05.01 - Update on Funding Options by BLADC

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Recommendations and Next Steps: This preliminary analysis provides insight into sources of funding for the two economic development projects being proposed by the City of Pequot Lakes. Government Drive The following sources of funding were identified as a potential fit for this project: • Tax Increment Financing • DEED Business Development Infrastructure Fund • USDA Community Facilities loan and grant program • Assessing property owners Brunes Royce Project The following sources of funding were identified as a potential fit for this project: • U.S. EDA infrastructure Funding • Tax Increment Financing • DEED Business Development Infrastructure Fund • Assessing property owners If the City would choose to continue to pursue funding options outlined above, further research would be required to determine the best fit for the community and the project. Both state and federal programs typically require communities to demonstrate need for project funding by analyzing socioeconomic data and highlighting the economic benefits that will occur as a result of this investment. These benefits would need to be researched and documented. The next step for the City would be to enlist the assistance of Brainerd Lakes Area Development Corporation to contact the state and federal representatives for these programs to communicate the cities interest in seeking funding and begin to compile the data and project details required by the programs. In the case of Tax Increment Financing or assessing property owners, BLADC is able to directly provide further guidance to the city. City of Pequot Lakes Infrastructure Funding