Agenda - Council - 08/28/2018 - Laserfiche WebLink

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Economic Development Authority (EDA) Meeting Date: 07/12/2018 By: Katie Schmidt, Administrative Services Title: Review Updated Restaurant Subsidy Program 4. 3. Purpose/Background: PURPOSE/ BACKGROUND The city has received feedback from residents, businesses, visitors, and elected/ appointed officials that attracting more restaurants is a priority for Ramsey. The purpose of this case is to review the proposed restaurant subsidy program documents that be the basis of this economic development program. This case was reviewed at the May EDA Meeting, and a first draft of the policy was presented at the June EDA meeting. Updates for the final policies are now offered for adoption. Notification: Observations/Alternatives: STRATEGIES (1) Full Service Restaurant Subsidy: Water Availability Charge Program See attached draft policy. This policy is focused on forgiving 70% of the city's water access charges. The City has used this subsidy two times in the past (Acapulco and Falls Cafe). The Falls Cafe ended up not using the subsidy. WAC fees on a single new restaurant can run 10's of thousands of dollars. This program funds the subsidy from designated EDA funds, and in turn, the restaurant user receives a reduction in the fee that they pay. The traditional Business Subsidy Application has been attached for review. Included in this application is the financial analysis as requested by the EDA. Please note that this Application has not yet been specifically updated to reflect the WAC Program. Before resources are spent updating this Application, Staff desires to know if the overall approach is consistent with previous EDA direction. (2) Establish a Sign & Awning GrantProQram Please see attached draft Sign and Awning Program policy and application. The program provides a one-time grant to help users with the cost to upgrade/ replace/ construct new signs and awnings. The City would use the EDA Fund as the funding source. many City's use this type of program as a relatively low cost way to enhance commercial exteriors for new businesses. This document has been updated to require Proof of Financing from a qualified lending institution as requested by the EDA. A discussion topic will be forwarded to the Planning Commission in the future to discuss appropriate color pallettes as requested by the EDA. (3) Expand City's Business Welcome Services Today, when a new business comes to the City of Ramsey, staff offers "business welcome" opportunities. This includes a free facebook post, twitter post, city newsletter article, website article, grand opening ceremony services from the chamber, and a newspaper article lead. For new restaurants, staff believes the city could expand these services to include free admission to various city events*. Please see attached draft Marketing Opportunites.