HomeMy WebLinkAbout6A - Economic Development Grant & Report
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AGENDA #:
PREPARED BY:
SUBJECT:
DATE:
INTRODUCTION:
DISCUSSION:
RECOlVIMENDATION:
ACTION REQUIRED:
STAFF AGENDA REPORT
6A
DONALD RYE, PLANNING DIRECTOR
PUBLIC HEARING ON THE IMPLEMENTATION
AND RESUL TS OF At'l" ECONOMIC
DEVELOPMENT GRANT FROM THE MINNESOTA
DEPARTMENT OF TRADE AND ECONOMIC
DEVELOPMENT AND TRANSMITTAL OF A
SEMLU'l"NUALPROGRESSREPORT
JANUARY 5, 1998
As part of the development of the EM Products project in
the Business Park, the City applied for and received a
$50,000 grant to be used to provide a loan to EM Products
in order to promote a fixed asset expansion and new
employment opportunities. The loan will ultimately be
repaid by EM Products with the proceeds returned to the
City for use in promoting economic development. The
project has been completed as originally defined and eight
new jobs were created.
A condition of the grant is that a public hearing be
conducted at this stage of the process to solicit public
comment on the performance of the City in the
administration of this grant. Council action is necessary to
authorize the transmittal of the attached semiannual
progress report to the Department of Trade and Economic
Development(DTED) along with any comments which
might be received at the public hearing.
It is recommended that the Council authorize transmittal of
the semiannual progress report to the DTED upon
completion of the public hearing. Roger Guenette will be
present to respond to questions the Council may have.
Motion authorizing transmittal of semiannual progress
report to the Department of Trade and Economic
Development
DTEDGRNT.DOC
16200 iP:gle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
DTEDGRNT.DOC
DR
I. GIani Number
CDAP-95-0224-H-FY96
Semiannual }lrogress Report
Etonomic Development Grant Program - State of Millnesota
".'ederal Funds"
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2. GrlUllee Name
City of Prior Lake
S. Proj~Il1t1e
EM Products, Inc.
SECTION ONE: FINANCIAL REPORT BY ACTIVIT\'
1. At:livily
Number, Tille
L4. Assist To FOr Profit
a. Property Acquisition
b. Site Improvement
c. Construction
d. Purchase M & E
e. A/E, Etc.
TOTAL
H. Dlldgel
E.O.
50.000
50.000
Mana~er
Name:.
AJIlIJ{J> AIU~ I'JfI USE ()M. r
Rcporl Revision
Number.
Dale Reyicwcd:----1_'
In(lul Datc:-.J--.J_
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Final:
No_ Ycs_
3. Grant PeriOiI
7-14-95 to 12-3L-97
4a. 0 Progccs.s IXI Final; JY.Ige 7 allached
4b. PcriOll.ovcrcJ fconl Granl Award througb:
fUlSeptcmber JO,19.2l o Masch ]1,19_
6. Amount of E.D. Funds rCL.civcll
IhlUugh the end ufltle pcrillt.l.l2!hill)!L.-
Olhcr
9. Ellpcnditurcs
E.D.
Total
Total
Other
275,600
275,600
275,600
275.600
125,000
L25.000
125.000
125,000
920,600
920,600
920.600.
920,600
70,000
120,000
50,000
70,000
.120,000
303,580
303,580
303,560
303.580
1,694.780
1,744,760
50.000
L.694.780
1.744,780
This ~C\:tioll prcparcll by:
Roger Guenette
Advance Resources
PO BOX 3027
t-lanka to, MN 56002
(507) 387-7117
CERTIFlCA TION: I certify Ihat to Ihe 001 of my knowledge and belief. the
infurmation in Ihi~ sC\:tion is correct anll complete and Ihal all eApcnditurc,
~re for the purposcs .leI fur1h in the glan! award UOl:umcrll$.
Ralph Teshner
-thine
Finance Director
Tille
January 6. 1998
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SECTION FOUR: STATUS 0It' NON.E.D. FUNDS
19. Suun:c uf Funding
20. Amount Conunilled
in Applil:atitHl
Rank
$ '850,000
92,160
Equity
TIF
62,620
SBA
690,000
TOTAL
$ 1,6.94.780
See "44IA--Gvn.t onllt-wax SMk
21. Amount Ell~O\.lcd
In Dale
$ 850,000
92 . 160
62,620
690,000
$1,694.780
SECTION FIVE: FAIR UOUSING
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12. AClivjli~ undertaken 10 affirmatively further fair housing:
o Distributed Pair Housing Materials
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o Conducted Public Meetings To Discuss
Fair Housing
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o Discussed Fair Housing On CCTV
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SECTION SIX: LOAN REPA YMBNTSlRBVOLVING LOAN FUND (RLF)
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2l. TOlal 24. Dale of 2~. Tolal Amounl of 26. Tolal Amount uf 21. TOla) Amounl 28. Tolal Amounl 29. RLF
. ! Luan Firsl Loon Interesl Earned on Loan Repayments ufwans made of Dlher . BalaJK'c
Repayments Repayment RLF To Dale Cullcclcd To ();Ile from RLF RLF Uses (item 2S ... 26 - 21 -111)
120 5/1/96 $2,676.88 $8.605.91 0 0 '8,605.91
lO. ImiK:ale if repaymenu are on schedule. If not. tlescribc at:lioRs taken tu bring 10.10 repayments up 10 !laic.
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RLF is current
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LOOM malle 10 dale (rom RLF
31. Names
of
Businesses
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32. Loan Jl. Loall
Approval Amount
Date
34. (ntcresl 35. Tenn
Rate
36. Uses
of
FUlltls
J1. lobs
38 LMI
lobs
39. Private
Leveraged
Dol/iUS
40. Public
Leveraged
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Relained
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41. Describe any olher activltic'\ Ihatlhc Rll' ~upportcd and im.lkate 311l0Un\S upended
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SIt:CTION SEVKN: CONTRACT ACTIVITY TillS PERIOD
42. C()nlraclur Name,
AdtJrcss & ID"
4]. Sulx:unuat:lor Name,
AdtJress and ID If
N/A
s" 'rotr....1i.;n, "" IklCrK 5ide
44. ACli'liliC$ Irnp3LIL'tJ
45. AUllIunl of Cnnlfad
46. Type ofTr~
47. BU$incs5 RadaU
Elllnic CotJc
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nCTION E1Glff: NARRATIVE
The project has been completed as originally defined. All anticipated expenditures have
occurred and are documented. Eight new jobs have been created; seven of the positions have been
filled by LMI eligible persons.
6/30/98
Anticipated A-ll8 Audil Submission Date
CERTIFICATION:1 cClliry 10 the bcSI of my knowledge and belief thallhc data in this rl:poll arc hue amI coneel.
Signalure ufprojC\:t dirC\:tor:
Tille:. Ci ty Hanager
Dale: J anua ry 6. 1998
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TillS PACE TO HE COMPLETED FOR FINAL REI'ORTONLY
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SEl.'TION NINE: CITIZEN PARnCIPATION
Submillhe following:
a. AlIat:h a copy of each wliuen cililen oonuncnt on lbe granlee's pcr(nrnlam."C under Ihis grant \vhich \Vas Icccivcll during Ihc period since Ihe gmnt was approved.
No citizen comments were received.
b. Discuss or allach Ihe grantoo's as.sesSnlenl of Ihe comment.
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C. Provillc a \lcscriplion of any ;u;llolllak.cn or 10 00 laken in response 10 Ihc commenl, as fI.'tluired by Set:tion 104(a) oUIle Huusing and Community Development Acl of 1914.
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d. For projcCIJ awudetJ after May 31, 1989, give dale lUld discuss public heiUing held during projecl implcmcntallon.
A public nearing was held on January 5. 1998. No public comments were received. Information was
presented that summarized the expansion project by EM Products. Inc. and that 8 jobs were created, 7 of
which were filled by 1MI persons.
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SI<:CflON TEN: JNVENTOR V
Was non-c'-pendablc penona\ property purchased with E.D. funds? (yes/no)lf YCi identify the properly and pun;hase (Kice.
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SECTION ELEVEN: ClfANGE OF USE OF REAL PROPERTY
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The granlee certifies Ihat it will nol \:hange Ihe use of real properly (induding the bcncl1darics uf soch use) acquired whole or in part using &:onomic Development Oranl funds in ColCUS
uf ''25.000 in Ihe aggregate unlilllvc ycars allcr doscoul of this IIrant ulllc~ Ihe t:OIldilions arnJ rCljuiremcnl~ of 24 Cf'R, part S70.4H9ij) Me mcl. The glafilce further i:cnilieslhal iI will
comply wilh Ellct:ulive Orders 11988 and 11990, '24 CFR. part SO, .sS.'22; regarding use of properly locall't/ in a f1000plain Of wCllano.
Check lhe appropriale DOl(: No 013nge Anlicipaled 0 No Real Pwperty Acquired !XI
CERTlFICATION:\ certify to the best of my knowledge and belief IhallllC data illlhis repurl all: lruc and lUrrc,1.
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SignalUfc of projecl t1ircclur:
.Tillc:_ City Manager
Dale: January 6 J 1998
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