Business Assistance
The City of Big Lake offers several programs to encourage economic development within the community. This is done through BLEDA, the Big Lake Economic Development Authority, a committee charged with promoting commercial and industrial or business growth and “fair-housing” residential development via marketing of the community and its assistance programs by direct and indirect methods.
Direct involvement and responsibilities include:
- Acquiring land and/or buildings to fulfill development objectives as outlined by the City Council or in the Comprehensive Plan.
- Conducting reviews of relevant proposals, developer funding requests such as TIF, Tax Abatement, Loan Programs and makes recommendations to the City Council.
- Monitoring of the community demographics and development indicators reflecting the City’s economic health and vitality and providing such data to officials and developers to shape policy or development projects.
- When in the interest of the City Council, it can also act as a funding conduit for tax-exempt bonds used to build public facilities.
Summary of Big Lake Economic Development Authority Incentives
- Tax Increment Financing – Used for land costs, infrastructure and site prep expenses for economic development projects
The BLEDA offers Tax Increment Financing which is a tool that uses a development’s taxes to pay for land and infrastructure costs on a case by case basis. This tool requires a Business Subsidy application to be submitted to the BLEDA/City seeking the assistance for TIF eligible expenses. A “but for” test is required as part of the threshold of need. - Tax Abatement (Tax Rebate) – Land costs and infrastructure and site prep expenses for projects
The BLEDA offers Tax Abatement – which is similar in method of usage to TIF – is another tool that uses a development’s taxes to pay for land and infrastructure costs on a case basis. An application must be made to the BLEDA/City seeking the assistance for Tax Abatement eligible expenses. - Economic Development Revolving Loan Fund – Fully secured low-interest loans for fixed assets
The BLEDA offers direct, secured City funded loans for fixed assets. They are available for job creating economic development projects. Maximum loans are $150,000 or 35% of a project. Interest rates are tied to the prime rate and are set based on the level of risk in each project. An application must be made to the City seeking such funding. - Minnesota Community Capital Fund Loan Program – Fully Secured Loans available for fixed assets and working capital
Through the City’s membership in the MCCF, a non-profit organization, the BLEDA can offer fully secured loans – up to $250,000 per project. These loans are available for fixed asset and working capital needs. Interest rates are “near market or par.” A loan application must be submitted to the City for such funding. - Available sites and/or Buildings Information
City staff maintains and provides information to developers, real estate brokers, Business owners, entrepreneurs and others regarding the known available sites and building space in the community. - Staff referrals to appropriate agencies for business plans and labor training assistance funding
City staff provide guidance and referrals to the Small Business Development Center (SBDC) for those who need assistance in creating a business plan and the Minnesota Workforce Centers for labor training support and/or funding that is necessary to maintain the quality of the workforce. - Knowledgeable, Friendly City Staff
Take the opportunity to work with the city staff and our community leaders and you will experience first-hand their dedication to making our community a great place to live and work.
More information can also be found on the Big Lake City Website: www.biglakemn.org
Questions about economic development projects and programs can be directed to attention: Jim Thares, City of Big Lake Community Development Director, Phone: 763.263.2107.