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EDA Finance Committee Minutes Page 3 <br /> January,30,2013 <br /> Page 3 of 3 <br /> 4. Consider Revisions to the Forgivable Loan Program <br /> Mr. Wilfahrt reviewed the staff report. He noted that there are several businesses that could utilize the <br /> forgivable loan if the requirement that businesses be in the manufacturing,high-tech, and industrial <br /> sectors was removed. <br /> Mr. Vitzham asked whether or not there was a provision to prevent businesses from leaving after <br /> receiving the dollars,particularly in leased situations. Mr. Wilfahrt stated that there is a requirement that <br /> they stay in Elk River for five years following the business subsidy, otherwise they would be subject to <br /> repayment and penalties. <br /> Mr. Motin and Mr. Tveite stated concern with removing the restrict e om the program after only one <br /> round of applicants. Mr. Vitzham echoed the concern and stated at ",:t6elieved the EDA should keep <br /> the program as is. `\� <br /> The committee came to a consensus that no changes sld be made to the po It‘. .t this time. <br /> \\\\ .\ \\\ <br /> \4. Closing <br /> \ <br /> � F <br /> The EDA Finance Committee meeting ended at 9:08 a.m.A` <br /> \ \\ <br /> Respectfully submitted by, y� vv <br /> Clay Wilfahrt <br /> Assistant Director of Economic Development \��� \\\ <br /> \\ <br /> \\\, <br /> C:\Users\dhuebner\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\Q7RBTRKC\3 29 2013.doc <br />