Finance Commission

12/14/2021 - Minutes I. Call to Order Members Present: Matthew Francis, Jean Szilva, Shelden Goodwin, Dillon Lovell, Ashley Lucht, Maurice Matte, City Staff Present: Angela Aldieri, Phoebe Townshend, Heather Carrington, Wendy Harrison Guests Present: Meredith Bay-Tyack, Executive Director, Downtown Winooski Call to Order by: Jean Szilva Meeting Start Time: 5:33 PM Minutes Recorded by: Matt Francis II. Public Comment None III. Approve Previous Meeting Minutes Decision: Approved Motion by: MF Second: MM IV. Council Update None - no council member present. V. Discussion: Economic Vitality – Master Plan Review Heather Carrington reviewed the memo presented to the commission. Meredith Bay-Tyack from Downtown Winooski acknowledged many businesses made it through, but this winter will be tough as the pandemic drags on. SG and JS wondering what the purview of the Finance Commission is for ARPA. Finance Commission is to eventually make recommendations. Today’s discussion is to gain context on Downtown Winooski and other programs in place to support local businesses. There’s going to be a survey in the new year to help determine what to do with ARPA funds. FC and Council determine the high-level policy and city would be involved in implementing a grant program. SG wonders what the state and SBA involvement in loans/grants for business. HC / MB: a lot of businesses in Winooski were scared of taking on Feds / State loans or didn’t understand they were ‘forgivable’ loans. Original PPP loans were skewed towards bigger businesses. There are also many businesses who successfully got the loans, but now are struggling due to the pandemic continuing. What types of businesses? Manufacturing (Twincraft, BioTek) over 100+ employees make up 28% of the jobs. Grant would be focused on 10-15 employees - salons, restaurants, retail, frontline work. Program timeframes will be 6 months - 1 year. Grant will be targeted towards hazard pay. By law/federal guidelines, ARPA funds have limits.  What types of businesses? Manufacturing (Twincraft, BioTek) over 100+ employees make up 28% of the jobs. Grant would be focused on 10-15 employees - salons, restaurants, retail, frontline work. Program timeframes will be 6 months - 1 year. Grant will be targeted towards hazard pay. By law/federal guidelines, ARPA funds have limits. JS wonders if money can be targeted towards businesses have been vaccinated. HC does not recommend that since it will wade into political/religious concerns. SG wonders how equity is built into the grant. HC responds that they have criteria that prioritize historically marginalized groups. The program would be designed with Equity Director. Currently, Winooski small business loan program targets businesses that don’t have credit or can’t get other loans. To date, they’ve given out 3 small business loans. 10 applicants for a bridge loan, 8 took it. AL wants to confirm that this is the best use of funds and what the business community would like. HC confirms. Other areas would be interpretation/translation, Winooski Food Shelf. Childcare is a priority - THRIVE program support could be in line for funds. We have until 2024 to decide, 2026 to spend the money. History of Downtown Winooski - business support organization - founded as the Winooski Community Partnership. VI. Adjourn Motion by: SG Second: MM Meeting End Time: 6:33 PM