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The Finance Committee also requested that staff determine if the city would become eligible for state <br /> grants upon committing the dollars, as well as the ramifications of a situation where the city loaned <br /> dollars and then recouped them due to an applicant failing to fulfill the requirements set forth in the <br /> policy. Following a conversation with the Department of Employment and Economic Development, <br /> staff determined that the city is eligible to apply for state grants upon committing the funds. Should the <br /> money be recouped by the city, there would be no penalty;however, the dollars would need to be <br /> committed again in order for the city to apply for state grants. <br /> Once the EDA makes a recommendation, the City Council will call a public hearing on April 15 for its <br /> May 6 meeting. At the May 6 meeting, the City Council will hold a public hearing and take final action on <br /> the loan application. <br /> FINANCIAL IMPACT <br /> The Forgivable Loan fund balance is $703,679. The financial impact of approving the loan would be <br /> $200,000 with the applicant paying all legal and filing fees at closing. <br /> ATTACHMENTS <br /> • EDA Finance Committee Meeting Minutes dated March 29,2013 <br /> • EDA Forgivable Loan Policy and Guidelines <br /> • Staff report to EDA Finance Committee re: Forgivable Loan Application dated March 29, <br /> 2013 <br /> Action Motion by Second by Vote <br /> Follow Up <br /> C:\Users\dhuebner\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\Q7RBTRKC\Action Requested-EDA 4-8- <br /> 13 Preferred Powder.docx <br />