to property owners and expect the balance to be covered by market rate loans by private lenders. Affirmalive Action / Equal Opporlunity Employer