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HomeMy WebLinkAbout3.1 Approval of May 12, 2020 EDA Meeting Minutes CITY OF COTTAGE GROVE E CONOMIC D EVELOPMENT A UTHORITY MINUTES EDA Meeting May 12, 2020 Pursuant to due call and notice thereof, a meeting of the Economic Development Authority was virtually th held via Zoom at https://cottagegrovemn.zoom.us/j/91508761544 on the 12 day of May at 7:30 a.m. CALL TO ORDER The meeting was called to order at 7:30 a.m. by EDA President Bailey ROLL CALL Members Present: Myron Bailey, EDA President Chris Carey, EDA Member Steve Dennis, EDA Vice President Dan Myers, EDA Member Erin Pash, EDA Member Rachel Smoot, EDA Member Eric Thiewes, EDA Member Members Absent: None Staff Present: Jennifer Levitt, EDA Executive Director/City Administrator Robin Roland, Finance Director Christine Costello, Economic Development Director Others Present: None APPROVAL OF MINUTES 3.1 Approval of the March 10, 2020 EDA Minutes EDA Member Carey motioned to approve the March 10, 2020 EDA Meeting Minutes. EDA Member Thiewes seconded. Motion passed unanimously (7-to-0 vote) EDA President Bailey welcomed EDA Member Erin Pash to the to the EDA for her first meeting. BUSINESS ITEMS 4.1 Economic Development Update/Business Inquiry Economic Development Authority – Minutes May 12, 2020 Page 2 of 3 Economic Development Director Costello gave an overview of the various projects that are currently occurring throughout the City of Cottage Grove as related to Economic Development. PUBLIC HEARINGS 5.1 Small Business Assistance Emergency Program Economic Development Director Costello presented on the Small Business Emergency Assistance Program that is being proposed to help small businesses struggling because of the COVID-19 pandemic. Economic Development Director Costello presented on the guidelines for the program. EDA President Bailey discussed the difference of the EDA Trust Fund and the EDA Fund and how the program is being funded. EDA Vice President Dennis wanted to thank Director Costello and staff on the work that was done on the program. EDA Vice President Dennis talked about the importance of supporting small businesses and retaining our existing businesses. EDA Vice President Dennis explained how the program was designed and that the $10,000 forgivable loans are meant to assist businesses through the pandemic. EDA Member Carey stated that he was fortunate to be managing a business in an industry that is still going strong and thanked the EDA and the City of Cottage Grove for their support of the local business community. EDA Member Pash asked if the program would consider more businesses if needed and if the third-party review of applications will occur based on how great they are affected financially. EDA President Bailey stated that if businesses use less money there is an opportunity to give more applicants assistance. Economic Development Director Costello stated that each applicant will be evaluated based on a rating system for funding and award those applicants that are highest on the rating system. EDA President Bailey stated that the City wanted to be removed from picking who was funded or awarded the money and that is why Ehlers is reviewing the applications. EDA Member Myers stated he was supportive of the program and asked if the City had an expectation of the demand. Economic Development Director Costello explained that a list was prepared of businesses that might meet the qualifications and is what was used to judge how many could potentially apply the program. Economic Development Director Costello stated if there are more applicants than funds that an extension of the program funding could be considered. EDA Member Carey asked if the fees for the program operation come out of the EDA Trust Fund as well. EDA President Bailey stated that was correct. EDA Member Carey asked if those fees were beyond the $300,000 awarded for the program. EDA President Bailey stated that was correct. EDA Member Thiewes expressed is support for the program and asked if any other east metro communities were doing a program. EDA President Bailey stated that the City of Cottage Grove is the only east metro community doing a program to assist businesses. EDA Member Myers asked how the program was being communicated. Economic Development Director Costello stated the program was being marketed through the Chamber of Commerce, a mailing list, and through the City’s website. EDA Member Smoot asked if the link on the City’s website could be shared with the EDA. Economic Development Director Costello stated that as soon as the website is finished, she would share the link. EDA Vice President Dennis motioned to authorize the implementation of a small business emergency assistance program funded by the EDA Trust to aid local Economic Development Authority – Minutes May 12, 2020 Page 3 of 3 businesses adversely impacted by the COVID-19 pandemic and related emergency orders. EDA Member Pash seconded. Motion passed (7-to-0) OTHER BUSINESS 6.1 Calendar None 6.2 EDA Comments EDA Vice President Dennis asked the community to help promote local businesses to support Cottage Grove companies through the pandemic. EDA President Bailey shared that there has not been a slow down in permits or developments because of COVID-19 pandemic but indicated there are some delays pushing projects to 2021. EDA President Bailey gave a community update on the current COVID-19 pandemic as it relates to the City of Cottage Grove. 6.3 Response to Previous EDA Comments None WORKSHOP None AJOURN EDA Member Smoot made a motion to adjourn. EDA Member Carey seconded. The meeting adjourned at 8:14 a.m. (7-to-0 vote) Respectfully Submitted, Matt Wolf Economic Development Coordinator