NYM approved for new round of funding for downtown grants
News | Published on December 23, 2024 at 7:30pm GMT+0000 | Author: Tucker Henderson
0Program provides matching grants for exterior projects
By Tucker Henderson
Reporter
The New York Mills Economic Development Authority met for their regularly scheduled meeting last Wednesday, Dec. 18 at the city hall chambers to discuss business activity within the city.
President Betsy Roder updated the board on their revolving loan fund balance which sits at $214,857.11. She said that they have an abundance of funds and the board wants to get that money out to local businesses. They also approved a subordination of mortgage for 15 E. Centennial LLC.
The EDA board was informed that they were approved for a second round of funding for their Downtown Matching Grant Program. They had previously discussed extending the program to interior improvements, which was approved by the board, but was recently informed that all interior improvements must match the guidelines of the CDA to be eligible.
The board requested a list of approved interior improvements for their grant application for next year. Applications will open in late January or February.
Julie Roberts informed the board that the TIF-decertification was completed for the Country View Addition at the city council meeting this month. This opens the addition to more creativity for the city in terms of selling the lots. The costs of the remaining lots was discussed and a motion was made to pre-approve a $10,000 price tag for each lot contingent on research and approval from the board’s financial team. The motion was approved and the EDA will look forward to moving ahead in the addition.
Previously, the city was not able to offer much wiggle-room on the costs of the lots as the county’s TIF-district had certain operating requirements that the city had to abide by. Now that the decertification has taken place, there is more freedom with the lots moving forward. A purchase agreement is currently being written up for one lot.
The board was also updated on the Family Resource Center that is slated for NY Mills.
Roberts met with Lynne Peake Valdes and Amy Baldwin from Otter Tail County to look at the space in the City Center building’s lower level. They informed her that they will be submitting a grant for the remodel of the space, as well as the elevator control panel to get the space ready for the Family Resource Center. Egress windows would be needed for the Resource Center.
The board also discussed the CEDA funding and approved a billboard design through Newman Signs. Jordan Grossman, CEDA representative, will be the keynote speaker at the upcoming Community Kickoff Event on January 22. The event will be hosted by the Civic & Commerce and will act as a “State of the Union” for the City of NY Mills.
The next NY Mills EDA meeting will take place on Wednesday, Jan. 15 at 8:30 a.m. at the City Hall Chambers.