Grand Forks Growth Fund, A Jobs Development Authority Staff Report
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1 Grand Forks Growth Fund, A Jobs Development Authority Staff Report Growth Fund Committee February 19 and March 4, 2019 JDA March 18, 2019 Agenda Item: Updated Growth Fund Policies & Procedures Submitted by: Meredith Richards, Community Development Director Staff Recommended Action: Approve the attached Committee Recommended Action: JDA Action: BACKGROUND: The current Growth Fund Policies & Procedures document was approved in October The Committee authorized proceeding with updates last fall, and a draft was presented at the February 19 meeting. As stated on page 2 of the attached final draft, This document is meant to set forth strategies and principles to guide Fund 5996 decisions by the Growth Fund Committee and JDA, and provide administrative policies and procedures to govern Growth Fund loans and loan programs. This update Provides additional background on the City s economic development funds Updates verbiage related to target industries and types of assistance References programs added since 2008, including the non-primary sector rural FlexPACE program Clarifies loan procedures to better reflect actual practices Incorporates routine corrections throughout (e.g., references to Urban Development)
2 GRAND FORKS GROWTH FUND, A JOBS DEVELOPMENT AUTHORITY Policies and Procedures Adopted The intent and purpose of the Grand Forks Growth Fund is to encourage the creation of new jobs, enhance the economic climate, save existing jobs, create new wealth, enhance the local property tax base, encourage capital investment, improve the quality of life, enhance tourism and local events, promote public, private or public/private enterprises or partnership, and diversify the local economy in the community and region at large. OVERVIEW -- City Code Section The Grand Forks Growth Fund is the City's primary economic development financing mechanism. It was established in 1987 with a portion of a voter-enacted 1% sales tax. It is administered by the Grand Forks Growth Fund, a Jobs Development Authority (JDA), which was incorporated under North Dakota Century Code (NDCC) in Two City funds relate directly to economic development: Fund 2163, Economic Development and Fund 5996, Job Development Authority. In general, dollars flow through Fund 2163 and revolve in Fund Budgets for both funds are proposed by the mayor and approved by City Council annually. Fund 2163 is a Special Revenue Fund; economic development sales tax dollars (20.5% of the 1% sales tax) are receipted here. This revenue is then allocated via City Council action to a variety of economic/community development activities. Fund 2163 traditionally provides annual funding to support the Grand Forks Region Economic Development Corporation, air base retention efforts, quality-of-life programs (Beautification, Special Events and Arts Regrants), and operations/administration of the Growth Fund (Fund 5996). It is also a funding source for long-term capital investments such as Strategic Infrastructure Growth (SIG) projects and the Business Park. The Growth Fund portfolio -- commercial/industrial properties plus various types of loans -- resides in Fund 5996, an Enterprise Fund. As the name implies, enterprise funds are meant to operate similarly to a private business enterprise, with the cost of services Page 1
3 generated primarily by users. Following adoption of the City s budget, funds and activities within Fund 5996 are then governed by the JDA rather than City Council. Revenue is generated by loan and lease payments, which in turn support ongoing economic development loan programs and property management. This includes loan servicing, building maintenance, tenant relations, budgeting etc. Revenue may also be generated by real estate sales; significant revenue of this type is anticipated in the coming years. This document is meant to set forth strategies and principles to guide Fund 5996 decisions by the Growth Fund Committee and JDA, and provide administrative policies and procedures to govern Growth Fund loans and loan programs. GOVERNANCE The board of directors of the Grand Forks Growth Fund consists of the Mayor and all members of the City Council. This board is referred to as the JDA. It meets as needed at the call of its chair, typically on Mondays immediately preceding a City Council meeting. Each year, the JDA must elect a chair, vice chair, and secretary/treasurer. It is the final Page 2
4 decision-making body for Growth Fund activities and its responsibilities typically include reviewing recommendations from the Growth Fund Committee, acting on specific proposals and funding requests, authorizing programs or initiatives, and enacting significant policy or program changes. It is the appeal body for Growth Fund Committee actions. The Growth Fund Committee advises the JDA. It is composed of five members: three City Council members and two members who are nominated by the Board of the Grand Forks Region Economic Development Corporation and confirmed by the City Council to serve three-year terms. The Committee's responsibilities routinely include review of funding requests, including financing terms and conditions; review of lease and sale terms; reviewing fund balances and portfolio performance, including review of loan restructures, past-due loan accounts and approving write-offs; and reviewing policies, programs and administrative practices. The Growth Fund Committee meets regularly on the third Monday of each month, or as necessary to conduct business, by call of the Chairman or two Committee members. The Growth Fund Committee and the JDA may adjourn into executive session as provided by North Dakota Century Code Chapter Staff support for the Growth Fund is provided by the City s Community Development and Finance Departments. The Grand Forks Region Economic Development Corporation (EDC) also advises the Growth Fund Committee and JDA. Incorporated as a 501(c)(6) non-profit organization in 1988 to promote economic development in northeast North Dakota, the EDC receives funding from the City of Grand Forks, Grand Forks County, and regional private sector member businesses. The roles of the EDC and Growth Fund are complementary yet distinct. Both are dedicated to creating new wealth for the community and region, the EDC through providing business development and workforce assistance, the JDA through funding mechanisms and capital investments. ASSISTANCE Growth Fund Portfolio includes... Active and deferred business assistance loans Downtown commercial properties Manufacturing facilities in the Industrial Park Building sites in the Business Park and Industrial Park The Growth Fund traditionally focuses on assisting primary sector businesses this has been the JDA s bread and butter since its inception. Job creation was also paramount, Page 3
5 hence the designation Jobs Development Authority. And while primary sector job development is still important, with unemployment consistently at very low levels statewide, it is certainly not the only consideration. Workforce development, automation, entrepreneurialism, economic diversification, and community differentiation are recognized as key components of economic development in Grand Forks and the region, as well as nationally. Recognizing the important role that infrastructure plays in economic growth, the JDA has also partnered with Utility Enterprise Funds to invest in strategic infrastructure growth (SIG). SIG projects provide areas for industrial, commercial and residential expansion to ensure that the lack of developable sites does not act as a deterrent to growth. The University of North Dakota is another important economic development asset. While not a business, the JDA may provide financial support to UND's efforts to encourage intellectual property commercialization in targeted sectors when those efforts clearly promote strategic partnerships and joint ventures with industry; support applied and basic research that clearly demonstrates short- to medium-term business and venture development opportunities; or encourage and support creation of spin-off companies, including joint ventures. The Growth Fund has provided primary sector assistance on a regional basis, in rural areas as well as within Grand Forks corporate limits. Recognizing that viable rural communities DEFINITIONS A primary sector business, through its employment of knowledge or labor, adds value to a product, process, or service which results in the creation of new wealth. New wealth means revenues generated by a business in our region through the sale of products or services to: Customers outside of our trade area; or Customers in this trade area if the products or services were previously unavailable or difficult to obtain from a business in this trade area. The Grand Forks trade area is defined as an area extending to the Canadian border to the north, 35 miles to the south, and 115 miles to the east and to the west. increase the region s overall economic strength, the Growth Fund will partner with rural communities in Grand Forks County to also assist designated non-primary sector priority businesses. The Growth Fund may also fund strategic initiatives (e.g., feasibility study) that support local or regional economic development priorities. Page 4
6 Underlying principles that the JDA will consider when reviewing requests for funding include: Funding a variety of proposals that collectively offer a mix of employment opportunities, with an emphasis on moderate to high skill levels. Revolving Growth Fund dollars and leveraging them with other financing whenever possible and practical. Customizing assistance to meet each applicant's circumstances, needs, and timelines in light of the impact of the proposal on the local/regional economy. Supporting strategic public improvements/ investments that positively differentiate Grand Forks to better attract and retain in-demand workers and targeted businesses. Creating an environment that supports a nimble response to opportunities for economic growth and diversification. GRAND FORKS REGION TARGET SECTORS Manufacturing Agri-business UAS High-tech There is substantial flexibility in the type of assistance the JDA can provide: subordinated loans, equipment and building purchase and lease-back, interest buy-downs (PACE), guaranteed loans, grants, equity positions. In determining the appropriate types and levels of assistance, consideration is given to the importance of the proposal to the local/regional economy, the creation of higher paying jobs, and growth potential in terms of likely business expansions or spin-off ventures. For example, with a riskier project which offers good growth potential, a payment schedule may be structured based upon a percent of gross sales. In general, applicants are expected to obtain outside financing from private and/or other public sources, and the JDA may condition approval of Growth Fund assistance on some level of third-party financial participation (a requirement in some programs). Target Sectors: Similar to its emphasis on primary sector businesses, the Growth Fund has also traditionally prioritized specific industries or business sectors. This includes both legacy sectors with a proven track record of success as well as more aspirational sectors. Agri-business and manufacturing are targeted sectors that fall under the legacy category. The Red River Valley is an agricultural center with agri-business assets that include national food processers as well as local producers. Similarly, the region hosts several leading manufacturers who have a made a significant contribution to the Grand Forks region s economy and corporate community. Supporting the retention and expansion Page 5
7 needs of these legacy sectors is a priority, as is leveraging assets to recruit supply chain partners. Unmanned and autonomous systems (UAS) and high-tech services are aspirational target sectors. UAS is an industry that offers unrivaled opportunities for growth and innovation. Greater Grand Forks has been a leader in this emerging sector and is home to a number of unique UAS assets that put it at the forefront of this industry. With its tremendous potential for growth, nurturing this sector is a clear priority. High-tech services is a natural complement to UAS and UND; although the region is not starting from a similar position of strength, this sector also offers significant growth opportunities. LOAN POLICIES AND PROGRAMS The JDA may provide temporary or permanent financing for a multitude of uses; however, funds may not be used to restructure existing debt and loans are not assumable. Loans can be made for: purchase of land and site improvements; construction, acquisition, and/or renovation of buildings; purchase and installation of machinery and equipment; inventory and other working capital; seed capital; or other miscellaneous costs as approved by the JDA. While loans may be made on an ad hoc basis, the JDA has adopted several loan programs that have a particular focus and which have specific terms and conditions. These programs are outlined on the next page. Terms: Outside specific loan programs, terms are not pre-defined and each deal is structured based upon the need for financing, the relative risk involved, the desirability of the project to the community/region, and the immediate and long-term growth potential of the firm. Within that flexibility, however, there is an expectation that interest rates offered will be competitive while reflective of the relative risk of the project; applicants will normally provide a minimum 10% cash or in-kind equity contribution as a means to generate more capital for the project as well as provide a commitment from the borrower; loans will be amortized for no more than five years for working capital; ten years for equipment/machinery; fifteen years for real estate. Security: Following standard lending principles, loans will be secured as appropriate by real estate mortgages, liens, UCC financing statements, company or personal guaranties and other security instruments. When offered as collateral, appraisals are required for land and buildings and may be required for equipment, machinery, furniture and fixtures if Page 6
8 values are questionable. In addition, the JDA typically requires personal guaranties from principals. APPROVED LOAN PROGRAMS PACE and FlexPACE Programs: The PACE (Partnership in Assisting Community Expansion) Program is administered by the Bank of North Dakota (BND). It was originally designed to assist North Dakota communities in expanding their economic base by assisting primary sector businesses that create or retain jobs. Recognizing the value of investment distinct from job creation, BND later broadened its parameters through the FlexPACE Program. FlexPACE allows communities to assist to businesses that do not meet the primary sector requirement of PACE and waives job creation requirements. Both programs have two key elements: 1) participation by BND with a local lender in a community-based loan and 2) participation by BND with a local community to reduce the borrower's effective interest rate. The community contribution is combined with BND funds to reduce the interest cost to the borrower. This buy-down is limited to the amount required to reduce the borrower s rate of interest to 5% below the yield rate or 1%, whichever is less. BND establishes the local share, which ranges from 15% to 35% based on the community s taxable sales and purchases, employment, taxable valuation and population; for Grand Forks, it s 35%. The Growth Fund provides its PACE/FlexPACE contribution as a loan to the assisted business. Repayment is deferred at no interest until PACE funds have been fully expended or the underlying loan is fully repaid. Thereafter, the loan is repaid 12 equal monthly installments at an interest rate equal to the subsidized PACE/FlexPACE rate. BND offers a specific FlexPACE option for child care facilities, which the Growth Fund adopted in The Growth Fund further extended its non-primary sector FlexPACE assistance in 2019 when it approved partnering with benefiting communities to assist nonprimary sector for-profit businesses locating or expanding in rural Grand Forks County. [Full PACE and FlexPACE program descriptions are at see local program descriptions for Growth Fund child care and non-primary sector rural FlexPACE option details. ] EDARLF: Following the Flood of 1997, the U.S. Economic Development Administration (EDA) awarded Grand Forks a $2,000,000 disaster recovery grant. This was matched with $222,223 in local economic development funds to establish the EDA Revolving Loan Fund (EDARLF). While originally implemented to assist businesses impacted by the 1997 flood, Page 7
9 it continues to be available to eligible businesses and projects in the region. In addition to general JDA loan policies, the EDARLF is subject to cross-cutting federal funding regulations (e.g., NEPA, Davis-Bacon) as well as specific EDA requirements. Key parameters include: RLF applicants must provide a bank turn-down letter demonstrating that sufficient non-rlf credit is not available for the proposed activity. No single loan may exceed $500,000 (25% of the EDA s $2 million initial capitalization). Interest rates cannot be less than 4% or 75 percent of the Wall Street Journal prime rate, whichever is lower. The RLF must maintain a minimum ratio of $2 in private financing for every $1 in RLF financing for its overall portfolio. This minimum ratio will apply to individual borrowers unless a valid rationale is demonstrated. [The Growth Fund has a stand-alone Plan, Policies and Procedures manual for its EDARLF; the latest update was approved October 19, 2015.) Start-Up Grand Forks: Recognizing the importance of entrepreneurial activity to the economic health of a community, Mayor Michael Brown created the Entrepreneurial Advisory Group in That group identified the lack of readily available start-up capital as a local need and recommended creating a program to provide small, flexible loans of that type. In partnership with the Bank of North Dakota, the Start-up Grand Forks Loan Program was adopted by the JDA as a pilot program in in 2017 with the following parameters: Amount: $20,000 maximum Term: Maximum of 5 years Interest rate: 5% Deferral: Maximum of 1 year Equity: Applicant must contribute a minimum of 25% of the total project amount Security: Loans are secured by the business only, no personal guaranty or other collateral [See Start-up Grand Forks Loan Program Description for more detail.] LOAN PROCESSING Application and Approval: Applications typically originate through contact with EDC staff, who work with applicants and their lead commercial lender to develop and package a viable proposal/project. The applicant and lender then submit a Business Financing Page 8
10 Application which includes a description of the business, the proposed project and related employment projections; the financing proposed, including sources and uses, collateral and equity descriptions. Cost estimates and asset valuations must be documented. Required attachments include financial statements, pro formas, business plan and other program-specific requirements, as applicable. The application is initially reviewed by the EDC s Board of Directors. Acting in an advisory role, the EDC board reviews the request to ensure the applicant meets targeted business criteria and then provides a recommendation as to whether the Growth Fund Committee should consider the financing request. Following a positive recommendation, the application materials are forwarded to the Community Development Department. City staff review the application for completeness and feasibility, and develop a staff report that includes business background information, loan analysis including consistency with Growth Fund policies, and summary of terms. Applications are then placed on the next Growth Fund Committee agenda. The applicant, EDC and City staff jointly present the request, including terms and conditions of assistance, to the Committee for review and discussion. Growth Fund Committee action is by majority vote of a quorum. Only applications receiving positive recommendations from the Growth Fund Committee are forwarded to the JDA; applicants receiving a negative recommendation may appeal the Committee's decision to the JDA. The JDA makes the final decision whether to fund an application, and its decision is not subject to appeal. Prior to taking action on an application, the JDA holds a public hearing to accept testimony on the request. Loan Documents: Following JDA approval of a loan, Community Development (CD) staff will provide the applicant with a term sheet. Once it is signed and returned, disbursement will be scheduled and documents as outlined below will be prepared. Lien and title searches will be completed prior to execution of documents. Liens, trust indentures, mortgages, and other security instruments will be filed upon disbursement of funds. Required documents include: Type of Loan Standard Document Real Estate Machinery, FF&E Working Capital Loan Agreement X X X Promissory Note X X X Amortization Schedule X X X Mortgage X UCC Financing Statement X X Personal (Business) Guaranty JDA Discretion Page 9
11 Standardized versions of the above documents are prepared by CD staff. agreement also includes the following requirements: The loan 1. Recipients must, for a period of five years, agree to provide the JDA with: financial statements; a summary of business operations for the preceding year and projections and goals for the upcoming year; information on the number of and average compensation (as defined by NDCC ) for jobs to be created or retained. 2. Recipients must enter into an agreement with the JDA that stipulates: a. goals for the number of full- and part-time jobs to be created or retained within two years (if applicable); b. the Recipient's financial obligation if applicable jobs goals are not met; and c. the Recipient's commitment to continue operations for five years. 3. Recipient must allow annual, or more often as necessary, site visits by City staff until the loan is satisfied. Disbursement: In general, request for disbursement of loan funds is expected within 180 days of JDA approval. When those funds involve construction, however, significant time may elapse between approval and disbursement. If an approved loan remains undisbursed for more than 180 days, the borrower will be asked to provide an anticipated disbursement date and the Growth Fund Committee Chair will be notified. If disbursement has not occurred within one year following approval, the borrower must submit a written request for disbursement by a date certain, including a project update that calls out any substantive changes to the original project scope or financing package. Failure to submit such a request will result in cancellation of the loan. Assuming there are no substantive changes, the Growth Fund Committee Chair may approve an extension request, with the option to refer the matter to the Growth Fund Committee. Any substantive changes, including requests for additional funding, must be acted on by the Growth Fund Committee. Following execution of required loan documents, funds may be disbursed; under no circumstances will funds be released prior to receipt of fully executed copies of all loan documents. Disbursement mechanism and timing are dependent on the use of funds. Funds used for construction financing will generally be disbursed as monthly progress payments based on contractor pay requests. Funds for purchase of equipment will be disbursed upon receipt of an invoice that details the items purchased and their cost. Funds for acquisition of real estate will be disbursed following review of a settlement statement prepared by the closing agent. Funds are generally disbursed electronically. Page 10
12 Servicing: Each JDA loan is assigned a unique number: all PACE loans are assigned a 1000 series number, EDARLF a 3000 series, etc. Once a loan has been disbursed, it is set up in the City s loan management software (GMS) and entered in the general ledger. GMS generates payment coupons in accordance with the promissory note, flags late payments, and acts as a tickler for ongoing monitoring or special requirements. When the loan is entered in GMS, a checklist is reviewed to ensure the project file is complete. Along with the checklist, a complete application, approval documents (staff reports and minutes), copies of JDA and commercial loan documents, and relevant correspondence are filed in the project binder; original JDA loan documents are filed in a separate binder in the vault. The project binder is updated throughout the term of the loan to reflect any post-closing correspondence, issues and monitoring. City CD staff receive payments and enter them into GMS. After staff enter a payment in GMS, it is coded for appropriate journal entries and submitted to Finance staff for deposit. As stated in the promissory note, if a payment is more than 10 days late, a late fee of 5% of the late amount is assessed, with a minimum charge of $25 and a maximum of $250. No other fees, such as loan origination or application fees, are charged. Borrowers with loans up to 30 days past due will receive a late payment notice. If a payment is days past due, CD staff will contact the borrower. If a delinquency extends 90 days and cannot be resolved through restructuring or another method approved by the Growth Fund Committee and/or JDA, it is declared in default and is turned over to the City Attorney for collection. If the City Attorney advises that all reasonable collection options have been exhausted, staff will recommend that the JDA write off the loan as uncollectible. For closed businesses in default, the Growth Fund Committee may approve a partial lump sum payment if it determines that full repayment of the outstanding balance is unlikely; however, the JDA will retain all rights to enforce liens and judgments on such loans. Restructuring: Upon written request, loans may be restructured if the borrower demonstrates it is necessary for the continued financial viability of the business. The Growth Fund Committee will review all restructuring requests and submit a recommendation to the JDA for final action. OTHER POLICIES Conflict of interest: A conflict of interest generally exists when an Interested Party participates in a matter that has a direct and predictable effect on the Interested Party s personal or financial interests. A conflict may also exist where there is an appearance that an Interested Party s objectivity in performing his/her responsibilities is impaired. Additionally, a conflict of interest may result from non-financial gain to an Interested Page 11
13 Party, such as benefit to reputation or prestige in a professional field. It is the policy of the City of Grand Forks and the Growth Fund to maintain the highest standards of conduct and to prevent conflicts of interest in any actions taken by its officers, employees, representatives, board members or elected officials. Reporting: A Growth Fund Annual Report will be prepared for distribution to the Mayor and City Council mid-year. It will summarize JDA actions and activities for the previous calendar year, and include a statement of the fiscal condition of Fund 5996 accounts; yearto-date summary of leased properties and the loan portfolio; any programmatic or policy changes that were considered and/or adopted; assessment of the consistency of the year s activities to the Fund's purpose and underlying principles. In addition, City staff will provide regular financial reports to the Growth Fund Committee. These will be provided at the frequency requested by the Committee but no less than semi-annually, and will include summary and the status of the loan portfolio; a listing of any restructured or de-obligated loans; summary and status of leased properties; other information requested by the Committee. Page 12
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