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EDA reports microloan program progress; commissioner Dibba resigns
Summary
Staff reported 14 approved microloan applications totaling about $135,000 and nine additional applications under review that could bring lending near $210,000 of a $300,000 budget; the EDA also noted Commissioner Lamin Dibba’s resignation and upcoming Twin Cities North Chamber event.
During business updates at the June 1 meeting, Community Development Coordinator Emilie Voight told the Economic Development Authority that 14 microloan applications in the first two batches have been approved, totaling roughly $135,000. Nine additional applications remain in process and, if approved, would add about $75,000, bringing total committed loans near $210,000 of a $300,000 program budget. Voight said common uses included mortgage or lease payments and utilities.
Voight also announced Commissioner Lamin Dibba’s resignation from the EDA due to scheduling conflicts; staff said the City Council will fill the vacancy and the EDA agreed to stagger terms and have the replacement start a new six-year term. Voight reminded commissioners that the Twin Cities North Chamber Business Connect meeting will be held June 5 at 8:00 a.m. in the Central Place Room at City Hall.
Forney provided a brief update on the Rainbow/Alatus redevelopment site, saying staff are meeting weekly with Alatus and conducting a stormwater feasibility study with ISG and the Mississippi Watershed Management Organization to integrate Jackson Pond into the site; part of the funding will support an Environmental Assessment Worksheet and approvals are expected in the fall.
