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<br />REQUEST FOR ACTION <br /> <br /> <br /> <br />T O I TEM N UMBER <br /> <br />Mayor and City Council 7.1.A <br />A GENDA S ECTION M EETING D ATE P REPARED BY <br /> <br />Public HearingsMay 6, 2013Clay Wilfahrt, Assistant Director of <br /> <br />Economic Development <br />I TEM D ESCRIPTION R EVIEWED B y <br />Call Public Hearing and Consider Forgivable Loan Application Jeremy Barnhart, CODD Deputy <br /> <br />for Preferred Powder Coating Director <br />R EVIEWED BY <br /> <br />Cal Portner, City Administrator <br /> <br />AR <br />CTION EQUESTED <br /> <br />1.Open public hearing to consider comment on the proposed Forgivable Loan for Preferred Powder <br />Coating’s construction project. <br /> <br /> <br />2.Approve Preferred Powder Coating’s application for the Forgivable Loan following the public <br />hearing. <br /> <br />B/D <br />ACKGROUNDISCUSSION <br />Preferred Powder Coating is requesting $200,000 from the EDA’s Forgivable Loan program. The <br />attached staff report to the Economic Development Authority (EDA) dated April 8, 2013, and meeting <br />minutes provide background regarding the Forgivable Loan request. Both the EDA and the EDA <br />Finance Committee have recommended approval of Preferred Powder Coating’s Forgivable Loan <br />request. <br /> <br />FI <br />INANCIAL MPACT <br />The Forgivable Loan fund balance is $703,679. There are a number of similar requests being considered <br />by the Council. If all are approved as recommended, the fund balance would be $103,679. <br /> <br />A <br />TTACHMENTS <br /> <br /> <br />Staff report to the EDA re: Forgivable Loan Application dated April 8, 2013 <br /> <br /> <br />EDA Minutes dated April 8, 2013 <br /> <br />Action <br />Motion by Second by Vote <br /> <br />Follow Up <br /> <br /> <br /> <br /> <br /> <br /> <br />