|
EDA Finance Committee Minutes Page 3
<br /> J3
<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 /> receiving the dollars,particularly in 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 restnc., : om the program after only one
<br /> round of applicants. Mr.Vitzham echoed the concern and stat at .-lieved the EDA should keep
<br /> the program as is.
<br /> The committee came to a consensus that no changes s , ild be made to the poi, ' -. this time.
<br /> 4. Closing
<br /> The EDA Finance Committee meeting ended at 9:08 a.m.`
<br /> Respectfully submitted by, *2:?...-
<br /> Clay Wilfahrt '` , c ,
<br /> �� - \
<br /> Assistant Director of Economic D , elopment ,
<br /> , ,,,,,,.,:::.\,,,,,,,H::::::: \
<br /> \,..:..s,,,, kk, '''''')*., ''''
<br /> \k,,:\\ ,,„,,,,,,,,,„,,,,,,,,,,,,,,,,::,,,,,,'$ ,-\ .„,,,,E,
<br /> \\ \
<br /> „..,,„ . � �
<br /> uj..
<br /> i
<br /> i-
<br /> C:lUsersWhuebner\AppData\Loca1\Microsoft\Windows\Temporary Internet Fi les\Content.Outlook\Q7RBTRKCA3 29 2013.doc
<br />
|