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threshold) <br />Duration of time to expend funds: (2-3 months) <br />• Staff Recommendation: Funds to be expended by October 31, 2020 and expenses documented to City by <br />November 15, 2020 <br />Proof of need: Comparisons from last year to this year showing reduction in revenue, explanation of need for <br />expenses <br />• Staff Recommendation: Flexibility, but do need to show and document need (program will go through <br />extensive audit) <br />Uses of funds: Current payroll obligations (i.e. may not include employees who have been laid oft), lease or <br />mortgage payments, utilities, accounts payable, property taxes and other critical business expenses that can't be <br />paid as a direct result of the current health emergency. Awarded funds may not be used for business <br />owner's/manager's personal uses or expenses <br />• Staff Recommendation: Same as above with the caveat that the Expenses are directly associated at Ramsey <br />business location <br />Grant application and administration: City, Anoka County, Central Minnesota Development Corporation <br />(CMDC - Mike Mulrooney), other entity <br />• Staff Recommendation: At this time, Staff recommends administering the program internally, but will <br />re-evaluate when program demands are better known. <br />Businesses not eligible: (Options Below) <br />• Do not have a physical address within the City of Ramsey <br />• Derive income from passive investments without operational ties to operating businesses. <br />• Primarily generate income from gambling activities. <br />• Generate any part of its income from adult -oriented or tobacco/vaping-related activities. <br />• Have no current or historical financial statements. <br />• Previously received emergency funds from the city. (Discussion as to Phase 1 COVID-19 Plan) <br />• Non -profits <br />Staff Recommendation: Same as above, with discussion about Phase 1 COVID-19 Plan and non -profits <br />There is a possibility that there could be a second round of grants/loans if money is available and all initial funds are <br />awarded. <br />Funding Source: <br />$200,000 from City of Ramsey Cares Act allocation. <br />Recommendation: <br />The EDA should discuss the above options and develop a recommendation for criteria that Staff could incorporate <br />into a draft Grant/Loan Policy and Application <br />Action: <br />Motion to recommend establishment of a $200,000 grant or loan (select one) to the City Council with the agreed <br />upon criteria. <br />Attachments <br />Sample Grant Program Description SLP <br />Sample Grant Program Application SLP <br />