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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 \jmiller \AppData \Local \Microsoft \Windows \Temporary Intemet Files \Content.IE5 \YZQFIRS7 \Action Requested -EDA 48 -13 <br />Preferred Powdendocx <br />