03.07 2021 BLAEDC Agreement - Laserfiche WebLink

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/ Brainerd Lakes Area ECONOMIC DEVELOPMENT ' Corporation � July 2020 Re: BLAEDC 2020 Funding Support , Dear Mayor Tayloe, IYs no surprise that this year has been turbulent.Although these past few months have created various challenges, BLAEDC has remained accessible and available to our communities and has provided resources and ', support to our local businesses and business leaders. BLAEDC staff was deemed essential and we worked with ieadership at a locat,state and national level to assist our business community and ensure they had access to the most up-tadate resources and inforrnation. BLAEDC has also assisted local county and cities to create grant funding opportunities and will administering the CARES Act/Coronavirus Relief Funds grants in the next couple of months. In addition to BLAEDC's immediate response to the COVID-19 crisis,our staf�also continues to expand business,build community,and grow jobs in Crow Wing County. Our traditional wo�lc continues with special emphasis on our BLAEDC Unified Fund(BUF)and KEY Recruitment Program.These programs have brought a heightened awareness of economic development to our communities that helps us to grow our area economy. In the first 6 months of 2020,BLAEDC has made 4 BUF loans with a totat of$296,870 funded. Our Key Recruitment program has hired 7 individuals from out of the area,totaling an additiona125 people refocating and participating in our communities. Based on the impact of our wor{c and the need to have a professional economic development organization serving , Crow Wing County,the BLAEDC board of directors is focused on the following: 1. Enhanced govemment funding needs to increase. BLAEDC's funding from govemment is a critical component of our annual budget.We have identified a 3-year goal to increase government funding from $216,625 to$250,000 by 2022 to eliminate negative budgets and retain our professional staff. 2. Private sector business membership is a priority. In the last few years we have increased contributions by nearly 60%to$135,000 annually. We have a 3-year plan to continue securing private sector contributions, and hopefully reach$150,000-$200,d00 by 2022. 3. New economic development programs,inGuding our KEY Recruitment Program and the BLAEDC Unified Fund,have been positive for BLAEDC and the business community and need to continue.We plan to fine- tune and operate programs that will provide critical services and generate revenue that will help to alleviate long term funding increases needed from you. 4. Other opportunities are being explored by BLAEDC staff to continue bringing robust economic development programs to our community including entrepreneurial initiatives and succession planning. As a result,we are asking the City of Pequot Lakes to consider a funding commitment of$10,300 for the 2021 calendar year. Please advise if you would like BLAEDC representatives to meet with you to discuss our funding request. Your support and commitment to BLAEDC and economic development is sincerely appreciated. Attached: BLAEDC 2019 Report Sincerely, Tyler Gtynn BLAEDC Executive Director