WEBVTT METADATA Video-Count: 1 Video-1: youtube.com/watch?v=tcA8tzawksw NOTE MEETING SECTIONS: Part 1 (Video ID: tcA8tzawksw): - 00:00:21: Richfield Housing & Redevelopment Authority Meeting Called to Order - 00:02:05: Election of Chair, Vice Chair, and Secretary - 00:03:54: Open Forum - No Public Comments Received - 00:04:42: Approval of Agenda and Prior Meeting Minutes - 00:05:31: Consent Calendar Items and Approval Discussion - 00:07:12: Executive Director's Report: Astro Commons and TIFF Update - 00:09:13: Woodlon Terrace Progress and Rental Assistance Discussion - 00:09:46: Approval of Claims and Meeting Adjournment - 00:10:36: Richfield Economic Development Authority Meeting Begins - 00:11:58: Election of President, VP, Secretary, and Treasurer - 00:14:22: Open Forum: No Comments, Agenda/Minutes Approval - 00:15:46: Elevate Hennepin Initiative Presentation By Lily Shaw - 00:29:05: Questions on Impact Fund and Elevate Hennepin - 00:31:39: Consent Calendar Items and Staff Report Presentation - 00:33:00: Small Business Resiliency Program - Proposed Creation - 00:35:47: Forgivable Loan and Eligibility Q&A Discussion - 00:40:08: Comments, Discussion, and Resiliency Program Approval - 00:41:39: Executive Director Report, Discussion, and Adjournment Part: 1 1 00:00:21.920 --> 00:00:38.079 like to call this meeting of the Richfield Housing and Redevelopment Authority of March 16, 2026 to order. Uh first item of business tonight is we have the pleasure of welcoming a new member of the uh HA U Brett Stersa. So 2 00:00:38.079 --> 00:02:05.360 will you be administering it both Well, welcome Brett. It's going to be a be a pleasure to be working with you in the in the coming uh coming years. >> And I I want to say congratulations as well. 3 00:02:05.360 --> 00:02:20.400 Our uh next item of order of business is the election of officers for the Richfield Housing and Redevelopment Authority. Uh tonight we'll be electing the chair, the vice chair, and the secretary. 4 00:02:20.400 --> 00:02:41.519 Um with that, I guess I will open the floor for nominations for chair. >> I would nominate Gordon Hansen for chair. >> Second. >> All right. Uh are there any other nominations? I guess hearing none. All in favor of uh 5 00:02:41.519 --> 00:02:57.040 Gordon Hansen for chair say I. >> I. >> Any opposed? Okay. I'll open the floor for nominations for vice chair. >> I'll nominate Sean Hayford Deliri. 6 00:02:57.040 --> 00:03:15.440 >> I'll second that. >> Okay. Are there any other nominations? All in favor of uh Sean Hayford Olri for vice chair say I. >> I. >> I. >> Any opposed? And I'll open the floor for nominations for secretary. 7 00:03:15.440 --> 00:03:33.200 >> I'll nominate John Young. >> Second. >> All right. Are there any other nominations? Okay. All in favor of uh John Young for secretary say I. >> I. >> Any opposed? All right. We have our uh we have our 8 00:03:33.200 --> 00:03:54.159 slate of officers. Um roll call. I can finish the roll call. Commissioner Young >> here. >> Commissioner uh Mayor Supple >> here. >> Commissioner Hansen uh 9 00:03:54.159 --> 00:04:10.159 >> here. >> Commissioner Hayford here. >> And Commissioner Stersza here. >> Thank you. All right, that uh brings us to our open forum. Uh participants can share their comments in person, by voicemail or email and may also request to 10 00:04:10.159 --> 00:04:26.800 participate uh virtually. Uh for more information on submitting comments, refer to the housing redevelopment authority agenda and minutes page on the city's website. Um is there anyone here tonight uh speak for the open forum? 11 00:04:26.800 --> 00:04:42.320 >> Okay. Did anyone contact us through uh any other means? No, we received no emails or phone calls. >> Okay. All right. Thank you. Um, approval of the agenda. I'll uh accept a motion for approval. 12 00:04:42.320 --> 00:04:58.240 >> I move approval of the agenda. >> I'll second that motion. >> Okay. All in favor of approving the agenda say I. >> I. I. >> Any opposed? Uh, approval of the minutes. And we'll we're looking for approval of the minutes of the joint 13 00:04:58.240 --> 00:05:14.479 housing redevelopment authority and city council work session of February 17, 2026 and the regular housing and redevelopment authority meeting of February 17, 2026. >> I move approval of the minutes. >> Okay. Is there a second? 14 00:05:14.479 --> 00:05:31.039 >> Second. >> Okay. All in favor of approving the minutes say I. >> I. >> Any opposed? All right. We don't have any presentations tonight. Uh and we'll move on to the consent calendar and I will uh turn over for uh 15 00:05:31.039 --> 00:05:47.840 staff. Thank you, Chair Hansen, members of the HA. The consent calendar contains several separate items which are acted upon by the HR in one motion. Once the consent calendar has been approved, the individual items and recommended actions have also been approved and no further 16 00:05:47.840 --> 00:06:04.160 HRA action on these items is necessary. Any HR commissioner may however request that an item be removed from the consent calendar and placed on the regular agenda for discussion and action. The items on the consent calendar tonight include consideration of an amendment to 17 00:06:04.160 --> 00:06:21.039 the professional service agreement with VEP to provide an additional $50,000 in local affordable housing aid funding for emergency rental assistance and related navigation and servicing of the program. Consideration of an amended and restated local housing incentive account subgrant 18 00:06:21.039 --> 00:06:36.400 agreements with HomeSource Incorporated and Woodlon Terrace Cooperative. adjusting the funding amounts, outcomes, and deadline for the creation of new affordable housing opportunities in Woodlon Terrace. Consider the adoption of a resolution amending the bylaws of 19 00:06:36.400 --> 00:06:52.400 the Housing and Redevelopment Authority to adjust the order of operations and consideration of resolutions designating official depositories for the Housing and Redevelopment Authority for 2026, including the approval of collateral. All items listed on the consent calendar 20 00:06:52.400 --> 00:07:12.639 are recommended for approval. I'll move um approval of the items on the consent calendar. >> Second. >> Okay. A motion has been made and seconded. Uh all in favor of approving the consent calendar say I. >> I. >> Any opposed? 21 00:07:12.639 --> 00:07:28.240 >> All right. We uh we don't have any public hearings or resolutions tonight. Uh so with that, I will uh turn over for the executive director's report. >> Thank you, Chair Hansen. Members of the HR, the two things I wanted to mention, one is that the Astro Commons 22 00:07:28.240 --> 00:07:43.360 development proposed at 66 in Portland is officially dead. They have decided not to pursue that development anymore. Um, not having received tax credits for the fourth year. They decided that it's just not a workable project. So, that is 23 00:07:43.360 --> 00:08:00.479 unfortunate and we will be looking to figure out what's next for that property. Uh, we have also begun the process of updating our TIFF management plan. That is a document we had our financial consultant put together back in 2022 and we'll be updating that document and 24 00:08:00.479 --> 00:08:16.000 that will be coming before you sometime this fall. Uh we will have some decisions to make this fall regarding uh spending plan dollars and our affordable housing trust fund and that document will help guide those decisions. So look for that sometime this fall. And that's 25 00:08:16.000 --> 00:08:41.760 uh the conclusion of my report. All right. >> If you if you recall off hand um with Astro Commons, what was the result of like the land use changes at the time? Did that get redesated in the comprehensive plan or what what is the current status of the parcel as it sits? >> It did get redesated to high density 26 00:08:41.760 --> 00:08:57.600 multif family. It had been medium density. Yes. So that designation will continue. Right. I think though the small size of the parcel will govern how how dense any project can be. Right? If you remember that was a 38 unit project and that was 27 00:08:57.600 --> 00:09:13.519 >> that was probably close to capacity given um the need for parking. >> It's about half an acre, right? >> It's half an acre. Yes, correct. >> Thank you. >> All right. Uh any other comments or questions? All right. We'll uh move on to H 28 00:09:13.519 --> 00:09:28.480 discussion items. Commissioner Sele. >> Um I just was wanting to um comment on something that was on the consent agenda. I'm really happy to see that we're moving forward with all of the Woodlon Terrace work and it's been great 29 00:09:28.480 --> 00:09:45.480 to see how that has come along and had welcomed more members to the community and provided more affordable housing. So thank you to staff and everybody who worked on that. I appreciate it. And also thank you for everybody that worked with VEP to provide the rental assistance. 30 00:09:46.320 --> 00:10:02.560 Any other uh discussion items? Okay, seeing none, we will uh um move on to approval of the claims. >> I move approval of claims. >> Second. >> All right, a motion has been made and 31 00:10:02.560 --> 00:10:36.560 seconded for approval of claims. All in favor say I. >> I. I. >> Any opposed? And that concludes our business for the H tonight. The meeting stands adjourned. All right. I'd like to uh call to order the Richfield Economic and Development 32 00:10:36.560 --> 00:11:58.800 Authority meeting of March 16, 2026. Our uh first item of business tonight is to welcome uh new member Brett Stersa and I believe you'll be uh administering the oath of office Welcome and we welcome you to the uh 33 00:11:58.800 --> 00:12:14.240 economic development authority. >> Thank you. >> All right. Our next item of business is election of officers for the uh Richfield Economic and Development Authority. Uh tonight we'll be electing the the president, the vice president, 34 00:12:14.240 --> 00:12:32.040 and the secretary. Um, so I will open uh nominations for president. >> I'll um nominate Gordon Hansen for president. >> Second. >> Are there any other nominations? 35 00:12:33.200 --> 00:12:50.079 Okay. All in favor of uh Gordon Hansen for president say I. >> I. >> Any opposed? >> All right. I will open nominations for vice president. I'll nominate Sean Hayford for vice president. >> Second. 36 00:12:50.079 --> 00:13:09.920 All right. Any other uh nominations? >> All right. Um all in favor of Sean Hayford Olyri for vice president say I. >> I. >> I. >> Any opposed? And I will open nominations for secretary. >> I'll nominate Michelle Friedrich. 37 00:13:09.920 --> 00:13:27.200 >> Second. Okay. Any other nominations? I All in favor of Michelle Friedrich for secretary say I. >> I. >> I. >> Any opposed? 38 00:13:27.200 --> 00:13:44.560 >> All right. >> And uh also treasure. I will open nominations for treasure. >> I'll nominate John Young. >> Second. Uh, any other nominations? All in favor of John Young for treasure, 39 00:13:44.560 --> 00:14:06.320 say I. >> I. >> Any opposed? >> Okay. And uh, nominations for uh, assistant treasurer. >> I'll nominate Mary Boie. >> Second. >> Any other nominations? 40 00:14:06.320 --> 00:14:22.480 All in favor of Mary Boi for treasure assistant treasure say I >> I >> I any opposed. Okay. Well, that uh completes our slate 41 00:14:22.480 --> 00:14:39.519 I believe of officers. Okay. Uh we will um roll call. I would note attendance or Okay. Moves us on to the open forum. Participants can share their comments in 42 00:14:39.519 --> 00:14:57.120 person, by voicemail or email, and may also request to participate virtually. Uh, is there anyone here tonight that would like to address the economic development authority? Did anyone contact us by any other means? 43 00:14:57.120 --> 00:15:14.079 >> We received no other communication. >> Okay. Thank you. That moves on to approval of tonight's agenda. Is there a motion? I move approval of the agenda. >> Second. >> All right. A motion has been made and seconded to approve tonight's agenda. 44 00:15:14.079 --> 00:15:29.199 All in favor say I. >> I. I. >> Any opposed? >> And that next will be approval of the minutes. Approval of the minutes of the regular economic development authority meeting of February 17, 2026. Uh is 45 00:15:29.199 --> 00:15:46.000 there a motion to approve? >> So moved. >> Second. >> Okay. Motion has been made and seconded to approve the minutes. Uh all in favor say I. >> I. >> I. >> Any opposed? Okay. Uh we have a presentation tonight for the overview of 46 00:15:46.000 --> 00:16:00.880 the uh Elevate Henipin initiative. I'll turn it over to uh staff report >> and I'm going to ask economic development manager Jan Youngquist to introduce our presenter. >> Good evening. Thank you, President 47 00:16:00.880 --> 00:16:18.399 Hansen and EDA members. Um the city of Richfield, we've enjoyed um a strong partnership with Henipin County for the last five years on the Elevate Henipin initiative. Um since we do have a new EDA commissioner and Henman County has 48 00:16:18.399 --> 00:16:35.680 released information for 2025, we thought it would be great uh to invite Henman County here to do a presentation on Elevate Henipin. So um I'd like to welcome Lillly Shaw. She is the economic development manager for Henipin County and she'll be providing an overview of 49 00:16:35.680 --> 00:16:56.720 Elevate Henipin. Thank you, Jan. President, commissioners, congratulations, commissioner. Uh, my name is Lily Shaw. I'm the economic development manager at Henipin County, and I look forward to sharing with you sort of the journey of Elevate Henipin and what it offers to 50 00:16:56.720 --> 00:17:13.919 your small businesses. So the first thing I have to mention is that it is hard to underestimate the importance of small businesses in our community. They are the lifeblood of our community, of our economic development. 51 00:17:13.919 --> 00:17:30.400 In Henipin County alone, we have over 40,000 unique establishments. of those establishments 90% of them have under a 100red employees and 70% of them have under 10 employees 52 00:17:30.400 --> 00:17:47.679 and because of that is the birth of Elevate Henipin. Elevate Henipin was uh first started in 2020. It birthed out of the pandemic and out of civil unrest and we were really fortunate enough that our board convened a diverse group of 53 00:17:47.679 --> 00:18:04.480 business owners to really look at what was needed by our businesses at that time and ongoing. This was a volunteer board and we were so lucky to have them and they they came together and they had a resounding voice and said that there 54 00:18:04.480 --> 00:18:22.000 were three things that was needed more than anything. Businesses needed one place to be able to go for resources. They needed one advising and consulting and they needed peer-to-peer gathering and learning. And then they went on to 55 00:18:22.000 --> 00:18:38.480 say, "And they need it with no barriers to entry and they need it at no cost." And through an investment from our board and through other county partners, we have been able to deliver that and more. We not only have offered those three 56 00:18:38.480 --> 00:18:52.880 things, which I'm going to talk to you about tonight, but we've also listened more and found that businesses needed somebody to help get down to what they actually needed. Business navigators to clear through the clutter and businesses 57 00:18:52.880 --> 00:19:10.320 also needed financial support. So, what I'm going to share with you today is that we couldn't do this alone. We needed not only our board to invest in that, but also city partners. I am pleased that we have 19 city partners 58 00:19:10.320 --> 00:19:26.160 including Richfield and I have the pleasure of working with Jan quite often on delivering some of these programs that I'm going to tell you about tonight. We uh greatly thank you for your valued partnership. 59 00:19:26.160 --> 00:19:42.480 So the first thing that I mentioned that we needed was a cur curated hub in developing our signature brand of Elevate Henipin and the website you see pictured here. We wanted a vibrant and welcoming location to get information 60 00:19:42.480 --> 00:19:59.440 quick and resources and support and stories out there. We listened to our business leaders who told us that they needed that single online source for resources instead of wasting valuable time searching or using Google. Our online resource directory, the button 61 00:19:59.440 --> 00:20:15.120 right up there that says resource directory, you can take you to over 140 vetted resources that you can filter by by area of support, by interest, or by language or by stage. There are no user 62 00:20:15.120 --> 00:20:30.559 accounts needed. You don't have to create a password. Uh there's no long intakes to get the support you need. And in parallel with creating this website, we also created a newsletter that goes out twice a month. It now has almost 63 00:20:30.559 --> 00:20:47.919 11,000 followers and a 45% open rate to stories, applications, and information that business owners might need immediately. Our primary program is called one-on-one 64 00:20:47.919 --> 00:21:04.640 advising. We contract with up to 30 advisors to help us deliver our advising and consulting support. Business owners can access up to 25 hours per advisor for no cost in over 10 areas of support. 65 00:21:04.640 --> 00:21:20.400 We created intake forms located on the website that take only three to five minutes to complete and they notify an advisor of their interest. Then within two business days, an adviser reaches out and starts discussing the project or 66 00:21:20.400 --> 00:21:36.320 the scope of work that this business owner needs. Easy, minimal time, and no barriers to entry. Our advisors are local, diverse, and experts in the area they support. Each advisor works uniquely with the business owner to 67 00:21:36.320 --> 00:21:53.520 create the scope of work to support that entrepreneur with seamless tactics and challenges to get them to their next step. Our 10 areas of support are access to capital. So working through those challenging paperworks to get your grant 68 00:21:53.520 --> 00:22:10.080 or your or your loan, accounting, business strategy, certification, financial management, human resources, idea stage, legal support, marketing and technology. Various advisors under each 69 00:22:10.080 --> 00:22:27.520 of those areas. For example, under marketing I have 11 different advisors and under business strategy I have 12. We know that's a lot to remember to sift through all of those 140 resources to sift through all those advisors and 70 00:22:27.520 --> 00:22:43.200 that's why we provide Henipin County staff. This is Ashell McKini and Maya Yang my two business navigators that will actually meet with businesses. All you have to do is schedule a quick uh time on the calendar, 15 to 20 minutes, 71 00:22:43.200 --> 00:22:58.480 Monday through Friday, 9 to 3, and they will help you sift through the advisors, give you recommendations, listen to what your pain point is, and get you to your next step. We have done over 1,900 business navigation sessions since we 72 00:22:58.480 --> 00:23:14.880 started business navigation in 2023. Now, I'd like to move forward and share information about our cohorts or peer-to-peer learning, which was another request that we heard businesses need. Over the past several years, we have 73 00:23:14.880 --> 00:23:31.120 created a suite of programs that entrepreneurs at varying stages can participate in at no cost. We work with the strongest curriculum we can find and train local facilitators to move participants forward. Our programs go 74 00:23:31.120 --> 00:23:48.720 from two days to eight months and depending on the type of program serves anywhere from 14 to 24 businesses per cohort. We go from idea stage in boot camp all the way up to second stage in our CEO next helping businesses that 75 00:23:48.720 --> 00:24:05.280 just have an idea all the way up to businesses with over 10 employees and up to five million dollars. These um cohorts are again at no cost to a business owner, only their time and investment in learning and they can walk out with a three to five year strategy 76 00:24:05.280 --> 00:24:21.440 or plan or a three-year plan for uh for retention and attraction to improve in to build their businesses and bring on new employees. In addition to our suite of programs, we continue to listen to our business 77 00:24:21.440 --> 00:24:37.600 owners needs and have added the following offerings. We have an online membership with a coven, which I hear you're getting a new coven here in your location. So, this is the digital library of entrepreneurial curriculum and network connectivity for no cost. In 78 00:24:37.600 --> 00:24:54.400 addition, we have started our own digital library of short um a fast growing list of short topical videos from our expert advisors. We have a monthly virtual 90minute get started program for people with just an 79 00:24:54.400 --> 00:25:09.679 idea that they want to test out. And we also have 90inute master classes with a certified access academy that focuses on certification best steps and next steps. And we also have our small business 80 00:25:09.679 --> 00:25:25.120 capital fund that we launched last year with our selected advisor next stage. This is to distribute small business loans and commercial ownership loans with $4.22 million investment from Henipin County. This is with a specific 81 00:25:25.120 --> 00:25:42.159 focus and emphasis on low barrier financing for startups and established businesses. And most recently, our board also approved a $2 million recovery fund for Henipin County businesses affected by Operation Metro Surge. And that 82 00:25:42.159 --> 00:25:59.520 application actually opens up this coming Wednesday and runs for one week. Through all the items I have shared, from one-on-one advising to cohort programs and everything in between, I'd like to report that these strategies are 83 00:25:59.520 --> 00:26:17.360 working and we see real impacts in the business community. To date, Elevate Henipin has served over 4,600 unique businesses, over 3,900 in one-on-one advising alone, with over 61,000 hours of support. and our cohorts 84 00:26:17.360 --> 00:26:33.360 led by our excellent facilitators have graduated over 480 businesses. With the expertise of our adviserss, we have facilitated the financing of $53 million, adding an estimated 1,582 85 00:26:33.360 --> 00:26:49.919 jobs. In addition, we have supported the launch of over 340 businesses. In order to understand who we are serving, we review our demographics to make sure there is access for all and growth in how businesses are moving 86 00:26:49.919 --> 00:27:06.000 through our programs. And now to bring it a little more local, our newly created dashboard allows us to share with city partners the exact reach in their area and a list of businesses supported. A few you've actually already 87 00:27:06.000 --> 00:27:22.080 seen in the PowerPoint. From h happy jolly llamas to open hairspace located here in Richfield. Elevate Henipin advisers have supported here in Richfield over 110 businesses and over with over 1,800 88 00:27:22.080 --> 00:27:38.640 hours of service and our facilitators have generate graduated over 11 businesses from our cohort programs. In addition, advisers have facilitated the financing of over 500,000 to Richfield businesses, resulting in an 89 00:27:38.640 --> 00:27:55.520 estimated 71 jobs and the launch of 11 businesses. Local demographics also help us understand the communities we are reaching and the results that we are having here in your local community. We have also reached out to our business 90 00:27:55.520 --> 00:28:11.600 owners that we serve to make sure that the data isn't the only telling us how we're doing. We do two surveys per year and to ensure that our advisors are actually supplying useful and critical help to our small businesses. In our 91 00:28:11.600 --> 00:28:29.679 2025 survey, we received 95% that said that they would recommend Elevate Henipin to other entrepreneurs and 93% actually felt more confident in their business to move forward. We hear every day from our small 92 00:28:29.679 --> 00:28:46.320 businesses the impact that Elv Henipin is having on the local community and we try to go beyond the numbers and tell the stories to ensure they continue to thrive and grow. I want to encourage you to explore elevatehip.org or sign up for our Elevate Henipin 93 00:28:46.320 --> 00:29:05.640 newsletter or read some of the stories about some of the businesses we have touched such as Happy Dolly Llamas or Sicadon with open hairspace. Thank you so much for your time today and I'm happy to answer any questions. >> Commissioner, 94 00:29:05.760 --> 00:29:22.799 >> first of all, thank you. This is a very exciting um program that you have. I've I've really enjoyed hearing about it. Um, can you tell us more about the impact fund you said was opening Wednesday and how people would go about accessing that money or applying? >> Yes. Yes. So, we have uh last Tuesday 95 00:29:22.799 --> 00:29:38.960 was approved $2 million to support businesses that have been affected by Operation Metro Surge. That application will be open this coming Wednesday the 18th at 4 PM and will remain open until the 25th at 4 pm. The application is 96 00:29:38.960 --> 00:29:55.279 online at elevatehenipin um.org and also at henipin county uh economic development programs. I'll be sure to share that with Jan so that she can share it on. Um that is for it is specifically focused towards um 97 00:29:55.279 --> 00:30:12.320 businesses that have a location uh and have had income uh prior to December 1st, 2025. All of the eligibility is currently posted on our website along with um the amounts that they can get. So it's anywhere in between 3,000 and 98 00:30:12.320 --> 00:30:31.200 $10,000 predominantly used for rent. >> So you don't have to have been associated with Elevate Henipin before. It's open for anyone. >> No, it's open to um the entire Henipin County uh predominantly brick andmortar uh organiz um organizations. You don't 99 00:30:31.200 --> 00:30:50.880 have to own it. Uh, you can also lease the brick and mortar. >> Thank you. I think that'll be well appreciated. >> Good. >> All right. Any other uh comments or questions? >> Well, I guess you know, I would say that 100 00:30:50.880 --> 00:31:06.159 this is exciting what you're doing. I I agree with you. I small business is the lifeblood of kind of like driving our economic vitality. And I just can't help but think there's probably a lot of budding entrepreneurs out there where they've got an idea, but there's just like that certain level of 101 00:31:06.159 --> 00:31:21.039 expertise and, you know, in the many different areas of running a business that's kind of holding them back. So, I think this program just kind of fills those gaps, and I think you're serving a a really, really vital need. >> Thank you very much. 102 00:31:21.039 --> 00:31:39.519 >> All right. Any final thoughts? Well, great. Well, thank you for your presentation today. >> Thank you so much for your time. Well, that moves us to, uh, the consent calendar tonight. Um, and for that, I will turn it over to 103 00:31:39.519 --> 00:31:56.320 our staff for the report. >> Thank you, uh, President Hansen and members of the EDA. Tonight's consent calendar contains several separate items which are acted upon by the EDA in one motion. Once the consent calendar has been approved, the individual items and recommended actions have also been 104 00:31:56.320 --> 00:32:12.320 approved. and no further EDA action on these items is necessary. However, any EDA commissioner may request that an item be removed from the consent calendar and placed on the regular agenda for discussion and action. Tonight's consent calendar includes two 105 00:32:12.320 --> 00:32:27.600 items. One, consideration of the adoption of a resolution amending the bylaws of the EDA to adjust the order of operations. and two, consideration of resolutions designating official depositories for the economic development authority for 2026, 106 00:32:27.600 --> 00:32:44.559 including the approval of collateral. All items listed on the consent calendar are recommended for approval. >> All right. Uh, is there a motion for approval of the consent calendar? >> I'll move approval of the consent calendar. 107 00:32:44.559 --> 00:33:00.640 >> Is there a second? >> Second. Okay, motion has been made and seconded for approval of tonight's consent calendar. All in favor say I. >> I. >> I. >> Any opposed? >> We uh we don't have any public hearings 108 00:33:00.640 --> 00:33:16.799 or resolutions tonight uh for the meeting, but we do have an item under other business uh consider the creation of a small business uh resiliency program. And for that, I will uh ask for the staff report. and I will ask economic development manager Jan 109 00:33:16.799 --> 00:33:32.399 Youngquist to present this staff report. >> Thank you, President Hansen and EDA members. The recent federal immigration enforcement actions as part of Operation Metro Surge have resulted in serious economic impacts on local small 110 00:33:32.399 --> 00:33:47.519 businesses, including workforce shortages, reduced foot traffic, and significant revenue loss. The impacts are particularly severe for businesses that provide goods and services to the public and are owned by or that employ 111 00:33:47.519 --> 00:34:03.679 immigrants or people of color. The economic disruption has ripple effects that could threaten jobs, commercial vacancy rates, and the livelihood of business owners and community members. In response, staff is proposing that the EDA establish the Small Business 112 00:34:03.679 --> 00:34:21.040 Resiliency Program, an emergency business assistance program to support eligible businesses that have experienced economic disruptions related to the recent federal immigration enforcement actions. The program is proposed to be funded with $150,000 from the EDA and would 113 00:34:21.040 --> 00:34:36.879 provide onetime forgivable loans equal to two months commercial rent or mortgage payments up to $10,000. Eligible businesses must have 50 or fewer FTE employees, annual revenue of 4 million or less, operate in a brick 114 00:34:36.879 --> 00:34:54.000 andmortar location that makes direct sales or provide services to the public, and demonstrate significant revenue loss from December 1st of 2025 to March 30th, 2026. The EDA would partner with Next Stage, a local nonprofit community-based lender 115 00:34:54.000 --> 00:35:10.640 to administer the program. Next Stage has experience with direct lending to small businesses and entrepreneurs. Provides business advisor and technical assistance services to Richfield businesses through the Elevate Henipin initiative and administers funding programs for the state of Minnesota, 116 00:35:10.640 --> 00:35:25.440 Henipin County, Scott County, and the city of Bloomington. Upon approval of the program, staff will work with Next Stage to develop program materials and agreements and work with the EDA attorney to prepare the forgivable loan agreement with the intent of launching 117 00:35:25.440 --> 00:35:47.520 the program quickly. Uh, with that, I would take any questions you may have. >> All right. Uh, any questions? Commissioner, >> uh, is the loan forgiven as soon as everything is verified or is there a time period they have to remain open after receiving it? 118 00:35:47.520 --> 00:36:03.040 >> Uh, the intent is to make this easy and quick. Um, we will prepare a form that a business owner would need to complete um in order for the loan to be forgiven. >> Okay. But it's expected that would be relatively promptly. >> Correct. Yep. 119 00:36:03.040 --> 00:36:19.040 >> Uh, any additional questions or comments? Uh, Commissioner Oh, excuse me. Um, one question I have if um do you see the program is being administered on kind of like a first come first serve basis or if there are 120 00:36:19.040 --> 00:36:36.240 more applications then the money uh could be distributed to would it be a go through an evaluation process? >> Thank you for the question. Um so there will be an application form that a business um would fill out. Um that 121 00:36:36.240 --> 00:36:54.400 would be an initial look at eligibility and then within five business days they would need to um provide next stage with additional detailed financial information. And so um it's really going to be um awarded based on how quickly 122 00:36:54.400 --> 00:37:10.800 people get their information in. Um and so it will be um uh kind of first come first served a as they have submitted the um the needed information. We thought we would assess to see how 123 00:37:10.800 --> 00:37:26.480 this works and um uh you know potentially come back to you with requests for more funds depending on what we see um as responses for the program. >> Okay. Thank you 124 00:37:26.480 --> 00:37:42.160 commissioner. That was what my other question was is would there be a chance if we found a greater need than the 150,000 that we could come back for more funds. >> Uh there there are funds in the EDA budget and so um if that's something 125 00:37:42.160 --> 00:37:59.520 that uh the EDA would like to do, we could come back um and request additional funding. >> Thank you. >> All right. Uh any other commissioner, >> how will you will be advertising the program. How will you be letting local 126 00:37:59.520 --> 00:38:14.560 businesses know that this is available? >> Thank you. Um so we will be uh uh sharing information through the Richfield business bulletin which is our e newswsletter for businesses. Um we will be doing um kind of boots on the 127 00:38:14.560 --> 00:38:30.640 ground um handing out of information going to businesses um uh to to share the information. um the mayor and um uh the community development director, myself have been meeting with local businesses who have 128 00:38:30.640 --> 00:38:47.920 been impacted and um they seem to have a good network um with other business owners in the community. So, we're going to take a number of different um tactics to spread the word. >> Okay. Commissioner, >> as a followup to that, um when we're 129 00:38:47.920 --> 00:39:02.320 spreading the word about our program, are we also going to mention the Elevate Henipin program? is kind of happening at the same time. >> Yes. Um I I was thinking of uh publicizing Henman County's program and I thought I'd wait until uh after 130 00:39:02.320 --> 00:39:17.680 tonight's meeting so I can uh send out a blast on on both. It'll take us a little bit of time to get agreements and documents in place, but I can let folks know about both programs and then for them to uh stay tuned for when ours 131 00:39:17.680 --> 00:39:32.960 launches. >> Okay. Any additional questions? Okay, I guess hearing none, uh, is there a motion? >> I'll move to approve the establishment of the small business resiliency program 132 00:39:32.960 --> 00:39:49.920 with an allocation of $150,000 in economic development authority funds and authorize the execution of related agreements and program documents with Next Stage for the administration of the program. >> Second. All right. Um, any final final 133 00:39:49.920 --> 00:40:08.320 comments? >> I did also want to um thank staff for launching this so quickly and also thank it. It looks like they're going to do some proono staff time which I really appreciate. >> Any additional comments? 134 00:40:08.320 --> 00:40:24.599 >> Commissioner Young, >> thank you for putting this together. I think our community is really in need after shopping at many of the local establishments and seeing very few customers over the last couple months. You know, a lot of people are hurting. So, I think this is going to be a great program. 135 00:40:24.960 --> 00:40:41.200 >> Well, I just wanted to say that, you know, thank you as well for putting this together. It's, you know, what we've gone through in the past few months has really been unprecedented and it's been a lot of lot of hurt posed on our small businesses in the community. And I a comment I heard someone make recently was saying that something like this is 136 00:40:41.200 --> 00:40:56.640 even really more than just altruistic. It's it's really a community benefit because if our if our small businesses struggle and if they don't make it then we have open storefronts that of course reflects upon our image as a community. Uh eventually it could maybe even lower 137 00:40:56.640 --> 00:41:11.200 the the tax base of some of our commercial properties which then places a greater burden on on residential homes for property taxes. So, um, has many implications which are really important and vital to do and so I'm really 138 00:41:11.200 --> 00:41:40.000 pleased to see this moving forward. >> All right. Um, motion has been made and seconded. All in favor say I. >> I. I. >> Any opposed? >> Okay. And that uh Okay. So then next we have our executive 139 00:41:40.000 --> 00:41:55.520 director's report. >> Thank you, President Hansen. I do not have a report this evening. Thank you. >> Okay. Uh EDA discussion items. Any uh any items to discuss? Commissioner Supple. >> Um I wanted to thank Senator Wickland 140 00:41:55.520 --> 00:42:10.880 and Representative Howard for meeting with our small business group. And I also want to thank Eltehaban who hosted the the meeting and all of the business um owners that came to to meet with us. It was a great conversation and was a really good way to share that 141 00:42:10.880 --> 00:42:28.800 information with our legislators. Thank you. >> Okay. Any other discussion items? >> I guess seeing none, we will move for a motion for approval of claims. >> So moved. 142 00:42:28.800 --> 00:42:43.000 Second. >> Okay, a motion has been made and second for approval of the claims. All in favor say I. >> I. Any opposed? >> And that does complete tonight's business. And so we'll call the meeting ajourned.