2023-08-16 EDA Packet - Laserfiche WebLink

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City of Centerville EDA Meeting Minutes July 19, 2023 Executive Director Lewis introduced this item, noting that when she and Finance Director DeJong went to MidWest One to open the money market account the EDA approved in June, they were told that the offer could no longer be accepted because the promotion had ended. MidWest One spoke with staff about a high yield savings account, which is comparable in terms to the money market account, except for check writing capabilities. Discussion ensued about the terms and conditions and the amount to keep in the existing checking account. The EDA would like to keep $2,500 in the existing checking account and transfer the remaining balance, which is about $57,000 into the new savings account. Motion by Commissioner Mosher and seconded by President Remillard to approve the resolution authorizing staff to open a high yield savings account and transfer funds, except for $2,500, from the existing checking account to the new savings account at MidWest One. All in favor. Motion carried. IX. NEW BUSINESS 1. Revolving Loan and Grant Program Executive Director Lewis introduced this item, noting that the city received an inquiry from a non- governmental organization about participation in the EDAÓs Revolving Loan and Grant Program. Discussion ensued about program guidelines and whether non-governmental, charitable, non- profitÓs, other organizations should be able to participate in these programs. Discussion ensued about program guidelines and participating entities. The EDA opted to table this item and request legal advice about potential impact(s) for expanding the program to include non-governmental organizations. There was concern about providing grant assistance to entities who are tax exempt. Motion by Commissioner King, seconded by Commissioner Mosher to table the discussion on the revolving loan and grant program until we can follow-up with our attorney on this matter. All in favor. Motion carried. 2. Anoka County Grants Executive Director Lewis introduced this item as presented in the packet, noting that there is a second round of predevelopment grants being offered through Anoka County. Executive Director Lewis asked if the EDA would like to propose other projects. Discussion ensued about the projects outlined in packet materials and additional projects. The EDA would like to endorse the list provided in the packet and add a pre-demolition survey for block 5. The EDA noted that would not like to exceed the amount allotted in the grant. Motion by Commissioner Mosher, seconded by Commissioner Swenson to endorse the list of predevelopment projects recommended by staff and add a pre-demolition survey for block 5. All in favor. Motion carried. Ќ