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City of <br /> Elk REQUEST FOR ACTION <br /> River <br /> TO ITEM NUMBER <br /> Mayor and City Council 7.1.0 <br /> AGENDA SECTION MEETING DATE PREPARED BY <br /> Public Hearings May 6, 2013 Clay Wilfahrt,Assistant Director of <br /> Economic Development <br /> ITEM DESCRIPTION REVIEWED By <br /> Call Public Hearing and Consider Forgivable Loan Application Jeremy Barnhart, CODD Deputy <br /> for Orluck Industries Director <br /> REVIEWED BY <br /> Cal Portner, City Administrator <br /> ACTION REQUESTED <br /> 1. Open public hearing to consider comment on the proposed Forgivable Loan for Orluck Industries' <br /> expansion project. <br /> 2. Approve Orluck Industries' application for the Forgivable Loan following the public hearing. <br /> BACKGROUND/DISCUSSION <br /> Orluck Industries is requesting$200,000 from the EDA's Forgivable Loan program. The attached staff <br /> report to the EDA dated April 8, 2013, and meeting minutes provide background regarding the <br /> Forgivable Loan request. Both the EDA and the EDA Finance Committee have recommended approval <br /> of Orluck Industries' Forgivable Loan request. <br /> FINANCIAL IMPACT <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 /> ATTACHMENTS <br /> • Staff report to the EDA re: Forgivable Loan Application dated April 8, 2013 <br /> • EDA Minutes dated April 8, 2013 <br /> P O W E R E D BY <br /> NaA f RE] <br />