HomeMy WebLinkAbout20-08 - ADMIN Resolution - Economic Development Authority - 2020/04/20EDA Resolution No. 20-08
Resolution approving emergency financial assistance to
combat impacts of COVID-19 on small businesses within
the City of St. Louis Park
Whereas, the Authority was created pursuant to Minnesota Statutes, Sections 469.090
through 469.1081, as amended, and was authorized to transact business and exercise its powers
by a resolution adopted by the city council of the City of St. Louis Park, Minnesota (the “City”); and
Whereas, the Authority and the City have undertaken a program to promote economic
development and job opportunities, promote the development and redevelopment of land which
is underutilized within the city, and facilitate the development of affordable housing; and
Whereas, the spread of COVID-19 in the United States and Minnesota has raised serious
public health concerns and resulted in national, state, and city declarations of peacetime
emergency; and
Whereas, Governor Tim Walz has issued several Executive Orders to combat the
impacts of COVID-19 within the State of Minnesota, which include closures of schools, bars,
restaurants, and other places of public accommodation, and directing Minnesotans to stay at
home (with exceptions for obtaining necessary supplies, healthcare and similar needs) unless
they are engaged in critical sector work; and
Whereas, many businesses within the city have been economically impacted by the
Governor’s Emergency Executive Orders in response to the COVID-19 pandemic; and
Whereas, the Authority has the power of a housing and redevelopment authority and an
economic development authority and may provide financial assistance to businesses for purposes
of preventing blight and preventing substantial and persistent unemployment; and
Whereas, in order to retain small businesses in the city, the Authority has determined to
create the Small Business Emergency Assistance Program (the “Program”) to assist with the
expenses incurred and specifically caused by the impact of the Governor’s Emergency Executive
Orders, and has determined to reallocate up to $200,000 from its Revolving Loan Fund within its
Development Fund to the Program in order to provide grants in the amount of up to $5,000 to
small businesses in the city; and
Whereas, Authority staff and legal counsel have developed Program guidelines and an
application process which have been presented to the Authority for review, and the Board of
Commissioners of the Authority have determined that the Program is necessary for the continued
economic stability of local businesses within the city.
Whereas, Women and minority-owned businesses have historically lacked access to capital
equity and are a priority for accomplishing the city’s race equity goal.
DocuSign Envelope ID: 1F00F6B9-6FE8-43B6-9EA0-3E6170FDD3C0
EDA Resolution No. 20-08 2
Now therefore be it resolved that the Small Business Emergency Assistance Program and
implementing documents are approved in substantially the form presented to the Authority,
subject to modifications not having a substantive effect on such Program and that are approved by
the Executive Director of the Authority, and that funds shall be made available under the Program
on and after April 21, 2020.
It is further resolved that Authority staff and officials are authorized to take all actions
necessary to implement the Program, including without limitation processing and approving
Program applications and executing grant agreements pursuant to the Program guidelines.
It is further resolved that this resolution shall be effective upon approval.
Reviewed for Administration: Adopted by the Economic Development
Authority April 20, 2020
Thomas K. Harmening, executive director Rachel Harris, president
Attest:
Melissa Kennedy, secretary
DocuSign Envelope ID: 1F00F6B9-6FE8-43B6-9EA0-3E6170FDD3C0