09-10-2024 EDC Agenda PacketA.5:30 P.M. - CALL TO ORDER
B.APPROVAL OF AGENDA
Commissioners may add or delete items at this time.
C.APPROVAL OF MINUTES
C.1 Approve Economic Development Commission Minutes of July 9, 2024.
D.VISITOR PRESENTATIONS
D.1 Presentation by Colleen Eddy, DEED
E.DISCUSSION / GENERAL BUSINESS ITEMS
F.DIRECTOR'S REPORT
G.ADJOURNMENT
AGENDA
CHANHASSEN ECONOMIC DEVELOPMENT COMMISSION
TUESDAY, SEPTEMBER 10, 2024
CITY COUNCIL CHAMBERS, 7700 MARKET BOULEVARD
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Economic Development Commission Item
September 10, 2024
Subject Approve Economic Development Commission Minutes of July 9, 2024.
Section APPROVAL OF MINUTES Item No: C.1
Prepared By Kate Vogt, Admin Support Specialist File No:
SUMMARY
BACKGROUND
DISCUSSION
RECOMMENDATION
Staff recommends that the Economic Development Commission approve the June 11, 2024
Commission minutes.
ATTACHMENTS
Economic Development Commission Minutes of July 9, 2024
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CHANHASSEN ECONOMIC
DEVELOPMENT COMMISSION
REGULAR MEETING
July 9, 2024
Vice Chair Zurek called the meeting to order at 5:36 p.m.
MEMBERS PRESENT: Chair Eric Anderson, Vice Chair Chris Freeman, Stacy Goff, Luke Bame, David Benedict,
Cohen Lee
MEMBERS ABSENT:
STAFF PRESENT: Samantha DiMaggio, Economic Development Manager
PUBLIC PRESENT:
OATH OF OFFICE:
Jenny Potter, City Clerk, performed the Oath of Office for new Commissioner David Benedict.
APPROVAL OF AGENDA:
APPROVE ECONOMIC DEVELOPMENT COMMISSION AGENDA DATED July 9, 2024
Commissioner Bame moved, and Commissioner Lee seconded to approve the Agenda of the Economic
Development Commission meeting dated June 11, 2024, as presented. All voted in favor and the motion was
carried unanimously with a vote of 6 to 0.
APPROVAL OF MINUTES:
APPROVE ECONOMIC DEVELOPMENT COMMISSION MINUTES DATED June 11, 2024
Commissioner Freeman moved, and Commissioner Goff seconded to approve the Minutes of the Economic
Development Commission meeting dated June 11, 2024, as presented. All voted in favor and the motion was
carried unanimously with a vote of 6 to 0.
VISITOR PRESENTATIONS:
Presentation by Lee Hall, CEO and Business Advisor with NextStage
DISCUSSION/GENERAL BUSINESS ITEMS:
ADJOURNMENT:
Commissioner Goff moved, and Commissioner Lee seconded to adjourn the meeting. All voted in favor and
the motion was carried unanimously with a vote of 6 to 0. The Economic Development Commission meeting
was adjourned at 6:38 p.m.
Submitted by Samantha DiMaggio
Economic Development Manager
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Economic Development Commission Item
September 10, 2024
Subject Presentation by Colleen Eddy, DEED
Section VISITOR PRESENTATIONS Item No: D.1
Prepared By Sam DiMaggio, Economic Development Manager File No:
SUMMARY
Colleen Eddy, Metro Regional Business Development Manager with the Minnesota Department of
Employment and Economic Development (DEED) will speak to the EDC about her role at DEED and
how the EDC can best utilize the programs at DEED.
BACKGROUND
Colleen Eddy is the Metro Regional Business Development Manager for DEED. She started with DEED
in October 2021. In this role, she works on business attraction and assists businesses with their
expansion goals. She also leads the Shovel Ready Certification program for the state and is the lead of
the Data Center Industry sector. Prior to joining the state, she was the Economic Development
Specialist with the City of Elk River, where she assisted in several expansion projects.
DISCUSSION
RECOMMENDATION
As this is a presentation, no formal action is required.
ATTACHMENTS
City of Chanhassen EDA Meeting Presentation
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DEED Overview
Colleen Eddy, Metro Regional Business Development Manager
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Help businesses grow
and create jobs
Help people
find jobs and help
businesses find the talent
they need
Help people who are laid
off, are unable to work or
face other challenges to
employment
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Economic Development
Economic Development supports the growth of businesses and
communities through grants and loans, consultations, education
sessions, and other programs and services.
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Economic Development
This division includes:
•Broadband Development
•Business Development
•Business Finance
•Community Finance
•Launch Minnesota
•Minnesota Trade Office
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Business Development
The Office of Business
Development focuses on projects
likely to result in economic
growth. Its goal is to help
stimulate new business
development and business
expansions while retaining
existing jobs and creating new
jobs.
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Business Finance
Business Finance programs help
companies and communities
retain existing jobs and create
new high-quality jobs. Qualifying
companies must meet specific job
creation and wage goals.
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Community Finance
Community Finance provides
financial assistance for projects
that help communities stay vital
and well positioned for economic
growth. Eligibility for certain
programs targets smaller
communities and/or Greater
Minnesota.
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Launch Minnesota
Launch Minnesota is a
statewide collaborative effort to
accelerate the growth of
startups and amplify Minnesota
as a national leader in
innovation.
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Minnesota Trade Office
The Minnesota Trade Office
provides the training and expertise
that small and midsized companies
need to export goods and services
successfully worldwide.
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Business Development
•Who are we:
•Seven Business Development Managers throughout the
state
•Metro has two managers: Colleen Eddy and Matt Hauck
•Metro represents nine counties:
•Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey,
Scott, Washington
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Business Development
•What do we do:
•The Office of Business Development focuses on projects likely to result
in economic growth. Its goal is to help stimulate new business
development and business expansions while retaining existing jobs and
creating new jobs.
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Business Finance – Larger, Growing Businesses
Job Creation Fund:
•Performance-based program for eligible industries
•Generally, up to $1 million total available per business
•$500,000 in Job Creation Awards & $500,000 in Capital Investment Rebates
•Create at least 10 full-time jobs & have $500,000 in capital expenditures
Minnesota Investment Fund:
•Grants provided to local governments who then make loans to businesses; works in partnership
with private financing
•Interest rate/terms vary; loans may be forgiven in limited cases
•Up to $1 million; average about $450,000
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Business Finance – Larger, Growing Businesses
Minnesota Forward Fund:
The 2023 Minnesota Legislature appropriated $400 million to the Minnesota Forward Fund. Of that
amount:
•$50 million is to provide businesses with matching funds required by federal programs
•$100 million is to match existing federal funds made available in the Consolidated Appropriations
Act, Public Law 117-328, to be used to:
•$250 million is to match federal funds made available in the Chips and Science Act, Public Law 117 -
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•Up to 15% of a total project cost, with maximum total project cost of $75 million per project, may
be matched for a CHIPS Act project
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Business Development
•How do we do it:
•Programs and Services
•Location and expansion assistance
•Shovel Ready Certification
•Minnesota Marketing Partnership
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Connect with Us
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@MNDEED @MNDEED
mn.gov/JoinUsMN
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Thank you!
Colleen Eddy, Metro Regional Business Development Manager
651.259.7459
Colleen.Eddy@state.MN.US
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