[2:22] MADE AND SECONDED FOR THE APPROVAL OF MINUTES FROM OUR LAST MEETING.

[2:28] SO I'LL JUST CALL FOR THE VOTE AGAIN. ALL IN FAVOR PLEASE SIGNIFY BY SAYING I. I OPPOSED. MOTION CARRIES FOUR WITH ONE

[2:38] ABSTENTION FOUR ZERO WITH ONE ABSTENTION. OKAY.

[2:45] WE THEN GO TO PAGE OR HOW WE DO WANT TO TALK ABOUT THE BOND COUNCIL WHICH I GRANT

[2:52] PRESIDENT ERICKSON AND COMMISSIONERS WE WILL ACTUALLY BE HAVING THE CITY CFO LAURA ECONOMY SCHULER PRESENT THIS

[2:57] ITEM. OKAY WELL WELCOME LORI. HELLO HOW ARE YOU THIS EVENING

[3:03] FOR 2.1 WE HAVE APPROVAL OF AGREEMENTS AND APPOINTMENT OF BOND COUNCIL TERMINATION OF INTERIM COUNCIL AGREEMENT

[3:10] AND THEN AGAIN KIND OF OFFICIALLY APPOINT IN CUBIC ROCK AS THE OFFICIAL BOND

[3:16] ATTORNEY FOR THE PORT AUTHORITY. RIGHT. WELL, OF COURSE THIS WHOLE THING IS A RESULT BECAUSE A

[3:23] LOT OF FORMER PEOPLE MOVED TO HUDAK ROCK AND THEY'VE BEEN OUR COUNCIL FOR ALL THESE YEARS. SO AT ANY RATE.

[3:30] WELL I WOULD WELL WELCOME COMMISSIONER PETERSON TOO. I WOULD YOUR MOTION IS ON PAGE

[3:37] SIX TO DO THIS APPROVAL. >> THANK YOU. WE HAVE A MOTION MADE BY

[3:45] COMMISSIONER HUNT. DO WE HAVE A SECOND SECOND BY COMMISSIONER KELLER? ANY ADDITIONAL COMMENTS?

[3:52] NOT ALL IN FAVOR PLEASE SIGNIFY BY SAYING I OPPOSED

[3:58] MOTION CARRIES SIX ZERO. THANK YOU. OKAY. THE NEXT ONE THAT IS IS OUR

[4:03] EXTERNAL AUDITORS REPORT. WELCOME WELCOME BACK. THANK YOU.

[4:10] >> GOOD EVENING. MY NAME IS ANDY HEARING FROM REDPATH AND COMPANY, THE CPA FIRM YOU HIRED TO CONDUCT YOUR

[4:18] 2024 FINANCIAL AUDIT. SO I'M HERE TO PRESENT THE RESULTS OF THAT AUDIT.

[4:25] SO JUST GOT A SLIDE SHOW HERE I BELIEVE THAT IN A PACKET BUT

[4:31] I'LL JUST PLEASE NOTE FOR THE RECORD WE HAVE COMMISSIONER NELSON SO WE HAVE THE FULL SLATE. ALL RIGHT.

[4:39] MADE IT JUST IN TIME FOR THE AUDIT PRESENTATION. THAT'S RIGHT. YEAH EXACTLY.

[4:47] SO AS PART OF THE AUDIT WE ISSUED FIVE REPORTS A REPORT AND OPINION ON THE FINANCIAL

[4:53] STATEMENTS, A REPORT, AN INTERNAL CONTROL REPORT AND LEGAL COMPLIANCE, A REPORT ON FEDERAL COMPLIANCE WHICH I'LL

[5:01] EXPLAIN THE APPLICABILITY OF THAT IN A FEW MINUTES HERE AND THEN A COMMUNICATION LETTER TO THOSE CHARGED WITH GOVERNANCE AND AS A REMINDER

[5:12] AS WE CONDUCT THE AUDIT WE ARE WE'RE AUDITING THE CITY, THE PORT AUTHORITY AND THE ACTUARY ALL TOGETHER THE STATEMENTS

[5:20] OF THOSE THREE ENTITIES ARE ALL COMBINED INTO ONE DOCUMENT AND SO THAT'S WHAT WE'RE

[5:27] PERFORMING THAT AUDIT TOGETHER. BUT THERE'S CLEARLY DISTINCT PARTS OF THAT FINANCIAL

[5:34] DOCUMENT. SO I'M COMMENTING ON THE PORT AUTHORITY THIS EVENING.

[5:42] SO THE RESULTS IT'S A WE ISSUED AN UNMODIFIED OPINION OR A CLEAN OPINION ON THE FINANCIAL STATEMENTS.

[5:49] THE HIGHEST LEVEL OF OPINION THE PORT AUTHORITY CAN RECEIVE . THERE WERE NO INTERNAL CONTROL FINDINGS AND NO LEGAL

[5:56] COMPLIANCE FINDINGS AND FOR FINDINGS RELATED TO COMPLIANCE WITH FEDERAL COMPLIANCE STANDARDS AND THEN WITH THE

[6:05] GOVERNANCE LETTER JUST A STANDARD COMMUNICATIONS IN THAT LETTER THE CITY PORT

[6:13] AUTHORITY AND HRA EACH YEAR THEY SUBMIT THE ANNUAL FINANCIAL REPORT TO THE GOVERNMENT FINANCE OFFICERS

[6:20] ASSOCIATION. THAT REPORT THEN IS GRADED ON ON A NATIONAL LEVEL TO MAKE

[6:25] SURE THE QUICKER THERE ARE THAT MAKES SENSE. THANK YOU.

[6:35] THEIR REPORT IS GRADED TO MAKE SURE THE FINANCIAL STATEMENTS ARE PRESENTED FAIRLY AND

[6:43] TRANSPARENTLY IN ACCORDANCE WITH ACCOUNTING STANDARDS AND THE CITY.

[6:48] A PORT AUTHORITY RECEIVED THE CERTIFICATE OF ACHIEVEMENT IN EXCELLENCE FOR FINANCIAL

[6:54] REPORTING FOR THE 53RD CONSECUTIVE YEAR SO SHOULD SOMETHING TO BE VERY PROUD OF NOW PERTAINS TO THE 2023

[7:01] FINANCIAL STATEMENTS THE 24 FINANCIAL STATEMENTS WILL BE SUBMITTED TO THAT PROGRAM ONCE AGAIN AND I EXPECT THE AWARD

[7:08] TO BE AWARDED AGAIN.

[7:14] SO FIRST THE OPINION ON THE FIRST FINANCIAL STATEMENTS WHAT DO WE DO? WE DETERMINE THAT THE

[7:21] FINANCIAL STATEMENTS ARE FAIRLY PRESENTED IN ALL MATERIAL RESPECTS. THAT'S ACCOUNTING LINGO THAT

[7:26] THERE ARE NO MATERIAL MISSTATEMENTS IN THE FINANCIAL STATEMENTS OR MISSTATEMENTS THAT WOULD AFFECT THE

[7:33] DECISIONS OF THE FINANCIAL STATEMENT USER. WE'RE NOT AUDITING TO THE NEAREST DOLLAR. WE DON'T AUDIT EVERY SINGLE

[7:38] TRANSACTION BUT WE'RE AUDITING IN A WAY THAT TO DETECT ANY

[7:45] MATERIAL MISSTATEMENTS. SO HANDING OVER THE MATERIAL TAB FOR THE CITY OF BLOOMINGTON HOW MANY

[7:50] MILLION THE IT VARIES

[7:56] DEPENDING ON WHAT I'M LOOKING AT WHETHER IT'S THE CITY OR THE AREA, THE PORT I THINK THE HRA OR THE 3 MILLION STICKS

[8:07] IN MY MIND BUT IT VARIES ALSO DEPENDING ON WHAT TYPE

[8:13] OF POTENTIAL MISSTATEMENT WOULD BE DISCOVERED A $3 MILLION MISSTATEMENT TO

[8:20] CAPITAL ASSETS FIXED ASSETS IS A LOT LESS SENSITIVE THAN A $3

[8:27] MILLION MISSTATEMENT TO CASH. THAT'S BECAUSE OF THE AMOUNT OF CASH IT'S FAIRLY HIGH BUT YEAH WELL I JUST AND AGAIN

[8:35] IT'S A FAIRLY HIGH AMOUNT THAT YOU CAN'T DO BUT THANK YOU.

[8:42] SO WE AUDIT LOOK IN TO MAKE SURE EVERYTHING IN THE FINANCIAL STATEMENT IS

[8:49] ACCURATE THAT THE AMOUNTS IN THE ACT IN THE FINANCIAL STATEMENTS THAT THEY HAVE OCCURRED.

[8:54] WE'RE ALSO LOOKING TO MAKE SURE EVERYTHING IS INCLUDED IN THE FINANCIAL STATEMENTS THAT SHOULD BE THAT'S THE OCCURRENCE AND COMPLETENESS

[9:01] AND THEN THEY ARE MAKING SURE THE AMOUNTS ARE ACCURATE AND PRESENTED IN THEIR RATE

[9:06] ACCOUNTS AND THEN THE RATE FUNDS OF THE PORT.

[9:12] AGAIN A VARIETY OF AUDITING TECHNIQUES FROM ANALYTICS TO SAMPLING TO INQUIRY OF STAFF.

[9:20] WE AS WE WORK THROUGH THE AUDIT. SO ONCE AGAIN A CLEAN OPINION WAS AWARDED AND THE FINANCIAL

[9:25] STATEMENTS AND THEN JUST A STEP BACK AND A FEW RISKS WE

[9:32] IDENTIFY AND DESIGN OUR PROCEDURES FOR RISKS THAT MAYBE INTERNAL CONTROLS COULD

[9:40] BE OVERRIDDEN BY MANAGEMENT. JOURNAL ENTRIES ARE AN EXAMPLE OF HOW THAT COULD OCCUR.

[9:47] SOMEBODY MAKING AN ENTRY OR AN ADJUSTMENT TO ITEMS THAT WERE ALREADY POSTED AND POSSIBLY

[9:55] PUSHING THROUGH THAT ADJUSTMENT WITHOUT PROPER APPROVAL. SO WE'RE LOOKING FOR PROPER APPROVAL AND JOURNAL ENTRIES,

[10:01] CASH DISBURSEMENTS OR ANY ANY FORM OF DISBURSEMENTS IS REALLY A SIGNIFICANT RISK TO

[10:09] ALL GOVERNMENTAL ENTITIES. SO WE'RE LOOKING TO MAKE SURE THAT THE DISBURSEMENTS ARE AUTHORIZED, THAT THERE'S NO

[10:17] DUPLICATE DISBURSEMENTS, THERE'S ALWAYS FRAUDSTERS OUT THERE LOOKING FOR WAYS TO

[10:25] STEAL FROM THE PORT AUTHORITY, FROM THE CITIZENS MONEY. EXAMPLES ARE IMPERSONATING

[10:33] PORT STAFF CITY STAFF IMPERSONATED VENDORS.

[10:41] HEY WE WE MOVED WE OPENED A NEW BANK ACCOUNT. HERE'S OUR NEW BANKING INFORMATION, OUR NEW BACON

[10:49] ROUTING INFORMATION. PLEASE SEND THE MONEY HERE INSTEAD OF THE OLD ONE WHEN THEY THEY'RE JUST

[10:57] IMPERSONATING SOMEBODY IMPERSONATING A VENDOR THAT'S HAPPENED SEVERAL TIMES. I'M NOT HERE AT BLOOMINGTON BUT OTHER PLACES THAT I'VE

[11:04] HEARD OF. SO THESE ARE THESE TWO RISKS THAT I HAD IDENTIFIED THERE. THOSE ARE NOT SPECIFIC TO

[11:12] BLOOMINGTON BUT SOMETHING WE'RE LOOKING FOR AS PART OF THE AUDIT AND WE DID NOT NOTE ANY ACTUAL INSTANCES

[11:22] OF THOSE TYPES OF ACTIVITIES. SO THE NEXT SLIDE HERE IS A

[11:29] REPORT ON INTERNAL CONTROLS THAT HITS ON THE POLICIES AND PROCEDURES OF THE PORT AUTHORITY. EXAMPLESNCLUDE APPROVAL OVER

[11:37] DISBURSEMENTS, APPROVAL OVER MONTHLY BANK RECONCILIATIONS, AN IDEAL SEGREGATION OF DUTIES, MAKING SURE THAT NO

[11:44] ONE PERSON HAS TOO MUCH AUTHORITY IN ANY GIVEN AREA. AND THEN ON THE BACK END A REVIEW OF FINANCIAL STATEMENTS

[11:52] TO DETECT POSSIBLE ERRORS. THE RESULT NO FINDINGS

[12:02] . WE'RE ALSO TESTING FOR COMPLIANCE WITH STATE STATUTES . THE STATE AUDITOR ISSUES A

[12:07] GUIDE THAT CONTAINS SEVEN SECTIONS OF VARIOUS STATUTES THAT WE'RE TESTING FOR AND WE

[12:13] TEST ON A ON A SAMPLE BASIS FOR COMPLIANCE WITH THOSE STATUTES. A BIGGIE FOR THE PORT IS

[12:20] COMPLIANCE WITH TAX INCREMENT. THERE'S A LOT OF TAX INCREMENT FINANCING ACTIVITY OF COURSE AT THE PORT AND OTHER

[12:27] DEPOSITORY USES OF PUBLIC FUNDS AND INVESTMENTS LOOKING

[12:33] FOR ANY CONFLICTS OF INTEREST . AND THERE IS JUST ONE OUTSTANDING BOND ISSUE THERE

[12:40] ARE STATUTES RELATING TO BONDS NO BONDS WERE ISSUED IN 2024 BUT THERE ARE STILL ONGOING COMPLIANCE REQUIREMENTS WITH

[12:47] BONDS SO WE'RE TESTING FOR COMPLIANCE WITH STATE STATUTES AND DID NOT FIND ANY INSTANCES

[12:53] OF NONCOMPLIANCE. THERE IS ALSO AN AUDIT OF FEDERAL COMPLIANCE AGENTS

[13:02] ANY TIME AN ENTITY EXPANDS MORE THAN $750,000 OF FEDERAL FUNDS, THERE'S A WHAT'S CALLED

[13:09] A SINGLE AUDIT. AND I KNOW THE PORT DID NOT RECEIVE OR EXPAND ANY FEDERAL FUNDS BUT ON THE CITY AND HRA SIDE THERE WAS AND WE HAD FOUR

[13:17] FINDINGS THAT WERE REPORTED. SO WHAT I WANT TO MAKE SURE WE

[13:24] YOU'RE LEAST AWARE OF IS THAT THERE WERE THESE FINDINGS WHERE THEY EXIST. THEY DO NOT PERTAIN TO ANY

[13:32] PORT ACTIVITY BUT THERE'S A THERE'S A REPORT THAT CONTAINS THESE FINDINGS.

[13:39] IT JUST SAYS CITY OF BLOOMINGTON ON IT. AND I THINK SOMEBODY THAT DIDN'T KNOW BETTER COULD POTENTIALLY EITHER

[13:47] INTENTIONALLY OR UNINTENTIONALLY LINK THE PORT TO THESE FINDINGS. SO I JUST WANT TO MAKE SURE

[13:52] YOU ARE AWARE THAT THEY OCCURRED BUT THAT THEY DO NOT PERTAIN TO THE PORT.

[13:59] AND THOSE ARE FINDINGS RELATING T THERE WAS ONE RELATING TO THE AMERICAN RESCUE PLAN ACT DOLLARS TWO

[14:07] RELATED TO CDBG DOLLARS I FOR ONE RELATED TO SECTION $8 OF FAIRLY MINOR IN NATURE.

[14:15] THERE WERE NO ACTUAL QUESTION COST OR COSTS THAT WERE DOUBTED BUT MORE COMPLIANCE

[14:23] ISSUES WITH THE POLICIES AND PROCEDURES.

[14:29] SO ANDY, WHEN WHEN YOU'RE DOING AUDITS ARE THESE THE KIND OF THINGS THAT YOU

[14:34] TYPICALLY FIND HAPPENING IN OTHER CITIES THAT'S YOUR REVIEW AND THINGS I MEAN AGAIN IT'S SOME OF THESE THE

[14:41] COMPLIANCE IS SO DIFFICULT EVERYBODY'S GOING TO PROBABLY MAKE A FEW MISTAKES. YES, IT'S ESPECIALLY WITH THE

[14:49] SINGLE AUDITOR, THE FEDERAL COMPLIANCE THOSE YOU'RE RIGHT THE COMPLIANCE STANDARDS ARE SO COMPLEX AND DETAILED AND BY

[14:57] DESIGN THESE FEDERAL COMPLIANCE AUDITS ARE VERY

[15:03] METICULOUS. SO IT'S IT'S COMMON TO FIND FINDINGS RELATED TO FEDERAL COMPLIANCE. YEAH. YEAH.

[15:11] AND THEN THE LAST REPORT WE ISSUE IS CALLED A COMMUNICATION LETTER WITH

[15:16] THOSE CHARGED WITH GOVERNANCE. IT'S A LETTER OF REQUIRED COMMUNICATIONS FROM THE AUDITOR TO GOVERNANCE OR

[15:23] IN THIS CASE THE PORT COMMISSIONERS. THERE WAS ONE NEW AUDIT IN STANDARD OR ACCOUNTING STANDARD THAT WAS ADOPTED

[15:30] IN 2024 RELATED TO ACCRUED PTO AND SICK TIME WHICH DOESN'T DIRECTLY AFFECT THE PORT AUTHORITY ARE A REMINDER THAT

[15:40] THERE ARE A FEW ESTIMATES IN THE FINANCIALS STATEMENTS. THE ONE MOST APPLICABLE TO THE PORT AUTHORITY IS THE

[15:46] ESTIMATED RESALE VALUE OF LAND AT THE THE OLD THUNDERBIRD

[15:54] HOTEL MOTEL SITE THERE WERE NO DIFFICULTIES ENCOUNTERED DURING THE AUDIT WORKED WITH

[16:02] MARY KAY AND THE REST OF THE FINANCE TEAM AND EVERYTHING WENT SMOOTHLY SO SHE AND THE OTHER STAFF WERE VERY WELL

[16:09] PREPARED FOR US. AND LASTLY NO. NO MATERIAL MISSTATEMENTS WERE DETECTED.

[16:17] SO TO YOUR POINT THERE, WE DID HAVE ONE IMMATERIAL

[16:23] MISSTATEMENT THAT WE FOUND JUST RELATING TO I THINK AS WAS RECORDING SOMETHING

[16:30] RELATING TO THAT THE CONTRIBUTION FROM THE CITY FOR THE SICK RAMP IN THE CORRECT

[16:38] PERIOD. SO IT'S A FAIRLY MINOR ITEM THAT IT WAS A 2020 2023 ITEM

[16:44] THAT ENDED UP GETTING REPORTED IN 2024. BUT AGAIN A MINOR ITEM AND

[16:53] THEN JUST A FINANCIAL SUMMARY THE OVERALL FUND BALANCE

[17:01] OF THE PORT DID INCREASE ABOUT $9.3 MILLION. BUT A REMINDER I THINK I WENT

[17:08] ON TO FURTHER REMINDER THAT MOST OF THAT FUND BALANCE IS RESTRICTED EITHER AS A SMALLER

[17:13] AMOUNT TO RESTRICTED FOR DEBT SERVICE AND THEN ALL OF THE TAX INCREMENT FINANCING

[17:19] DISTRICTS HAVE RESTRICTIONS WITH THOSE THAT THE FUNDS DERIVED FROM TAX INCREMENT CAN

[17:27] ONLY BE USED FOR SPECIFIC PURPOSES. A FEW HIGHLIGHTS THE SOUTH LOOP PORT FUND DID RECEIVE $9

[17:37] MILLION IN FINANCING FROM THE CITY'S SOUTH LOOP FUND FOR THE SICK PARKING RAMP. ABOUT $4.8 MILLION REMAINS OUTSTANDING ON THE 2015 TWO

[17:46] FUNDS OUR TAX INCREMENT REVENUE REMAINED STRONG AT

[17:51] 13.1 MILLION ALSO STRONG INVESTMENT INCOME 6.5 MILLION COMPARED TO 5.9 MILLION THE

[17:58] YEAR BEFORE WITH HIGH INTEREST RATES AND AGAIN OUR FUND BALANCE INCREASED. SO OVERALL THE PORT'S AND

[18:06] HEALTHY FINANCIAL CONDITION AND NO FINDINGS DIRECTLY RELATED TO THE PORT ACTIVITY.

[18:16] WELL IT SOUNDS LIKE IT'S A GOOD REPORT. I ALWAYS SAID WHEN I WAS CHIEF

[18:21] IN OUR CHIEF FINANCIAL OFFICER THE UNIVERSITY OF MINNESOTA WAS MY JOB TO BE BORING AND NOT HAVE MY NAME IN THE PAPER

[18:28] . YEAH AND THE SAME THING WHEN I WAS TREASURER SUPERVISOR IT'S IT'S THIS ACTIVITY IS

[18:36] EXTREMELY IMPORTANT TO DO AND THE ASSURANCE THAT WE GET BUT BUT BORING IN THIS PARTICULAR CASE IS GOOD. MM HMM.

[18:44] ANY QUESTIONS? COMMENTS COMMISSIONER LANCE? YEAH, I JUST A LITTLE INTRIGUED ON THAT LAND OWNED

[18:49] BY THE CITY AT 17.5 MILLION. WHERE DOES THAT NUMBER COME FROM AND DOES THAT CHANGE FROM

[18:56] YEAR TO YEAR? DOES IT REFLECT DEPRECIATION OR IT WOULD CHANGE OF COURSE IF THE CITY WANT MORE LAND DURING THAT YEAR BUT IF THEY

[19:04] DON'T IS THAT NUMBER FOR KEPT FAIRLY FLAT? AND HOW IS IT HOW DOES THE

[19:10] 17.5 MILLION DETERMINED THAT WAS THE ORIGINAL COST AND I DON'T RECALL IF THAT INCLUDED DEMOLITION COST OR NOT BUT

[19:18] THAT WAS THE ORIGINAL COST AND IT DOES NOT GET INFLATED AS

[19:25] THE VALUE POTENTIALLY GOES UP. BUT WHAT WE'RE LOOKING FOR IS IT POTENTIALLY HAVE A LOWER

[19:30] VALUE EACH YEAR. SO IF IT HAS A LOWER VALUE IT GETS WRITTEN DOWN BUT NEVER UP

[19:37] . SO THAT WAS THE ORIGINAL COST. IT JUST PURE CURIOSITY OFF THE TOP OF YOUR HEAD. HOW MANY HOW MANY PARCELS

[19:42] OF LAND IS THAT? CAN YOU REMEMBER? I DON'T KNOW THAT I'M SORRY

[19:48] EITHER. OTHER QUESTIONS COMMENTS. IF NOT, WE HAVE A PROMOTION

[19:55] AND PAGE SEVEN WHICH I WOULD ENTERTAIN TO ACCEPT THE REPORT

[20:07] COMMISSION MOVES DO WE HAVE A SECOND SECOND BY MR.. ANY FURTHER DISCUSSION DOWN ON

[20:14] FAVOR PLEASE SIGNIFY BY SAYING I I OPPOSED MOTION CARRIES

[20:20] SEVEN ZERO. OKAY. THANK YOU. ALL RIGHT. THANK YOU. ALL RIGHT. THE NEXT ONE I GUESS IS YOU.

[20:28] HOLLY, ARE YOU GOING TO TALK ABOUT ELEVATE HANNIFIN WE GOT BURR OKAY.

[20:35] PRESIDENT ERICKSON AND COMMISSIONERS IT WILL BE BARB WOLFE AND THEN WE ALSO HAVE OUR COLLEAGUE FROM AND HAVE BEEN COUNTY WITH US AS WELL.

[20:43] WELCOME, BARB. WELL, THANKS FOR HAVING ME. GOOD EVENING PORT PRESIDENT AND COMMISSIONERS. I'M BARB WOLFE, ASSISTANT PORT

[20:50] AUTHORITY ADMINISTRATOR SERVING AS AN ADVOCATE AND LIAISON TO OUR BUSINESS COMMUNITY. SO TONIGHT I'M GOING TO SHARE SOME INFORMATION ABOUT ELEVATE

[20:59] HANNIFIN. IT'S BEEN TWO YEARS SINCE WE PRESENTED SO BRINGING IT TOP OF MIND AGAIN ELEVATE HENNEPIN

[21:06] IS A PARTNERSHIP BETWEEN HENNEPIN COUNTY, THE CITY OF BLOOMINGTON THAT'S ALLOWED

[21:13] I DON'T KNOW WHETHER BETWEEN THE CITY OF BLOOMINGTON AND SEVERAL OTHER COMMUNITIES WITHIN HENNEPIN COUNTY.

[21:20] CITY OF BLOOMINGTON HAS SUPPORTED A PARTNERED AND SUPPORTED WITH HENNEPIN COUNTY SINCE DECEMBER OF 2020 WHICH

[21:28] IS WHEN ELEVATE HENNEPIN BEGAN . SO I'LL SHARE A BIT ABOUT HOW ELEVATE HADN'T BEEN STARTED.

[21:35] THE RANGE OF RESOURCES OFFERED NOW AND THE COLLECTIVE IMPACTS GENERATED FROM THE BEGINNING

[21:41] THROUGH 2024. AS HOLLY MENTIONED TONIGHT, BRANDON BELL IS HERE WITH ME. HE'S PRINCIPAL PLANNING

[21:46] ANALYST WITH HENNEPIN COUNTY. HE'S BEEN A GREAT SUPPORTER AND PARTNER OF THIS PROGRAM AND MANY OTHER PROGRAMS THAT

[21:53] WE HAVE SO EXCITED TO HAVE HIM HERE WITH US THIS EVENING TO ANSWER ANY QUESTIONS.

[22:00] SO WHY ENTREPRENEURS, ENTREPRENEURS AND SMALL BUSINESSES ARE IMPORTANT TO OUR LOCAL ECONOMY AS MANY

[22:06] OF US ON THIS BOARD KNOW THAT GREAT RESILIENT COMMUNITIES BETTER ABLE TO RETAIN

[22:13] EMPLOYEES CREATE PLACES THAT ATTRACT BETTER TALENT, GENERATE WEALTH THAT STAYS IN OUR COMMUNITY. AND OF COURSE WE DON'T KNOW

[22:18] WHICH SMALL BUSINESS IS GOING TO BE OUR NEXT BIG BUSINESS.

[22:27] OKAY, SO ELEVATE HENNEPIN IS FOCUSED ON TACKLING DISPARITIES BY FOCUSING ON EQUITY AND CREATING ACCESSIBLE

[22:35] PATHWAYS TO ENTREPRENEURSHIP WHICH OF COURSE PARTNERS VERY WELL WITH THE CITY'S STRATEGIC INITIATIVE FROM BLOOMINGTON

[22:42] AND TOMORROW TOGETHER PARTICULARLY OUR EQUITABLE ECONOMIC GROWTH ACROSS AND THROUGHOUT OUR COMMUNITY.

[22:51] SO ELEVATE HENNEPIN HAS CREATED A DIVERSE AND INCLUSIVE NETWORK OF PROFESSIONAL ADVISORS IMPROVED COMMUNICATION WITH

[22:58] OUR EXISTING BUSINESS OWNERS, CONNECT TO OUR ENTREPRENEURS AND HELP GROW BUSINESS IDEAS, OFFER ASSISTANCE WITH PROBLEM

[23:05] SOLVING AND FINDING SOLUTIONS AND CREATING SEVERAL PEER NETWORKS. SO BASICALLY THIS PLATFORM HAS

[23:10] GROWN OVER THE YEARS IN RESPONSE TO OUR BUSINESSES. SO WHAT EXACTLY IS ELEVATE AN

[23:18] EVENT? AND JUST SIMPLY AS A SMALL BUSINESS SUPPORT SYSTEM OF RESOURCES. SO AS I STATED THIS INITIATIVE

[23:25] LAUNCHED IN LATE 2020 AS BUSINESSES WERE STRUGGLING WITH THE IMPACTS OF THE PANDEMIC AND ALSO CIVIL UNREST

[23:32] . SO HENNEPIN COUNTY CONVENED A DIVERSE GROUP OF BUSINESS OWNERS TO SERVE ON A BUSINESS

[23:37] ADVISORY COUNCIL APPOINTED BY THE HENNEPIN COUNTY BOARD TO GUIDE THE COUNTY IN THEIR ECONOMIC RELIEF AND

[23:45] RECOVERY EFFORTS. SIMILAR TO WHAT WE DID IN BLOOMINGTON. SO IN DIRECT RESPONSE TO GUIDANCE FROM THAT BUSINESS

[23:50] ADVISORY COUNCIL, HENNEPIN COUNTY CREATED THE ELEVATE HENNEPIN PLATFORM.

[23:56] SO A SINGLE ONLINE PLACE FOR BUSINESSES TO GO TO ACCESS RESOURCES PRIMARILY UTILIZATION OF THE ONE ON ONE

[24:04] BUSINESS CONSULTING SERVICES TO BUSINESS OWNERS. AND THEN THROUGH THIS CONTINUOUS FEEDBACK FROM

[24:11] BUSINESS OWNERS, HENNEPIN COUNTY HAS RESPONDED AND LAUNCHED ADDITIONAL PROGRAMING OVER THE YEARS. SO NOW WE HAVE A SERIES

[24:17] OF COHORT PROGRAMS. HENNEPIN COUNTY NOW HAS BUSINESS NAVIGATORS THAT MEET

[24:24] VIRTUALLY WITH BUSINESSES. AND SO I LIKEN THAT IS SORT OF LIKE ANOTHER ME. SO TALKING TO BUSINESSES

[24:29] DIRECTLY AND DIRECTING THEM TO THE BUSINESS ADVISORS THAT THEY CAN UTILIZE AND BEST FIT

[24:35] THEIR NEEDS. AND THEN A NEW THIS YEAR ONE TIME FUNDING IS TO NEW SMALL

[24:41] BUSINESS LOAN FUNDS TO INCREASE ACCESS TO CAPITAL. AND I'LL TOUCH ON THOSE.

[24:47] SO THIS IS WHERE WE COME IN WHILE I THINK OF HANOVER COUNTY AS A TREMENDOUS PARTNER

[24:55] FOR ME AND OUR LOCAL BUSINESS COMMUNITY AS ALONG WITH OTHER MUNICIPALITIES DO HELP SUPPORT THIS ENDEAVOR WITH FINANCIAL

[25:03] SUPPORT SPREADING THE RESOURCE THROUGH OUR OWN PROMOTION AND MARKETING. AND ALSO OF COURSE WORD OF MOUTH.

[25:08] WE SERVE AS PARTNERS AND HOSTS OF THE PROGRAMS AND EVENTS AND

[25:14] REALLY THE ALL OF THESE CITY PARTNERS ARE HAVE BEEN AND CONTINUE TO BE A VITAL PART OF ELEVATE HENNEPIN SUCCESS.

[25:22] AND I JUST WANT TO NOTE THAT OVER 58% OF HENNEPIN COUNTY BUSINESSES ARE OUTSIDE OF THE MINNEAPOLIS AREA

[25:33] . SO ELEVATE HENNEPIN. THIS IS THE FRONT PAGE OF IT. IT'S A ONE STOP SHOP FOR PROGRAMING BY HENNEPIN COUNTY

[25:40] ,BUT IT ALSO OFFERS RESOURCES AND EVENTS AND PROGRAMS OFFERED AT THE LOCAL, STATE AND FEDERAL LEVELS. SO ANY PROGRAMS THAT WE WOULD

[25:47] HAVE IN BLOOMINGTON HERE IF I WANT SUPPORT AND MARKETING AND PROMOTING THOSE I CONTACT HENNEPIN COUNTY.

[25:55] LIKE I SAID, THEY'VE INVOLVED WE'RE INVOLVED WITH THESE IMPROVEMENTS CONTINUING TO UPDATE THE WEBSITE ITSELF MAKING IT MORE ACCESSIBLE,

[26:03] MORE VIBRANT AND CONSOLIDATING ALL THE RESOURCES. AND THEIR COMMS TEAM HAS BEEN PARTNERING WITH OURS AND HAVE

[26:10] A NUMBER OF STORIES AND EVENTS THAT THEY'RE PROMOTING AND ALL THESE LEARNING OPPORTUNITIES ARE IN THAT ONE PLACE.

[26:18] MOST OF THESE RESOURCES ARE AT NO COST. VERY FEW OF THEM HAVE A SMALL

[26:23] COST ASSOCIATED WITH THEM. THE INTAKE FORMS FOR THE BUSINESS OWNERS THEMSELVES

[26:29] ONLY TAKE 3 TO 5 MINUTES AND THERE'S NO ACCOUNT OR PASSWORD REQUIRED FOR THAT AS WELL.

[26:39] MOST IN-DEMAND RESOURCES THAT 1 TO 1 ADVISING FOR BUSINESS OWNERS.

[26:46] SO THE ONLY COST TO THE BUSINESS OWNERS IS OUR TIME COMMITMENT. WE KNOW THAT THAT IS STILL ALSO A STRUGGLE BUT THAT'S THE

[26:53] ONE THING THAT WE ASK FROM THEM. CURRENTLY WE HAVE 34 ADVISORS ON ELEVATE HENNEPIN WITH A VARIETY OF EXPERTISE AVAILABLE

[27:01] TO WORK WITH CONSULTANTS TO HELP BUSINESS OWNERS SOLVE THEIR PROBLEMS THAT THEY'RE

[27:06] FACING. SO ANY BUSINESS OWNER IN HENNEPIN COUNTY CAN ACCESS THESE RESOURCES WHICH IS 25

[27:12] HOURS OF NO COST SUPPORT WITH EACH ONE OF THE ADVISORS

[27:19] IN TEN AREAS OF EXPERTISE. WHAT I REALLY PARTICULARLY LOVE ABOUT THIS PROGRAM AND

[27:24] THERE'S SO MANY THINGS TO LOVE ABOUT IT BUT ALL OF THESE ADVISORS ARE SMALL BUSINESSES

[27:30] THEMSELVES THROUGHOUT THE METRO AREA SO THEY'RE GETTING PAID. SO IT'S A PROGRAM SUPPORTING SMALL BUSINESSES IN MULTIPLE

[27:36] WAYS. SO THESE ARE THE TEN AREAS

[27:43] THAT WE'RE FOCUSING ON FOR SUPPORT THAT HAVE BEEN THE BIGGEST NEED THAT WE HEAR FROM

[27:48] BUSINESS OWNERS. SO AND THAT AND THERE'S STILL A LOT OF DETAILS ON THE WEBSITE.

[27:54] IT IS VERY SIMPLIFIED FROM WHAT WE ORIGINALLY STARTED WITH BUT THAT'S WHY THE BUSINESS NAVIGATION IS THERE.

[28:00] TH'S WHY THERE'S OUR FIRST POINT OF CONTACT HERE AT THE CITY AS WELL. SO THOSE NAVIGATION SESSIONS THAT BUSINESS OWNERS CAN HAVE

[28:09] IS 10 TO 15 MINUTES SO FINDING OUT WHAT THEIR NEEDS ARE AND DIRECTING THEM TO THE CONSULTANT THAT CAN WORK WITH

[28:14] THEM.

[28:20] LIKE I SAID, HENNEPIN COUNTY'S COMMUNICATIONS TEAM AND OUR COMMS TEAM HAVE WORKED TOGETHER. THERE'S A NUMBER OF DIFFERENT BUSINESSES IMPLEMENT AND THAT

[28:28] HAVE USER SERVICES AND THEIR COMMS TEAM HAVE DONE STORIES ON GILBERTO DIAZ HERE HE IS THE OWNER OF LITTLE BOOTS.

[28:35] THEY'VE DONE A STORY AND VIDEO ON GILBERTO. HE'S WORKED WITH TWO ADVISORS

[28:41] OF ONE OF WHICH IS NEXT STAGE WHICH ALSO IS ANOTHER SMALL BUSINESS IN BLOOMINGTON TO HELP HERBERT HILL BERTO GAIN ACCESS TO CAPITAL AND HE

[28:50] EXPANDED HIS STORE AND ALSO JLP MEDIA DESIGNED A NEW WEBSITE FOR HIM WHEN HE EXPANDED AS WELL.

[29:01] SO LET'S SEE IF WE CAN GET

[29:09] PAST THAT. AND THEN THERE'S THESE FUN

[29:14] THINGS THAT ARE IN HERE WHICH ARE NEVER GOOD DURING OUR PRESENTATION AND WE HAVE A SLOW OKAY.

[29:20] SO IN ADDITION TO THE ONE ON ONE ADVISING OVER THE YEARS ELEVATE HENNEPIN HAS ALSO OFFER A VARIETY OF COHORT

[29:28] LEARNING OPPORTUNITIES. SO YOU CAN SEE THESE FROM THE EMERGING ENTREPRENEUR UP TO

[29:36] EARLY STAGE AND THEN FURTHER. SO THE FACILITATORS OF THESE

[29:41] PROGRAMS ARE ALSO JUST LIKE THE ONE ON ONE ADVISING THEIR LOCAL AND DIVERSE.

[29:48] AND MANY OF THEM ARE BUSINESS OWNERS THEMSELVES. SO THE PROGRAMS AT THE EARLY STAGE CEO START BOOT CAMP AND

[29:53] ALSO CEO START WE'VE HELD BOTH OF THOSE PROGRAMS HERE IN BLOOMINGTON.

[29:59] SO YOU'LL START WAS A FIRST TIME THIS PAST WEEKEND WITH OUR TOP 25 HATCH APPLICANTS. IT WAS EXCELLENT PROGRAMING

[30:06] AND WILL HELP HELP THOSE PARTICIPANT WITH THEIR FIRST PITCH NEXT WEEK ALL THE WAY UP

[30:14] TO MORE ADVANCED PROGRAMING FOR SECOND STAGE BUSINESSES. ALL OF THESE PROGRAMS LISTED

[30:21] HERE RANGE FROM TWO DAYS TO EIGHT MONTHS IN LENGTH DEPENDING ON THE PROGRAM MOST ARE IN PER IN PERSON WITH THE

[30:26] EXCEPTION OF CERTIFIED ACCESS WHICH IS OFFERED VIRTUALLY.

[30:33] AND AGAIN THESE PROGRAMS ARE OFFERED AT NO FINANCIAL COST TO THE BUSINESS OWNER EXCEPT FOR THEIR TIME.

[30:40] AN ADDITIONAL OFFERING HERE IS THE COVEN.

[30:48] HENNEPIN COUNTY NOW OFFERS A NO COST ONLINE MEMBERSHIP TO THE COVANCE DIGITAL LIBRARY OF ENTREPRENEURIAL PROGRAMING

[30:55] THE COVEN FOR THOSE THAT AREN'T FAMILIAR IS A CO-WORKING SPACE AND COMMUNITY SPACE.

[31:01] THERE'S A LOCATION I THINK THERE'S TWO IN ST PAUL, ONE IN MINNEAPOLIS.

[31:07] THERE'S OVER 100 EPISODES JUST THESE ARE SOME OF THE TITLES HERE THAT BUSINESS OWNERS CAN ACCESS.

[31:15] SO TOUCHING ON THOSE TWO NEW SMALL BUSINESS BUSINESS CAPITAL FUNDS THAT WERE

[31:22] LAUNCHED THIS YEAR ELEVATE HENNEPIN SMALL BUSINESS LOANS AND ELEVATE HENNEPIN COMMERCIAL OWNERSHIP FUND. THESE ARE ONE TIME FUNDING TO

[31:30] OFFER LOW BARRIER FINANCING FOR STARTUPS AND ESTABLISHED SMALL BUSINESSES.

[31:37] SO HENNEPIN COUNTY IS ACTUALLY INVESTING 4.2 MILLION INTO THESE TWO CAPITAL FUNDS AND

[31:44] THROUGH A COMPETITIVE RFP PROCESS LAST YEAR NEXT STAGE AGAIN ONE OF OUR BLOOMINGTON BUSINESSES WAS CHOSEN TO

[31:52] DISTRIBUTE THAT FUNDING TO SMALL BUSINESSES THROUGHOUT HENNEPIN COUNTY.

[31:57] AND THEY'VE ALREADY PARTNERED ON A COUPLE OF PROJECTS WITH US.

[32:04] OKAY SO WORKSHOPS AND EVENTS MONTHLY EVENTS HAVE BEEN ADDED I WOULD TOUCH ON HERE SOME

[32:12] OF THESE ARE NEWER THRIVING THURSDAYS IS A NEW ONE THAT'S JUST GETTING IMPLEMENTED THAT IS SORT OF A TAKE ON OUR

[32:19] WELCOMING WEDNESDAYS THAT BLOOMINGTON HAS BEEN PARTNERING WITH LAUNCH MINNESOTA ON.

[32:26] WE'RE IN OUR THIRD YEAR OF THAT IF YOU'RE UNFAMILIAR ON THE SECOND WEDNESDAY OF EVERY MONTH WE OFFER TECHNICAL BUSINESS ADVISING

[32:33] HOURS AGAIN WITH NEXT STAGE AS OUR PARTNER THIS YEAR SO THRIVING THURSDAYS THE CITY

[32:40] OF BLOOMINGTON WILL ALSO PARTNER WITH HENNEPIN COUNTY ON THAT SO THAT'LL BE COMING UP LATER THIS YEAR. THAT WILL ALLOW OFFICE HOURS

[32:48] HERE IN BLOOMINGTON, PERHAPS NOT AT CITY HALL STAFFED BY BUSINESS ADVISORS.

[32:54] WE CONTINUE TO PARTNER WITH HANNAH BANK COUNTY ON THE ANNUAL LOVE LOCAL CAMPAIGN. WE'VE BEEN DOING THIS SINCE

[33:02] THE BEGINNING AS WELL. WHEN YOU VISIT BUSINESSES THROUGHOUT THE COMMUNITY YOU MAY SEE SOME OF THE STICKERS

[33:07] NOT THIS ONE IN PARTICULAR BUT SEE THEM ON SOME OF OUR BUSINESS WINDOWS.

[33:12] SO WHAT ARE THE IMPACTS OF ALL THIS WORK? THIS IS A REFLECTION ACROSS HENNEPIN COUNTY.

[33:20] THIS IS FROM 2020 THROUGH 2024. SO THIS MAP REFLECTS ALL THE

[33:26] BUSINESSES ACROSS THE SPECTRUM. SO REFLECTED IN PINK HERE THE ADVISOR SERVED OVER 3200

[33:33] BUSINESSES WITH 41,000 HOURS OF SUPPORT. AND ELEVATE HENNEPIN ADVISORS

[33:40] HAVE ALSO HELPED OVER 200 BUSINESSES LAUNCH AND THE COHORT PROGRAMS DEPICTED HERE IN BLUE HAVE GRADUATED 244

[33:49] BUSINESSES SPONSOR CONCEPTION AND THE ADVISORS HAVE ASSISTED BUSINESSES WITH OBTAINING

[33:54] NEARLY 36 MILLION IN FINANCE IN WITH THE SUPPORT OF COUNTY

[34:00] FINANCING BUSINESSES I'VE BEEN ABLE TO CREATE 688 NEW JOBS THROUGHOUT HENNEPIN COUNTY.

[34:08] SOME SPECIFIC NUMBERS TO BLOOMINGTON ELEVATE HENNEPIN

[34:13] STATS HERE IN 20 2492 OF OUR BUSINESSES IN OUR COMMUNITY

[34:20] RECEIVE THAT ONE ON ONE ADVISING HOURS WITH 1220 HOURS OF ASSISTANCE. AND SO THIS JUST HELPS

[34:28] DEMONSTRATE SOME OF THAT NEED IN OUR COMMUNITY. AND THEN YOU CAN ALSO SEE SOME OF THE TOP VENDORS FROM THE

[34:35] ADVISORS ON WHO'S USING THOSE SERVICES AND WHAT THEY ARE

[34:44] . AND SO REALLY I JUST WANT TO ITERATE THAT THE GOAL WITH HENNEPIN COUNTY IS NOT TO SERVE EVERY SMALL BUSINESS

[34:49] WITHIN HENNEPIN COUNTY. THIS SERVES AS A RESOURCE AND A PARTNER FOR US SO THAT WHEN BUSINESSES DO CONTACT US AND

[34:57] THEY NEED THAT ASSISTANCE IT'S HERE FOR THEM. AND SO WITH THAT I'LL STAY ON FOR SOME QUESTIONS ALONG WITH BRANDON BELL FROM HENNEPIN

[35:02] COUNTY. THANK YOU FOR YOUR WELCOME, BRANDON PORT AUTHORITY

[35:07] QUESTIONS COMMENTS.

[35:13] YOU KNOW ONE OF THE THINGS THAT IS YOU'RE TALKING IN I THINK WE'VE BEEN TALKING ABOUT

[35:18] THIS FOR A NUMBER OF YEARS IS WE WE HAVE BEEN SERVING THE LARGE BUSINESSES BECAUSE THEY HAVE THE RESOURCES TO COME

[35:26] IN AND GET OUR ATTENTION. BUT WE YOU KNOW, THE SMALL BUSINESSES HAVEN'T AND I KNOW IN MY CAREER ARE SUPER

[35:34] SUPERVALU. A LOT OF WHAT WE DID WITH OUR AFFILIATED RETAILERS WAS HELPED THEM NAVIGATE AND IT'S A VERY DIFFICULT KIND OF THING

[35:41] TO DO THAT FOR SO MANY BUSINESSES AND THE WORLD HAS GOTTEN A LOT MORE COMPLEX. SO IT I MEAN IT I, I APPLAUD

[35:49] WHAT YOU'RE DOING AND IT LOOKS LIKE YOU'RE GETTING SOME INTEREST IN THAT AND TO HAVE SOMEPLACE WHERE SOMEBODY

[35:55] STARTING OUT CAN GO AND GET SOME HELP AND POINT THEM IN THE RIGHT DIRECTION AND AND SAY YOU'VE GOT TO BE AWARE

[36:04] OF THIS. YOU GOT TO BE AWARE OF THAT. AND AND YOU KNOW, THERE'S THERE'S A LOT OF COMPLEXITIES IF YOU'RE OFFERING ANYTHING AND THEY'VE GOTTEN MORE

[36:10] COMPLEX WITH SOME OF THE NEW COMPENSATED ABSENCES AND EVERYTHING ELSE THAT WE HAVE TO DEAL WITH SO. SO BRANDON, DO YOU WANT TO

[36:18] MAKE ANY COMMENTS? YEAH. SO BRANDON BELL THANK YOU PRESIDENT ERICSSON AND COMMISSIONERS FOR HAVING ME

[36:26] HERE TODAY. BRANDON ABOUT WITH HENNEPIN COUNTY PRINCIPAL PLANNING ANALYST I JUST WANT TO SAY I THINK BLOOMINGTON IS DOING A

[36:33] REALLY GOOD JOB. I THINK YOU HAVE TAKEN A REAL PROACTIVE APPROACH WITH SMALL BUSINESSES. THERE'S WHAT YOU REALLY NEED TO DO AND YOU KNOW A LOT

[36:41] OF CREDIT TO BARB FOR THE PROGRAMS SHE'S HELPED DEVELOP HERE. YOU KNOW, I HAVE SOMEONE NEW FROM A FROM ANOTHER CITY THAT

[36:48] SAYS, YOU KNOW WHAT WHAT CAN I DO TO HELP OUT IN MY COMMUNITY? I USUALLY SEND THEM OUR WAY BECAUSE YOU KNOW YOU HAVE AN EXTENSIVE PROGRAMING HERE AND

[36:56] IT TAKES A WHILE FOR SOME OF THESE THINGS TO CATCH ON AND REALLY WE SEE THAT A LOT OF THE REFERRALS AND THE RECOMMENDATIONS COME THROUGH

[37:03] WORD OF MOUTH AND SO YOU HAVE TO START SOMEWHERE AND IT'S BEEN REALLY AND WE'RE STARTING TO GET THESE BASIC SERVICES TO THE SMALL BUSINESS

[37:10] OWNERS THAT WE NEED AND WE'RE SEEING A LOT OF SUCCESS IN BLOOMINGTON. SO THANK YOU FOR ALL THE WORK THAT YOU PUT IN AS

[37:18] COMMISSIONERS AND BEING DEDICATED TO YOUR SMALL BUSINESSES AND THANK YOU FOR BEING A PARTNER IN ELEVATE. HENNEPIN GREAT COMMENTS.

[37:25] MAYOR THANK YOU, MR. PRESIDENT . THANKS FOR THE PRESENTATION. I CAN SPEAK DIRECTLY TO THE

[37:32] ELEVATE OR TO THE CEO START PROGRAM BECAUSE I'VE BEEN ABLE TO SPEAK AT A COUPLE OF THE GRADUATION CEREMONIES THAT

[37:37] THEY'VE DONE. IT'S A GREAT GROUP. IT'S ALWAYS A LOT OF ENERGY. GREAT, GREAT NIGHT.

[37:43] MAYBE YOU COULD SHARE IF YOU COULD YOU SHOWED THE GRAPH ABOUT THE THE GENDER BREAKDOWN AND NUMBER OF EMPLOYEES THAT

[37:48] KIND OF THING. BUT WHAT KIND OF BUSINESSES ARE YOU SEEING COMING THROUGH THE CEO START PROGRAM?

[37:55] WHAT WHAT'S MOST COMMON WHAT'S REALLY STOOD OUT IN YOUR MIND WHAT WHAT DO YOU THINK IS

[38:02] REALLY CAUGHT YOUR ATTENTION IS A POTENTIAL FOR SUCCESS SO GO AHEAD. YEAH SO FOR CEO START I MEAN

[38:07] WE SEE A WIDE RANGE OF IDEAS AND THAT'S SORT OF WHAT'S

[38:14] INTERESTING IS SORT OF THE THE IMAGINATION THAT YOU SEE BEHIND SOME OF THESE THINGS

[38:19] WHERE YOU DIDN'T EVEN KNOW THIS COULD BE A SUCCESSFUL BUSINESS. WE HAVE SOMEONE WHO RUNS OUT LLAMAS THAT IS FROM RICHFIELD

[38:26] OR LLAMAS ARE NOT IN RICHFIELD BUT SHE'S BEEN TAKING OFF EVER SINCE CEO START AND SHE GOES

[38:33] TO PARTIES WITH THESE LLAMAS AND YOU KNOW I WOULDN'T HAVE THOUGHT THAT WAS A GOOD LIKE I WOULDN'T THINK LIKE OH THAT'S

[38:41] THAT'S A BUSINESS IDEA RIGHT YOU KNOW LLAMAS IN THE CITY BUT IT'S WORKING AND IT'S IT'S THAT'S AT LEAST FOR ME IS IT

[38:48] LIKE SOMETHING THAT'S VERY ENJOYABLE LIKE IT'S ENJOYABLE TO SEE THAT THAT THESE IDEAS THAT PEOPLE HAVE YOU KNOW WE SEE A LOT OF SERVICE BASED

[38:55] IDEAS WE HAD IN THE MOST RECENT CEO START WE HAD SOMEONE WHO WAS I THINK THEY THEY WOULD CALL THEM LIKE A

[39:00] DEATH COUNSELOR OR SOMETHING LIKE THAT TO HELP PEOPLE PLAN LIKE THEIR OWN THEIR OWN YOU

[39:08] KNOW, CELEBRATIONS OF LIFE OR HELP FAMILY MEMBERS AND STUFF AND IT'S IT'S A SERVICE THAT WE FOUND OUT THAT SHE PRESENTED ABOUT THAT THERE'S

[39:15] REALLY ONLY A COUPLE OF THOSE PEOPLE THAT ARE DOING THAT IN THE TWIN CITIES SO THERE'S A NEED FOR IT AND THAT'S WHAT WE'RE FINDING IS THERE'S THESE

[39:23] GAPS THAT THESE IDEA STATE ENTREPRENEURS SEE AND THEY JUST NEED HELP GETTING IN THERE AND STARTING IT TO

[39:28] FILL THAT GAP. SO THAT'S REALLY WHAT WE SEE A LOT OF HAPPENING.

[39:34] YOU KNOW IT'S A BIG MIX OF SERVICE AND LIKE RETAIL IS WHAT WE'RE SEEING. SO IT'S IT'S A PRETTY GOOD MIX

[39:39] OF THAT. THANK YOU. THANK YOU. MR. PEARSON THANK YOU.

[39:45] SO ONE THING I WANT TO SAY IS IT WASN'T IN THE PRESENTATION BUT IT'S IN THE AGENDA IS THE LAST TIME YOU WERE HERE WE TALKED ABOUT KIND OF INPUTS

[39:53] VERSUS OUTPUTS IN THIS AND WANTED TO KIND OF LOOK AT OUTPUTS AND I'M HAPPY TO SEE THAT THERE WAS SOME DISCUSSION OF OUTPUTS AND HEARING AND

[39:58] THAT'S A THAT'S A GOOD THING AND I'D ASK YOU TO CONTINUE TO FOCUS ON THAT KIND OF THE THE

[40:05] NEXT THING I'M GOING TO AT LEAST AS ONE COMMISSIONER KIND OF CHALLENGE YOU ON AND THIS IS MAYBE I'LL BE LOOKING A LITTLE BIT MORE BARB HERE IS A

[40:12] LOT OF WHY WE WELL WE TALK ABOUT SOME SMALL BUSINESSES TURN INTO BIG BUSINESSES A LOT OF THE SERVICES THAT WE'RE

[40:19] PROVIDING HERE ARE REALLY NOT ARE REALLY NOT SUPPORTING BUSINESSES THAT HAVE THE POTENTIAL TO SCALE TO LARGE

[40:26] BUSINESSES AND I THINK THOSE BUSINESSES STILL NEED SUPPORT AND WE SHOULD CONTINUE TO DO THAT. BUT I WOULD ENCOURAGE YOU TO

[40:31] THINK ABOUT OTHER THINGS THAT WE COULD BE DOING WITH A PORTION OF OUR RESOURCES THAT

[40:37] THAT ARE TARGETED AT BUSINESSES THAT HAVE THE POTENTIAL TO SCALE SO THAT WE'RE GETTING SOME OF THOSE

[40:43] BUSINESSES IN THE MIX ARE YOU

[40:48] KNOW, SOMETHING THAT HAS THE POTENTIAL TO SCALE BEYOND OUR CITY, YOU KNOW, MAYBE SERVING NEEDS BEYOND THAT BECAUSE I

[40:55] THINK THOSE IF WE CAN WE CAN GET SOME OF THOSE IN THE MIX THOSE HAVE THE POTENTIAL TO KIND OF REALLY INCREASE THE

[41:00] EMPLOYMENT IMPACT OF WHAT WE'RE DOING HERE. AND SO THAT WOULD BE MY MY CHALLENGE WITHOUT WITHOUT

[41:06] TAKING TOO MUCH FOCUS AWAY FROM THE KIND OF SMALL BUSINESS SIDE OF THIS IS WHAT CAN WE DO WITH ENTREPRENEURS

[41:11] WHO HAVE IDEAS THAT HAVE THE POTENTIAL TO BE BIG THINGS AND

[41:18] HELPING THEM GET STARTED AND THEM AND HAVE THEM BE HAVE THEM BE IN IN BLOOMINGTON IN STARTING MY BUSINESS

[41:23] BECAUSE I THINK THAT IF YOU LOOK AT THE METRICS IN HERE, YOU KNOW ONE OF THE ONE OF THE METRICS YOU TALKED ABOUT WAS

[41:28] KIND OF NUMBER OF EMPLOYER EMPLOYEES THAT THAT GENERATED AND THAT WOULD THAT WOULD IF

[41:35] YOU IF YOU CAN TAKE THOSE RESOURCES AND MAKE THAT NUMBER BE BIGGER WITHOUT HAVING TO HAVE A LOT MORE RESOURCES AND THAT THAT CREATES A BIGGER

[41:40] BENEFIT. SO IT'D BE MY PERSONAL CHALLENGE TO KIND OF TALK ABOUT THINK ABOUT THAT. THANK YOU.

[41:47] EXCELLENT OTHER QUESTIONS COMMENTS. WELL THANK YOU VERY MUCH.

[41:54] IT'S WE'LL LOOK FORWARD TO SOME FUTURE PRESENTATIONS AND JUST KEEP DOING THE WORK.

[42:01] THANK YOU. OKAY HOW ARE YOU WANT TO YOU'RE GOING TO COVER STATE

[42:06] LEGISLATION REQUIRING LOCAL APPROVAL. >> I'M ACTUALLY NOT PRESIDENT ERICKSON AND COMMISSIONERS NO

[42:13] I HAVE AN ASSISTANT PORT AUTHORITY ADMINISTRATOR KEVIN KENNY SAYS THE NEXT THREE ITEMS BUT I WILL BE SPEAKING TO IT A LITTLE BIT

[42:18] MORE DURING OUR AND MY ADMINISTRATOR UPDATES AT THE END. THIS IS THE TECHNICAL PART

[42:24] OF WHAT WE NEED TO DO. YOU KNOW BOB, IT'S NOT LIKE THE OLDEN DAYS WHERE WE HAD ONE EMPLOYEE I REMEMBER NOW WE HAVE THERE'S A LITTLE OF OUR

[42:29] CHARTER AND I THINK WHAT WE'RE SEEING IS EXCEL. HE KNOWS HOW TO DELEGATE.

[42:35] YEAH. ALL RIGHT, KEVIN YES. GOOD EVENING. BOARD PRESIDENT, MAYOR AND COMMISSIONERS.

[42:43] SO THIS ITEM IS APPROVING RESOLUTIONS FOR THE 2025 STATE LEGISLATION SO WE'RE REQUIRED

[42:50] TO APPROVE IT AT A LOCAL LEVEL AND JUST TO KIND OF AN OVERVIEW ON THAT. SO THE CITY PURSUED TWO ITEMS

[42:57] OF LEGISLATION AND THAT WAS EXTENDING THE TAX EXEMPTION FOR THE RAMADA PROPERTIES.

[43:02] SO THAT'S THREE SITES ON THE RAMONA SITES JUST NORTH OF THE MALL OF AMERICA BY SIX YEARS. SO EXTENDING THAT ECONOMIC

[43:09] DEVELOPMENT EXEMPTION AND THEN ALSO EXTENDING THE TIMELINE FOR THE SPENDING PLAN TIFF DEADLINES AND THE START

[43:17] OF CONSTRUCTION BY TWO YEARS TO DECEMBER 31ST OF 2027. AND SO THE MOTIONS REFERENCE THOSE TWO ITEMS.

[43:23] SO COUNCIL WILL ALSO BE CONSIDERING THOSE ITEMS ON JUNE 30TH AND AS A RESULT OF IT BEING APPROVED BY THE

[43:31] LEGISLATURE IN THE SPECIAL SESSION WE ARE REQUIRED TO FILE A CERTIFICATION OF APPROVAL WITH THE SECRETARY

[43:38] OF STATE AND THE LAWS HAVE NOT BEEN CODIFIED YET. SO THEY'VE BEEN MY UNDERSTANDING IS THEY'VE BEEN

[43:46] PRESENTED TO THE GOVERNOR BUT WE DON'T HAVE THE FULL ARTICLE NUMBERS AND REFERENCES YET. SO WHAT YOU'RE SEEING IN YOUR

[43:51] PACKET IS THE NUMBERS THAT WERE IN THE SPECIAL LEGISLATION. SO THE DOCUMENT THAT WE

[43:58] ACTUALLY NEED TO EXECUTE IS LEFT BLANK AS A RESULT OF THAT AND AS A REMINDER THE ACTION IS IN REGARD TO ACCEPTING THAT

[44:05] LEGISLATION I'M HAPPY TO ANSWER ANY QUESTIONS THAT YOU MAY HAVE QUESTIONS FOR KEVIN CLEMENTS WELL IF NOT, I

[44:12] THINK WE CAN WE HAVE TWO MOTIONS THAT WE NEED TO MAKE THEM SO I WOULD ENTERTAIN THE

[44:18] FIRST MOTION, MR. PRESIDENT, AND MOVE A RESOLUTION

[44:24] APPROVING LAWS OF MINNESOTA 2025 FOR A SPECIAL SESSION CHAPTER 13 ARTICLE TWO SECTION

[44:29] 17 AUTHORIZING THE CITY OF BLOOMINGTON TO FILE AN APPLICATION FOR PROPERTY TAX EXEMPTION FOR CERTAIN

[44:34] PROPERTIES OWNED BY THE PORT AUTHORITY OF THE CITY OF BLOOMINGTON AND TO AUTHORIZE RELATED ACTIONS

[44:41] CONSISTENT WITH THE INTENT OF THE RESOLUTION. I CAN DO WE HAVE A SECOND SECOND BY COMMISSIONER LANCE ANY FURTHER DISCUSSION?

[44:48] NOT ALL IN FAVOR PLEASE SIGNIFY BY SAYING I I OPPOSED MOTION CARRIES SEVEN ZERO AND

[44:54] THEN WE HAVE A SECOND MOTION ON THE SAME PAGE. PAGE 45 WE HAVE SOMEBODY ELSE WHO WANTS TO TACKLE READING IT

[45:03] AS PRESIDENT I WOULD MOVE A RESOLUTION APPROVING LAWS OF MINNESOTA 2025 FOR A

[45:09] SPECIAL SESSION CHAPTER 13 ARTICLE FIVE SECTION SIX AUTHORIZING THE CITY OF BLOOMINGTON TO AMEND ITS SPENDING PLAN TO SPEND LOAN OR

[45:16] INVEST TRANSFERRED INCREMENT AS AUTHORIZED UNDER SECTION 469 .176 SUBDIVISION FOUR

[45:24] IN THROUGH DECEMBER 31ST 2027 AND TO AUTHORIZE RELATED ACTIONS CONSISTENT WITH THE INTENT OF THE RESOLUTION. THANK YOU, MR. MAYOR.

[45:30] DO WE HAVE A SECOND SECOND BY COMMISSIONER PETERSON ANY FURTHER DISCUSSION IF NOT ALL

[45:35] IN FAVOR PLEASE SIGNIFY BY SAYING I I OPPOSED MOTION CARRIES SEVEN ZERO.

[45:42] ALL RIGHT. SO ANYTHING ELSE FOR US, KEVIN? YES. THE NEXT ITEM BEFORE YOU IS

[45:47] THE RAMADA PROPERTY PURCHASE AGREEMENT TERMINATION WHICH ALIGNS WITH THAT LAST ITEM ON

[45:56] AND I'M KIND OF JUMPING INTO THE NEXT THING HERE SO AT THE PORT'S MAY MEETING A PART APPROVED A SALE OF THE

[46:02] REMAINDER PROPERTY SALE TO THE CITY OF BLOOMINGTON AND DURING

[46:08] THAT SAME TIME THE LEGISLATURE WAS EVALUATING THE EXTENSION THAT WE JUST REFERENCED IN THE LAST ITEM AND DUE TO THE FACT

[46:13] THAT THAT ITEM WAS PASSED BY THE LEGISLATURE AND WE RECEIVED A SIX YEAR ECONOMIC

[46:20] DEVELOPMENT TAX EXEMPTION FOR THAT SITE, STAFF IS REQUESTING TO TERMINATE THAT PURCHASE AGREEMENT AND FOR THE PROPERTY

[46:27] TO REMAIN WITH THE PORT FOR THE PURPOSES OF INCOME NOMIC DEVELOPMENT AND SO THE CITY WOULD CONTINUE TO EVALUATE

[46:34] ECONOMIC DEVELOPMENT OPPORTUNITIES AT THAT PROPERTY THAT REALLY REFLECT THE PREEMINENCE OF THE SITE AND

[46:39] ALSO ITS LOCATION AS AN ENTRY POINT TO THE CITY. SO THE REQUEST IS TO AUTHORIZE

[46:46] A TERMINATION OF THAT PURCHASE AGREEMENT WHICH WAS NOT EXECUTED BUT WAS SIGNED BY BOTH THE PORT AND CITY.

[46:54] THIS GETS RATHER COMPLICATED. I DON'T KNOW DID DOES THE CITY COUNCIL THINK THAT THE PORT AUTHORITY IS BEING UNTRUE OR

[47:02] ANYTHING ON THIS WHOLE PROCESS? AND IF I COULD IN THIS PRESIDENT THIS THIS WAS A COMPLICATED ISSUE AND I THINK IT PROVED MORE THAN ANYTHING

[47:07] ESPECIALLY WITH SOME OF OUR FRIENDS ONLINE THE NOTION OF IN THE ABSENCE

[47:13] OF INFORMATION OR CREATE THEIR OWN AND WE SAW THAT THROUGHOUT THE CONVERSATION AROUND THIS AND I THINK TO IN CANCELING

[47:21] THIS I THINK WE NEED TO CLARIFY WE NEED TO COMMUNICATE AS MUCH AS WE POSSIBLY CAN.

[47:26] WILL THERE BE A BIKE SKILLS COURSE THERE ANYMORE OR NOT? WHAT THE WHOLE DEAL WAS WHAT

[47:33] WE WERE TRYING TO ACCOMPLISH JUST TO TRY AND PUT TO REST SOME OF THE THE WILD THEORIES ABOUT WHAT WAS GOING ON AND WHAT WE WERE TRYING TO

[47:38] ACCOMPLISH IN DOING ALL OF THIS. YES, PRESIDENT AND MAYOR COMMISSIONER SO THE INTENTION

[47:45] WOULD BE TO NOT PROCEED WITH THE BIKE SKILLS COURSE DUE TO THE FACT THAT THAT WOULD ADD ADDITIONAL COST TO THE

[47:50] RESIDENTS OF THE CITY. SO THE INTENTION WOULD BE TO MARKET THE PROPERTY FOR A MORE

[47:56] INTENSE USE THAT REFLECTS BOTH THE LOCATION BUT THEN ALSO THE OPPORTUNITY TO INCREASE THE TAX BASE THROUGH DEVELOPMENT AT THAT SITE.

[48:03] AND I ASSUME THAT THE FOLKS AT THE MALL OF AMERICA HAVE CONTINUED TO AGREE THAT THIS

[48:10] PROCESS TRANSFERRING BACK AND FORTH IS OKAY WITH THEM. YES. PORT PRESIDENT SO WE HAD DISCUSSIONS WITH THE MALL

[48:18] OF AMERICA WHERE THEY WERE GOING TO EXECUTE A CONSENT AGREEMENT TO ALLOW FOR US TO TRANSFER THE PROPERTY SO THEY HAVE A RIGHT OF FIRST REFUSAL

[48:25] FOR THAT PROPERTY. WE NEGOTIATED THAT WITH THEM AND WE'RE PREPARED TO EXECUTE THAT. BUT DUE TO THE FACT THAT WE DO

[48:30] NOT WE'RE NOT RECOMMENDING THE TRANSFER IF YOU AGREE TO THE TERMINATION AND WE WILL NOT

[48:37] EXECUTE THAT CONSENT AS A RESULT OF THAT ACTION AND RENDERS THEIR RIGHT OF FIRST REFUSAL EXPIRE, IT EXPIRES ON APRIL 30TH OF 2026 SO ANOTHER

[48:44] YEAR MISSION WAS TO APRIL 30TH

[48:51] OF 2026. THAT'S THE FIRST. THAT'S CORRECT

[49:00] . OKAY. ANY OTHER QUESTIONS? COMMENTS? IF NOT, I WOULD ENTERTAIN THE MOTION ON PAGE 57 OF YOUR

[49:06] PACKAGE. I SEE PEOPLE AS YOU'RE LOOKING

[49:15] AT IT, COMMISSIONER NELSON, YOU LOOK LIKE YOU HAD A SMILE ON YOUR FACE. DO YOU WANT TO GO FOR IT?

[49:21] I'LL TRY TO FIND A PAGE SO CREATURE OF THAT, MR.

[49:30] PRESIDENT. ALL RIGHT. IT'S UP 57. YES, I'D MOVE TO APPROVE A

[49:40] TERMINATION OF PURCHASE AGREEMENT EXECUTED BY THE PORT AUTHORITY AND THE CITY OF BLOOMINGTON FOR THE FORMER RAMADA THUNDERBIRD HOTEL SITE

[49:47] AND AUTHORIZATION TO EXECUTE ALL RELATED AND NECESSARY DOCUMENTS REQUIRED. MR. PRESIDENT, I JUST GOING TO

[49:55] RAISE A TECHNICAL QUESTION BUT FIRST CAN I SECOND HIS MOTION YET PLEASE DO THIS MOTION AND

[50:03] NOW WE CAN OKAY RESTRICTED IS THERE SOME OBSCURE CONFLICT FOR PEOPLE WHO ARE CITY GOVERNMENT PEOPLE AND THEN

[50:10] POOR PEOPLE LIKE SAY THESE TWO GUYS I MEAN YOU'RE GOING TO VOTE ON BOTH SIDES OF THIS THING.

[50:16] I'M JUST CURIOUS THAT YOU SAID THERE'S BEEN THERE WAS SOME HULLABALOO AT SOME POINT AND I'M TRYING TO HELP AVOID ANY

[50:24] POINTLESS BASELESS STUFF IN THE FUTURE. WE HAVE A QUORUM WITHOUT WELL, I THINK WE HAVE OUR CITY ATTORNEY HERE.

[50:29] EXCELLENT. MELISSA CAN PROBABLY TELL US IS PROBABLY I'M SURE BEEN OVER THIS MANY TIMES BUT I WOULDN'T

[50:36] HAVE BROUGHT IT UP IF I DIDN'T HEAR THE MAYOR MEMBERS OR EXCUSE ME NOT THAT'S NOT WHERE WE'RE AT WHERE WE ARE AT.

[50:44] CHERYL AND KIRSCHNER, THANK YOU FOR THE QUESTION. SO THE CITY AND THE PORT ARE

[50:51] IN ALIGNMENT AT THE STAFF LEVEL ON WHAT THE WHAT THE NEXT STEPS ARE AND HAVE BEEN

[50:59] THROUGHOUT THE ENTIRE PROCESS. SO I DON'T SEE THERE AS BEING A CONFLICT OF INTEREST.

[51:07] I APPRECIATE WHAT YOU'RE SAYING IN THAT THE PARTIES ARE DUPLICATIVE AND WITH THE TWO

[51:13] MEMBERS BEING ON BOTH BODIES BUT I DON'T SEE IT AS A CONFLICT THAT WOULDN'T BE ABLE TO BE WAIVED. SO I THINK YOU'VE BROUGHT UP A

[51:21] GOOD POINT AND THE DISCUSSION BUT I DON'T SEE IT AS SOMETHING THAT I THINK THAT I RECOGNIZE IT'S A I THANK YOU ANNOYING POINT BUT I THINK ANY

[51:28] FURTHER DISCUSSION ON THE POINT THAT WE HAVE A MOTION MADE AND SECONDED ALL IN FAVOR PLEASE SIGNIFY BY SAYING I I OPPOSED MOTION CARRIES SEVEN

[51:36] ZERO. ANYTHING ELSE FIRST KEVIN THE NEXT AGENDA ITEM YEAH YOU'RE

[51:42] ON A ROLL. SO THE NEXT ITEM IS THE BLOOMINGTON CENTRAL STATION

[51:47] GROCERY A MINUTE AND RESTATED RECAPTURE AGREEMENT UPDATE SO AS A REMINDER WE ALSO SAW THIS

[51:53] ON THE MAY 20TH MEETING AND DURING THAT MEETING COMMISSIONER LANCE INTRODUCED A SMALL REVISION TO THE

[51:58] LANGUAGE REGARDING APPRAISAL DETERMINATIONS FOR CAP RATES AND MARKET VALUE AND WE

[52:03] BROUGHT BACK THOSE LANGUAGE RECOMMENDATIONS AND CHANGES BACK TO MCGUFF, THE DEVELOPER OF THE PROPERTY TO FINALIZE

[52:10] THOSE CHANGES IN THE AGREEMENT AND DURING THAT PROCESS MCGUFF DISCOVERED SOME LANGUAGE ABOUT

[52:17] HOW THE TENANT PROVIDES THEIR INFORMATION REGARDING TO THEIR GROSS SALES AND HOW WE CALCULATE THE PERCENTAGE RENT

[52:24] AND THAT DIDN'T ALIGN WITH THE LEASE THAT THEY HAD EXECUTED WITH THEIR TENANT. SO AS A RESULT OF THAT CHANGE WE'RE BEING BRINGING BACK A

[52:32] SMALL REVISION TO THE AGREEMENT THAT EFFECTIVELY JUST CHANGES THAT ONE LANGUAGE JUST A LITTLE BIT WHERE MCGUFF

[52:39] WOULD COLLECT THE INFORMATION FROM THE TENANT AND THEN PROVIDE IT TO THE CITY BASED ON A REQUEST THAT THE CITY WOULD MAKE OF THAT INFORMATION

[52:46] . SO THE REQUEST IS TO APPROVE THE AGREEMENT WITH THOSE MODIFICATIONS AS WELL AS THE REQUEST THAT COMMISSIONER

[52:54] LYONS MADE ABOUT THE APPRAISAL LANGUAGE AND AND THEN ALSO SMALL UPDATE WE ALSO LEARNED

[53:01] THAT THE TENANTS OF COLONIAL MARKET FILED FOR THEIR ENVIRONMENTAL HEALTH PERMITS WHICH IS KIND OF A STEP BEFORE

[53:09] OPENING SO THEY'RE STILL ON ON A TIMELINE TO OPEN LATER THIS SUMMER RIGHT COMMISSIONER LANCE IS THAT THIS THAT

[53:17] SATISFIED WITH THE CHANGE? YES. GOOD. OKAY.

[53:25] >> WE'RE GOING TO HAVE A LIQUOR LICENSE. YES. THE INTENTION IS FOR THEM TO OPERATE BOTH GROCERY AND LIQUOR AND THEN ALSO HAVE A

[53:30] QUICK SERVE RESTAURANT COMPONENT AS WELL. GOOD.

[53:36] OKAY. ANY OTHER QUESTIONS OR COMMENTS? I WOULD ENTERTAIN THE MOTION AND ON PAGE 59 OF YOUR PACKAGE

[53:43] IS A FAIRLY SIMPLE ONE TO READ . COMMISSIONER PETERSON YOU LOOK LIKE YOU WANT TO READ.

[53:50] I MOVE THAT WE APPROVE THE AMENDED AND RESTATED RECAPTURE AGREEMENT WITH BOOKS FOR MULTIFAMILY LLC IS

[53:55] SUBSTANTIALLY SET FORTH IN THIS AGENDA ITEM THANK YOU. SECONDED BY COMMISSIONER LANCE

[54:01] ANY FURTHER DISCUSSION AT ALL IN FAVOR PLEASE SIGNIFY BY SAYING I I OPPOSED MOTION

[54:08] CARRIES SEVEN ZERO THANK YOU YOU'RE DONE OKAY OKAY PRESENTLY YES PRESIDENT

[54:16] ERICKSON AND COMMISSIONERS THANK YOU FOR SAYING IT DELEGATE NOW IT'S A IT'S A GOOD SKILL TO HAVE YOU SAW THE ORG CHARTS GOING CRAZY SO

[54:22] THANK YOU VERY MUCH FOR BEING HERE THIS EVENING. I DO HAVE A FEW GENERAL UPDATES I'D LIKE TO PROVIDE YOU ALL. ONE IS I DID FORWARD A RECAP

[54:31] OF THE LEGISLATIVE ACTIVITY THAT TOOK PLACE THIS YEAR AT THE STATE CAPITOL WITH OUR COUNCIL WHILE OUR LOBBYISTS

[54:39] THERE KATIE SUN PRESENTED TO CITY COUNCIL LAST NIGHT. SO I KNOW TWO OF YOU SAW THIS BUT A FEW ITEMS THAT ARE RELEVANT TO US.

[54:46] YOU HEARD ABOUT THE AMOUNT OF PROPERTY TAX EXEMPTION WE ARE LOOKING FORWARD TO MARKETING THAT SITE AND REALLY DRIVING SOME SIGNIFICANT DEVELOPMENT THERE.

[54:53] THE EXTENSION TO OUR SPENDING PLAN TIFF WILL ENABLE US TO CONTINUE OUR CONVERSATIONS WITH MALL OF AMERICA TO BUILD

[55:01] A WATER PARK. SO WE WILL BE CONTINUING THOSE CONVERSATIONS WITH YOU AS WELL AND ARE OPTIMISTIC THAT WE'LL BE DISCUSSING THAT AT FUTURE

[55:06] MEETINGS. ANOTHER THING THAT WE HAD WAS THE MINNESOTA FORWARD FUND.

[55:13] THAT FUND WAS CREATED TO HELP ASSIST WITH SOME OF OUR CHIPS AND HIGH TECH MANUFACTURING

[55:18] AND REQUIRED A FEDERAL MATCH THIS YEAR THE LEGISLATURE DECOUPLED THE FUND FROM THE

[55:25] FEDERAL MATCH WHICH ALLOWS MORE COMPANIES TO GO AFTER THAT FUNDING TO SUPPORT THEM. SO HIGH TECH MANUFACTURING IS

[55:30] CERTAINLY A SPACE THAT BLOOMINGTON IS EXCITED AT TO GROW OUR EMPLOYMENT IN AND WE

[55:37] HOPE THAT SOME OF OUR COMPANIES HERE CAN TAKE ADVANTAGE OF THAT AS WELL. UNFORTUNATELY WE WERE NOT LUCKY WITH OUR APPEAL FOR SOME

[55:44] FUNDING FOR OUR BLUME IN BLOOMINGTON PROGRAM BUT THAT PROGRAM CONTINUES TO EXPAND AND THE MAIN EXPENSE

[55:52] OF THAT PROGRAM AT THIS POINT IS STAFF TIME. SO WE HOPE TO COME BACK TO YOU AS WE GET INTO OUR BUDGET SEASON AND TALK ABOUT HOW WE

[55:58] MIGHT CONTINUE THAT PROGRAM MOVING FORWARD ANY QUESTIONS ABOUT OUR LEGISLATIVE UPDATES? I DON'T.

[56:04] MR. OR DO YOU WANT TO MAKE ANY COMMENT OR ANYTHING?

[56:10] THANK YOU, MR. PRESIDENT. I THINK HOLLY COVERED IT VERY WELL. IN ADDITION, THE ONLY OTHER BIGGIE I THINK WORTH NOTING THERE WAS A BINDING REQUEST

[56:18] FROM THE CITY TO HELP WITH THE SEWER EXPANSION PROJECT ESPECIALLY AS IT COMES OUT OF THE SOUTH TOWN AREA OF THE

[56:26] AND AMERICAN DISTRICT. THE FOR SOME REASON THE STATE THEY PASSED THE BONDING BILL AND DIDN'T PASS ANY LOCAL PROJECTS WITHIN THAT BONDING

[56:33] BILL AND IT THEY ALLOCATED MONEY TO STATE INSTITUTIONS AND STATE AGENCIES BUT NOT

[56:40] INDIVIDUAL WATER PROJECTS OR OTHER SMALLER PROJECTS. AND I THINK KATIE, OUR

[56:45] LOBBYIST REPORTED LAST NIGHT WE WERE OPTIMISTIC BECAUSE IT WAS A WATER PROJECT. THERE WAS GENERAL CONSENSUS

[56:52] AROUND THE NEED FOR WATER PROJECTS AND WE WERE A METRO WATER PROJECT AND THEN OF COURSE THEY DIDN'T PASS ANYTHING ON THE LOCAL LEVEL SO

[56:57] ANOTHER ONE THAT WE NEED TO CONTINUE TO WORK ON ESPECIALLY IF WE WE HOPE TO EXPAND THE SEWER CAPACITY IN THAT AREA

[57:04] WHICH WOULD THEN OF COURSE LEAD TO REDEVELOPMENT OPPORTUNITIES IN THE SOUTH TOWN AND PAN-AMERICAN DISTRICT

[57:12] . GREAT. THANK YOU, MR. NELSON AND THANK YOU, PRESIDENT. ONE OTHER THING TO NOTE IN THERE THERE WAS A LOT

[57:19] OF HOUSING RELATED ACTIVITY IN THERE AND ONE OF THE THINGS THAT I THINK WILL IMPACT THE PORT AND SOME OF THE LARGER

[57:26] MULTIFAMILY HOUSING PROJECTS THROUGHOUT THE COMMUNITY IS A PREFERENCE IN TERMS OF FUNDING FOR COMMUNITIES THAT HAVE

[57:34] TAKEN VARIOUS STEPS TO BE PROACTIVE IN TRYING TO BUILD MORE HOUSING UNITS AND I THINK THAT WILL HELP US BECAUSE I

[57:42] THINK WE'VE DONE MOST OF WHAT THEY'VE REQUESTED SO WE'LL SCORE HIGHER IN THE GRANT FUNDING OPPORTUNITIES THERE.

[57:49] SO AND THEN THE ONLY THING THIS ISN'T REALLY RELATED TO THAT BUT IT'S CONNECTED TO IT IS THE ELEVATE HENNEPIN AND

[57:57] SOME OF THE STUFF WITH THE SUGAR, THE CHIPS AND THE MAIN

[58:04] FACTORY AND THE HIGH TECH MANUFACTURING. I'M WONDERING IF ANYTHING IN ELEVATE HENNEPIN CAN BE DESIGNED TO TARGET SPECIFIC

[58:12] INDUSTRIES THAT WE WOULD LIKE TO PROMOTE WITHIN THE COMMUNITY IF WE CAN TRY TO

[58:19] DEVELOP PROGRAMING OR SUPPORT FOR I THINK TO THE POINT OF OF TAKING COMPANIES TO THEEXT STEP THAT MAYBE AREN'T JUST

[58:27] BLOOMINGTON RELATED BUT ARE EVEN BIGGER THAN THAT IF THERE'S ANYTHING WE CAN DO TO HELP SUPPORT SPECIFIC

[58:35] INDUSTRIES WITHIN THE COMMUNITY IN TERMS OF THOSE PROGRAMS. I DON'T KNOW ALL THE ANSWERS JUST THROWING THAT OUT THERE

[58:42] AS A THOUGHT AND AN IDEA. THANK YOU, COMMISSIONER NELSON AND AND I DID WANT TO COMMENT ON THAT ELEVATE HENNEPIN IS AT

[58:50] THIS TIME FOCUSED PRIMARILY ON THOSE SMALLER BUSINESSES AND I KNOW YOU'RE TALKING ABOUT WHAT WHAT IS THE NEXT STEP TO GET

[58:55] TO SCALABLE BUSINESSES. WE DO WORK WITH ANOTHER ORGANIZATION CALLED GREATER MSP THAT I THINK YOU ALL ARE

[59:02] AWARE OF AND THEY TEND TO BE A GROUP THAT IS FOCUSING ON BUILDING THOSE COALITIONS. THEY WERE LEADING THE CHIPS AT

[59:09] COALITION WORK AND THEN WE HAD A PRESENTATION THIS MORNING FROM DEDE FROM THE STATE'S WORKFORCE BOARD ABOUT THE

[59:18] DRIVE FOR FIVE INDUSTRIES AS WELL. SO THAT'S MORE FROM THE SUPPLY SIDE OF THE WORKFORCE SIDE AND TRAINING. BUT YOUR COMMENTS ARE ARE

[59:25] TAKEN ABOUT HOW CAN WE REALLY FOCUS ON THOSE INDUSTRIES THAT ARE OF INTEREST TO US HERE IN BLOOMINGTON?

[59:31] SO I THINK WE WILL BE HAVING SOME CONVERSATIONS ABOUT THAT IN THE FUTURE. THANK YOU.

[59:37] ANY OTHER QUESTIONS COMMENTS? >> I DO HAVE A FEW OTHER UPTICK AS WELL.

[59:42] I'M SO SORRY I JUST PAUSED ON THAT ONE BECAUSE I KNEW THAT WAS AN EXPANSIVE TOPIC. THANK YOU SO MUCH.

[59:48] ALL RIGHT. SO ONE OTHER THING I MENTIONED THAT WE ARE MOVING INTO OUR BUDGET SEASON SO YOU WILL EXPECT TO SEE THE PORT'S BUDGET AND LEVY REQUEST

[59:56] IN SEPTEMBER AND LIKELY NOVEMBER, MAYBE OCTOBER HERE AS YOU HAVE IN THE PAST AND THEN THAT WILL FOLLOW AT CITY

[1:00:01] COUNCIL THE NEXT MONTH. SO THAT'S THE SEQUENCE WE'VE BEEN FOLLOWING. I DID WANT TO LET YOU KNOW

[1:00:08] THAT IN CONSULTATION WITH OUR AUDITOR AND WITH OUR FINANCE TEAM WE ARE LOOKING TO DO SOME NAMING CHANGES.

[1:00:16] SO UP UNTIL THIS POINT YOU HAVE KNOWN THE PORT'S THE FUNDS THAT ARE IN THE SOUTH LOOP AS THE GENERAL FUND WHICH

[1:00:23] HAS BECOME CONFUSING GIVEN THAT WE NOW WORK CITYWIDE. SO OUR LEVY MOVING FORWARD WE

[1:00:30] WILL BE RENAMING IT TO THE PORT'S GENERAL FUND. WE'LL TAKE SOME TRANSITION TIME WITH THAT WILL ALWAYS MAKE IT CLEAR WHEN WE'RE

[1:00:35] TALKING ABOUT THE LEVY VERSUS OTHER FUNDS THAT THE PORT HAS AVAILABLE BUT THAT IS SOMETHING WE ARE TAKING ON

[1:00:41] WITHIN THE FINANCE TEAM AND THE PORT TO MAKE OUR FUND NAMES MORE LOGICAL FOR THE FUTURE.

[1:00:46] SO JUST WANT TO MAKE YOU AWARE OF THAT. >> WE'LL GET USED TO IT OVER TIME AND THEN ONE OTHER PIECE

[1:00:53] OF GOOD NEWS AT A PREVIOUS MEETING YOU PLEDGED UP TO

[1:01:00] $90,000 TO SUPPORT THE PRIZE FOR HATCH BLOOMINGTON WHICH IS 100,000. WE DID GET SOME GOOD NEWS THAT STEARNS BANK HAS PLEDGED

[1:01:07] 10,000 AND THEN THEY WERE ABLE TO SECURE A THREE TIMES MATCH. SO AN ADDITIONAL 40,000 HAS BEEN PLEDGED TO THE PROGRAM.

[1:01:14] SO THE PORT IS NOW SUPPORTING WITH 50,000 INSTEAD OF 93.

[1:01:19] AND I BELIEVE THAT IS IT FOR THIS EVENING. >> THANK YOU ALL FOR BEING

[1:01:24] HERE. WELL, THAT'S ALWAYS NICE TO HAVE A VERY POSITIVE NOTE THAT WE CAN SAVE MONEY ON THE WAY OUT AND YOU KNOW, I THINK THE

[1:01:31] THING WE GET INTO WITH WITH THE LEGISLATURE HAVING JUST COMPLETED THE SPECIAL SESSION THAT THE EXCELLENT COMMENT BY

[1:01:39] MANY IS THAT THEY MAY BE BACK AGAIN WITH ALL THE THINGS THAT ARE GOING ON ON THE FEDERAL LEVEL.

[1:01:44] SO WE'RE LIVING IN VERY DIFFERENT TIMES THAT WE'RE

[1:01:50] GOING TO HAVE TO BE LOOKING AT A LOT OF THINGS. BUT I THINK IT'S JUST SO IMPORTANT THAT WE CAN KEEP THOSE THINGS THE DRIVERS

[1:01:55] OF THE COMMUNITY GOING. SO WITH THAT I THINK WE'RE ADJOURNED. OKAY. >> THANK YOU ALL