SV EDA moves funds to aid
Tuesday, October 15, 2013 3:34 AM
The Spring Valley Economic Development Authority held a short, but productive, meeting Wednesday, Oct. 9.
The main order of business was to discuss the transfer of $30,000 to the 1 percent Revolving Loan Fund from the 3 percent Revolving Loan Fund, which would join the previously transferred $35,000. The 1 percent fund is a special fund set by the EDA for downtown revitalization to be used in conjunction with the Small Cities Block Grants.
The extra money is needed to ensure the EDA has enough funds to support the requests coming in for the Small Cities Block Grants.
Economic development director Cathy Enerson explained there are currently five persons who have applied for the EDA's revolving loan and two have applied for the Greater Minnesota Housing Fund (GMHF).All of these requests are presently pending.
Enerson also asked the board to convene for a special meeting later this month to discuss the pending applications, in order to give owners the opportunity to complete repairs needed before winter strikes.
The EDA approved the fund transfer, pending approval by the Spring Valley City Council, and will look into holding a special meeting on Oct. 30.
In other business:
Enerson recounted the final Urban Studios meeting, which was held Sept. 18.She wanted to remind all downtown business owners that Urban Studios has offered, as part of its contract, to go through each building to advise on ways to update the property.In addition, community and economic development consultant Michelle Vrieze is now available every Wednesday from 9 a.m. to 4 p.m. at Spring Valley City Hall.
The next regularly scheduled EDA meeting will be held on Nov. 13 at 8:30 a.m.