Business Retention Program

• The business must be located within the City of Bloomington. Preference given to businesses within targeted commercial nodes of American and Portland, American and Nicollet, Old Shakopee and Nicollet, Old Cedar and Old Shakopee, Countryside Center, 90th and Penn, Amsden Ridge Center, and central Lyndale Avenue.
• The business must demonstrate that it is being displaced due to a privately initiated redevelopment project. 
• The current and new location for the business is within the City of Bloomington and has a physical address that is a brick-and-mortar facility for commercial use. 
• The business must be a legal entity registered and in good standing with the Minnesota Secretary of State or a sole proprietorship operating under the owner’s name and not required to register with the Minnesota Secretary of State. 
• The business must have less than 50 full-time employees or equivalent, and under two million in annual revenue. 
• If one or more businesses are owned by an individual or entity, only one business may apply for funding during a calendar year. 
• The business must be in compliance with City ordinances, codes, and licensing and must not have any delinquent assessments, property taxes, or sales taxes, bills, or other charges due to the City. 
• The location and use of the new commercial space must be in compliance with the MN State Building Code and the Bloomington Zoning Code, including being a conforming use. 
• The business must be open and operating at the new location within twelve (12) months of displacement from its former location. 
• The business will provide an executed lease demonstrating occupancy of the property from which it is being displaced. 

Applicants will be disqualified if any of the following conditions exist:

• Any portion of the property is used for residential purposes.
• The property is not located within the City of Bloomington.
• The business is owned and operated by elected City officials.
• The business is being relocated under Minnesota Statutes, Section 117.52, Uniform Relocation Assistance.
• The business owner is the commercial property owner and voluntarily redeveloping.

• There is no fee to apply for the Business Retention Program.
• Applications will be reviewed and approved by City staff.
• The business owner may apply for only one business within the same calendar year.
• City staff may either deny or grant final approval of an application.

Examples of eligible expenses:

• Moving expenses.
• Permit fees for new space.
• Lease payments for new space.
• Costs of purchasing a building.
• Utility connection/startup fees for new space.
• Infrastructure improvements for new space.
• Environmental Health approved kitchen equipment for new space.
• Life and safety improvements, including ADA compliance for new space.

Examples of ineligible expenses:

• Payroll costs.
• Accounts payable.
• Utility payments.
• Inventory costs.
• Paying other direct business-related bills.

• Forgivable loan; one-year term loan.
  • Provide proposals for eligible expenditures prior to loan disbursement.
  • Receipts of expenditures must be submitted within one (1) year of the loan
    disbursement.
• The minimum loan amount is $5,000 with a maximum of $15,000 per borrower.
• The business will provide an executed lease demonstrating occupancy of the new
  property for a minimum of one year or documentation of purchase of the property and occupancy of the new property for a minimum of one (1) year.
• Loan amount is forgiven if business remains in operation at new location for one (1) year after loan disbursement.

• Funds for this program are limited and shall be awarded to qualifying applicants on a first-come, first-serve basis.
• Applications will be determined on a case-by-case basis. At any time, the City may
  discontinue the Program.
• The City reserves the right to determine and limit the amount of money that is granted to any one applicant, allowing for the maximum utilization and benefit of the available
  funds. The City has no obligation to provide assistance to any business owner through the Program.
• All loans must be utilized within twelve (12) months of the date of the loan agreement. City staff will serve as a liaison to guide and assist applicants through the process and use of funds during the twelve-month timeframe.
• The City can deviate from this policy for projects that supersede the objectives identified herein.
• The City retains the right to terminate any loan agreement and demand repayment of the loan if a loan recipient is found to be in violation of any of the conditions set forth in the eligibility guidelines or loan agreement.
• The applicant may utilize this policy in conjunction with other City policies.
• Regardless of any change of business ownership, the borrower remains responsible for (1) performance of all obligations under the loan, and (2) compliance with all other applicable City Code requirements. Additionally, the borrower remains responsible for obtaining and executing all required loan forms and supporting documentation and providing those forms and supporting documentation to the City.