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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.Wilfah.rt 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 /> „ <br /> repayment and penalties. <br /> \ <br /> Mr. Motin and Mr. Tveite stated concern with removing the restric� . om the program after only one <br /> round of applicants. Mr. Vitzham echoed the concern and state= at =: elieved the EDA should keep <br /> the program as is. �� <br /> The committee came to a consensus that no changes s `iildbe made to the po i n .t this time. <br /> 4. Closing \\ ��. \\, <br /> The EDA Finance Committee meeting ended at 9:08 a.m. . <br /> Respectfully submitted by, \\� <br /> Clay Wilfahrt <br /> Y \\\, <br /> Assistant Director of Economic Development ����� <br /> \° <br /> N \\ <br /> C:\Users\dhuebner\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\Q7RBTRKC\3 29 2013.doc <br />