2020-05-20 EDA Packet - Laserfiche WebLink

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being contemplated for the C Recreation Committee. The hope is that a conversation between the two boards can be started to find ways each committee can work in tandem with the EDA towards a common goal. 1737 Main Street The City Council entered into a listing agreement with realtor, Mike Brass to market the property at 1737 Main Street, upon recommendation from the EDA. A concept sketch of a potential mixed-use building will be used as a tool to attract developers. Along with the concept sketch, a financial analysis of the property has also been done to show what typical rental income might be and how that might be able to offset payments on a construction loan. EDA Revolving Loan and Grant Program The EDA will review the Revolving Loan and Grant Program and make another push to find businesses interested in using the funds. Quad Area Chamber of Commerce Eat Local Campaign The Quad Area Chamber of Commerce is teaming with the Lino Lakes Rotary Club to help local restaurants by purchasing signs for them to place outside, letting folks know that they are open for take-out and delivery options. Minnesota Technology Corridor The EDA voted to participate, financially, in a Data Center Feasibility Report, from consultant Excipio. The assessment includes detailed financial analysis of state and other tax incentives as well as an analysis of power and broadband availability. Having this evaluation done, is much like certifying a site much more marketable to the data center market. The Executive Director was given parameters within which to negotiate Anoka County Regional Economic Development (ACRED) The Marketing subcommittee continues to plan for scheduled events in the fall of 2020, such as the MNCAR Expo, which is a gathering of real estate professionals. We continue to plan for marketing efforts in conjunction with the 3M Open Golf Tournament in July. FINANCE Audit The audit is substantially complete. Staff Is reviewing the draft financial statements. The good news is that we ended the year positively in the general fund, adding just over $10,000 to the fund balance. This means that there is $15,905 to $181,152 available for one-time expenditures over the 50-60% fund balance target range.