5. EDSR 11-08-2010 - Laserfiche WebLink

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EDA Finance Committee Minutes November, 4, 2010 Page 2 of 2 Page 2 4. Discuss Amendments to the Micro Loan Programs and Policies Ms. Mehelich presented potential amendments to the Micro Loan Programs and Policies including; expanding the boundaries of the Downtown Rehabilitation Loan program to include businesses north of HWY 10, increasing the fee for direct loans (not participation loans), include loan review by the Small Business Development Center and consider a new program to provide low cost-financing assistance for energy efficiency improvements in commercial and industrial buildings. Staff also suggested including leasehold improvements on The Bluffs and Jackson square commercial space. The Committee suggested including a guideline and threshold to loan amount at which life insurance would be requested. Mr. Motin stated that because of the HWY 10 improvement study, he was not in favor of expanding the boundaries of the downtown program at this time, however because of the recent City visioning session, it may be appropriate to look at expanding into other areas after the downtown filled up to help achieve the City's visioning goal of beautifying the City's m<lin c~,rridors. The committee would have the option to approve or deny applications based on future road ilnpr_o~ ements. It was the Committees consensus to work with tl~ic'''SBDC to renew future loan applications and that the written comments provided by the SBDC were sufficient in eu of SBDC staff being present at the committee meeting. Mr. Vitzthum suggested the applicants pro~ride responses to the SBDC comments. The committee discussed expanding the downtown program to include the Bluffs and Jackson Place commercial space and indicated their interest to consider applic.~ri~ nls ~~ hich requested funds for leasehold improvements and equipment purchases but in a smaller loan amount to mitigate risk. Ms. Mehelich discussed looking into various esi~ti,.ig cnergy`efhcient improvement programs and indicated staff would c~~n~c hack m the commit~ec with proposed amendments to the policy and guidelines. She asked nc~ c~~mnurtee to submit additional comments to her via email on any other proposed amendments. 4. Closing The P.DA Finance Committee t~~cctin~ ended at 8:16 a.m. Respectfully submitted by, Annie Deckert Economic Development Assistant N:\Departments\Community Development\Economic Development\Micro Loan Fund\Finance Committee\2010\Minutes\11.4.10.doc