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2018-08-27 EDA Packet
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2018-08-27 EDA Packet
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8/27/2018 9:38:52 AM
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SAMPLERE VOL VINGLOANFUND POLICY <br /> Oakdale Seed Fund <br /> FVrpose The purpose of the Oakdale Seed Fund is to expand the tax base and <br /> promote new job opportunities by providing small business concerns and <br /> developers of multi-tenant facilities with a portion of the financing <br /> necessary for their projects. These Administrative Procedures set forth the <br /> organization and guidelines for personnel engaged in making loans <br /> through the Seed Fund. All personnel engaged in interviewing applicants <br /> for Fund assistance and accepting, screening, processing applications and <br /> servicing to for the program should become familiar with this <br /> information. The procedures are for use by private lenders as well as staff <br /> employed by the City of Oakdale. <br /> Scope of EDA/ <br /> Seed Fund <br /> Activities h9ERM <br /> The administrative procedures are a guideline for personnel working with <br /> the Oakdale Seed Fund. They set forth the internal requirements of the <br /> program and how it should be managed by the Oakdale EDA. <br /> The EDA was created with the intention of assisting small businesses <br /> primarily by providing financial assistance for growth and expansion. The <br /> EDA and the Seed Fund are intended to provide such assistance within the <br /> specified boundaries of the City of Oakdale. Any revenue generated by <br /> the Seed Fund to the EDA is incidental to the community benefits as <br /> measured by the creation and retention of jobs, increased tax base, <br /> expanded business ownership activities and improved community <br /> services. <br /> Aqthority <br /> Chapter 469 of the Minnesota State Statutes as amended authorizes the <br /> EDA to make loans to prospective private businesses. Recipients of <br /> financial assistance under this program are subject to non-discrimination <br /> requirements of the laws and policies governing such government <br /> assistance. <br /> .....................- <br /> 51 <br />
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