04-21-2020 EDC Meeting Minutes - Laserfiche WebLink

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EDC Minutes Apri121, 2020 Page6of7 ----------------------------- 12. Other Business City Council Liaison Scott Pederson informed the EDC Commission that the City Council will be discussing is how can the City help our businesses survive through this crisis. He stated that Pequot Lakes will lose a bunch of their businesses if the City does not do something and that we cannot rely on just the federal government or state government. He stated he talked to a few businesses to try to get ideas on what they can do as a City to help pay some fees or eliminate some of fees or costs. He stated that he does not know the answers to those questions but he would like some suggestions. He suggested a possible Loan Fund, making water and sewer bill fees go away for a while, planning and zoning fees, suspending the costs for liquor licenses and stop City spending. Commissioner Rieck pointed out that we need to know how much can the City actually afford and if there are funds available anything extra. She said she was talking with one of the County Commissioners yesterday and asked what kind of shape the banks are in in this area and if it would be possible that maybe the City could provide an interest free loan something along those lines, if the City could partner with our local banks to help the businesses. Mr. Pederson said he believes this is going to be a year possibly two years of recovery and if we can cut the City budget from the property taxes by 10-12% we would be looking at a couple hundred thousand dollars that goes back into the community. He brought up a fund where businesses could get a loan that they would not have to pay back for a year or so. Commissioner Rieck stated that the County Commissioner had also talked about was kind of being a Cooperative deal where the bank would provide some funding for example paying for commercial rent or mortgage and then the landlord would agree to reduce rent during that time so they were a combined effort. Discussion ensued about the renters and mortgages. Mr. Pederson suggested from a City municipal standpoint that can maybe David Drown could provide some idea to the City. Katie Wassermann offered to compile the list of the financial resources from a business perspective and email those to Mr. Pederson. She explained that some business owners are have having trouble with the stipulations inside some of those loans. Mr. Pederson said to feel free to have any business person with concerns contact him or one of the Council Members. Commissioner Rieck stated that Tyler was planning to present to the EDC this month on the potential business for the Heart of the Good Life and asked if there was anything that we know about it. Nancy Malecha stated that they are still in discussions and with the COVID-19 situation that it all has been pushed out and they are hoping to present to the EDC at the May meeting.