HomeMy WebLinkAbout3a. Eco Dev program memo finalCity of Lakeville
Memorandum
To: Economic Development Commission
From: Tina Goodroad, Community Development Director
Copy: Justin Miller, City Administrator
Kati Bachmayer, Economic Development Manager
Date: October 21, 2025
Subject: Economic development programs
The Economic Development Strategic Plan contains several goals for enhancing economic
development. Goal 1 is to identify resources available for economic development. Strategies
include exploring internal resources available for economic development. While we are not at
the point of creating an EDA levy, staff is exploring the formation of pilot programs to create
tools to support growth of our local businesses. Creating pilot programs will allow us to test
select programs to determine effectiveness and additional programs that are necessary as we
continue the growth of economic development funding through an EDA levy in the future.
Pilot program ideas:
• General business grants – set specific amount; criteria focusing on existing business
reinvestment or attracting new business to Lakeville.
• SAC/WAC grants or deferrals to offset costs to new restaurants who have higher than
average connection costs. Use this to attract new restaurants.
• Low or no interest revolving loan fund program - focus on equipment and expansion.
• Manufacturing grants – aid manufactures with grants for operational improvements.
• Retail assistance grants- encourage expansion of retail city wide or specific areas such
as downtown.
• Creation of a Fund balance – allow funds to grow incrementally for pursuit of larger
programs and /or initiatives.
• Façade improvement grant program with the goal to improve curb appeal. Could also
consider more general property investment, help with renovation of any business or
deal with code violations.
Many of our neighboring communities are offering similar programs. Selected programs would
be created with criteria, application process, funding caps, etc. EDC will be involved as
programs are created as well as evaluation of applications and recommendations for awards.
Action Requested: Input into the pilot program ideas and recommendation for development
of a program(s).