01-26-15-EDA - Laserfiche WebLink

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MEMORANDUM DATE: January 26, 2015 New Business – 3C TO: EDA President and Commissioners FROM: Patrick Klaers, City Administrator SUBJECT: 2015 Work Plan Last year the Economic Development Authority met four times.  In January, the EDA met jointly with the Economic Development Commission (EDC) to review the activities undertaken the previous year and to review the upcoming work plan.  In April, the EDA discussed the EDA Budgets and the Revolving Lo an program. Also in April, the EDA discussed having fewer EDA meetings while the City Council concentrates on and dedicates time to the TCAAP redevelopment project.  In September and in December, the EDA considered the 2015 EDA budgets. With the April 2014 EDA discussion in mind, I am looking for EDA input on an acceptable 2015 work plan. Listed below are some possibilities. TIF District #2 – This District is scheduled to be decertified in 2015. Staff will monitor this District and recommend EDA action as necessary to be in compliance with state law. TIF District #3 – This District is for the Cottage Villes project. This District has up to $500,000 that can be used for qualified housing projects. The EDA should consider options for how to best use these fund. The District is scheduled to be decertified in 2019. EDA General Fund Operating Budget – The 2016 EDA budgets will need to be reviewed and approved. A sustainable revenue source needs to be identified to finance EDA operating expenses. These operating expenses are mainly: staff time and overhead, supplies, and contracts for services. Business Expansion and Retention Program – Subject to EDA approval, the EDC is planning to take the lead with the Business Expansion and Retention (BRE) program. In order for the BRE to be successful, EDA support and involvement will be necessary. Revolving Loan Program – The update of the Revolving Loan program has not been completed. Staff anticipates getting final recommendations to the EDA in 2015.