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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,® om the program after only one <br /> round of applicants. Mr. Vitzham echoed the concern and stats iat h. •lieved the EDA should keep <br /> the program as is. \ <br /> The committee came to a consensus that no changes sohuld beymade to the po Ikti,y a t this time. <br /> vvvv <br /> \ <br /> 4. Closing <br /> The EDA Finance Committee meeting ended at 9:08 a.m \\y��v <br /> \\ <br /> \\ <br /> Respectfully submitted by, \\ <br /> \\ <br /> \\ <br /> Clay Wilfahrt \`\\\ \- . <br /> Assistant Director of Economic Depment \ vvvvvv �` <br /> \\\\ \\ <br /> \v \` \\ <br /> ,\ <br /> V y <br /> C:\Users\dhuebner\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\Q7RBTRKC\3 29 2013.doc <br />