HomeMy WebLinkAbout15-082 Establish Commercial Assistance Program Gateway 0t- 111$
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4646 Dakota Street SE
`�INIvgSo` l" Prior Lake, MN 55372
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RESOLUTION 15-082
A RESOLUTION ESTABLISHING A TARGETED COMMERCIAL ASSISTANCE PROGRAM
ASSOCIATED WITH THE GATEWAY REDEVELOPMENT PROJECT
Motion By: Morton Second By: Keeney
WHEREAS, On April 13, 2015 the Prior Lake City Council directed staff and the City of Prior Lake Economic
Development Authority(EDA) to investigate possible assistance to businesses which may need to
relocate from the Gateway Center building as result of a proposed redevelopment project; and
WHEREAS, On April 20, 2015 the City of Prior Lake EDA unanimously approved a motion to recommend that
the City Council establish a matching grant program up to $20,000 per business from the TIF 1-1
account to be used by an existing business at the Gateway Center, and to be used for hard costs
associated with that business moving to another Prior Lake commercial location as a result of
displacement from the Dominium Gateway redevelopment project; and
WHEREAS, The purpose of the Targeted Commercial Assistance Program is to provide financial assistance for
commercial businesses moving from the Gateway Center building at 5101-5137 Gateway Street SE,
as a result of redevelopment activities, to an alternate commercial property within the city limits of
the City of Prior Lake, Minnesota; and
WHEREAS, The Prior Lake City Council has reviewed the Targeted Commercial Assistance Program Policy
which identifies the deferred loan fund guidelines, eligible and ineligible project costs, the funding
source and the application process.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA as
follows:
1. The recitals set forth above are incorporated herein.
2. The City Council of the City of Prior Lake hereby adopts the Targeted Commercial Assistance Program Policy.
PASSED AND ADOPTED THIS 11th DAY OF MAY, 2015.
VOTE Hedberg Keeney McGuire Morton Thompson
Aye N Z N a
Nay ❑ 0 0 0 ❑
Abstain 0 0 0 0 0
Absent ❑ 0 0 ❑ 0
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Frank Boyles, anager