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Development Account Guidelines <br />February 2, 1998 <br />Page Two <br /> <br />base and job creation. The proposed guidelines also discuss various methods <br />of continuing to capitalize the Development Account. <br /> <br />Staff feels it is appropriate to discuss the Councilmembers attitude <br />towards earmarking a certain percentage of the proceeds from the <br />eventual sale of the former liquor store site and property at the <br />corner of Holt and Jackson Streets. <br /> <br />Roman numeral III on the proposed Development Account Guidelines <br />indicates a variety of uses of such an account. These are fairly general, but <br />relate directly to utilization of the account to increase tax base of the city and <br />create jobs. Stoff also has attached application forms for the use of this <br />account as a potential revolving loan account in special circumstances for <br />high profile economic development projects. This may or may not be <br />necessary given the previous discussions of revising the Micro Loan <br />Guidelines to allow for loans up to $100,000. <br /> <br />Staff is proposing that the Council utilize the Development Account <br />as an internal funding mechanism and only in certain <br />circumstances to allow it to be used as an external revolving loan <br />fund. <br /> <br />The final significant issue with regard to this discussion is one of control of <br />the Development Account. It is most appropriate that the Council be the <br />final decision making body regarding proposed uses of Development Account <br />funds. However, since Development Account funds are proposed to be only <br />used for development activities, it is appropriate also to approve a process <br />which involves the Council receiving recommendations regarding the <br />Development Account from the Economic Development Authority. <br /> <br />In the case of the Development Account, staff feels it would be <br />appropriate for the Council to receive recommendations on changes <br />to the guidelines, once adopted, and all internal/external requests <br />for use of Development Account funds. <br /> <br />Attachments <br /> <br />· Draft Development Account Guidelines <br /> <br /> <br />