Laserfiche WebLink
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 /> n <br /> receiving the dollars,particularly i 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 restri o-,,,,\N„ m the program after only one <br /> round of applicants. Mr. Vitzham echoed the concern and state that ,. elieved the EDA should keep <br /> the program as is. <br /> i\ild be made to the poi' t this time. <br /> The committee came to a consensus that no changes s p � <br /> 4\\ <br /> 4. Closing <br /> •The EDA Finance Committee meeting ended at 9.08 a.m. <br /> Respectfully submitted by, \ ,`, \\ <br /> Clay Wilfahrt y�A <br /> Assistant Director of Economic Development Vyy, \ <br /> \\ <br /> \\ <br /> \\\ <br /> C:\Users\dhuebner\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\Q7RBTRKC\3 29 2013.doc <br />