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Notification: <br />N/A. If criteria is changes to allow for more participation into the City program those businesses will be contacted <br />directly. <br />Observations/Alternatives: <br />Alternatives: <br />1. Option #1 (Recommended Option) <br />i. Change the City of Ramsey Small Business Grant Criteria to allow for the acceptance of grants from <br />both the City and County (impacts 5 businesses) <br />ii. Allow eligible Ramsey businesses that applied for the Anoka County Grant to apply for the Ramsey <br />Grant program and establish a 3 day application window (October 14-16, 2020) <br />The potential financial impact of Option #1 would be the need to allocate an additional $80,000 in CARES Acts <br />funds. <br />Note: This assumption assumes that 100% of all businesses get through underwriting with approval. Based on <br />information received from CMDC, and the County Program, the underwriting approval rate is closer to 60% which <br />means that it is likely that there would not actually be a need to utilize additional CARES Act funds to fund the <br />additional applicants. <br />2. Change the City of Ramsey Small Business Grant Criteria to allow for the acceptance of grants from both the <br />City and County (impacts 5 businesses) <br />There would be no financial impact as 31 10,000 grants and their administration have already been approved by the <br />City Council <br />3. Other alternative as directed by City Council <br />4. Do not authorize any grants <br />Funding Source: <br />The City Council has already authorized an allocation of $330,000 for business grants and underwriting using the <br />City's CARES Act allocation. Staff is asking the City Council to authorize an additional $80,000 to allow for 'dual <br />grants' - one from the City and one from Anoka County. If the full $ 80,000 is spent on the grant program it will <br />reallocate the use of the remaining CARES Act Funds. However, it is likely that not all Applicants will qualify for <br />the full $10,000 award, so it is possible that this additional allocation may not be necessary. Staff simply desires the <br />flexibility given the short window to award the grant (end of October for November 15 deadline). <br />Recommendation: <br />Consistent with previous EDA recommendation, Staff recommends approval of Resolution #20-231 approving <br />Small Business Relief Grants with the modification to allow grants to be awarded by both City of Ramsey and <br />Anoka County. <br />Action: <br />Motion to adopt Resolution #20-231 approving Small Business Relief Grants with the modification to allow grants <br />to be awarded by both City of Ramsey and Anoka County. <br />Resolution 20 231 <br />Grant Award Summary <br />Attachments <br />Form Review <br />