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Economic Development Authority Minutes May 10, 2004 Page 3 Commissioner Motin stated that there are specific incentives for the West Business Park and that we need to resolve whether we still intend to keep these standards; this is something this body as a whole will have to decide as part of the economic development strategic plan. Commissioner Dwyer stated that the Micro Loan policy might have been written this way and created to put the West Business Park on even footing with the East Business Park. Commissioner Kuester would like the Finance Committee to report back on the rationale behind this policy, was it simply an incentive for the West Business Park, seeing those items to be more expensive, or was there a concern as to how much the percentage of the total project the micro-loan could be. If the maximum was not an absolute number but more related to the total project, would that be a way to work with it? Commissioner Tveite stated that he thought the policy calls for a maximum of 40 percent of the total project value that the micro-loan can consist of and a requirement of 10 percent minimum equity by the owner. Based on this, a requirement of 50 percent financing from a private institution would be needed. He felt the discussion was based on the fact of having vacant, undeveloped land in the West and trying to inspire some activity in the West. Commissioner Motin concurred. Ms. Mehelich stated that the West Business Park was separated with a special loan incentive program in September of 1999. The incentive was created prior to the 14- acre Soft Pac project being developed and Business Center Drive being extended. The EDA had a joint marketing agreement with a landowner as well as the one adjacent lot where the two multi-tenant buildings are located. There were a number of vacant properties ready to go on line at that time and the purpose was to initiate some development of the West Business Park. It was the consensus of the commission to direct staff to have the Finance Committee (1) review the loan application and make a recommendation to the EDA for approval or denial of the loan request, and (2) consider making a recommendation for a change in the policy or to leave the policy as written. 6. Consider EDA Micro Loan- Display Solutions Inc Commissioner Motin advised the commission that he may have a conflict in this matter because he represents Display Solutions, Inc. on general business matters. He stated that he would be abstaining both on discussion and voting in regards to this item. Assistant Director of Economic Development Heidi Steinmetz reported that on May 4, 2004, the Finance Committee reviewed amicro-loan application from Tom Buchta,