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Economic Development Authority Minutes Page 2 <br /> July 15,2013 <br /> Moved by Commissioner Motin and seconded by Commissioner Dwyer to <br /> approve the Industrial Incentive Microloan Application for Preferred Powder <br /> Coating,LLC. <br /> Motion carried 6-0. <br /> 6. Amend EDA Bylaws to be Consistent with City Financial Policy <br /> Mr. Beeman presented the staff report and noted the EDA and HRA have their own <br /> policies different from city policy. <br /> Commissioner Westgaard asked for clarification and on whether purchases under <br /> $50,000 would be approved by staff. <br /> Mr. Beeman stated at least one commissioner would be required to sign off on <br /> approving purchases for the $5,000 to $24,999 category and the $25,000 and$49,000 <br /> category (from page 16 of the Financial Management Policies document). <br /> Mr. Provo asked for clarification on the purchase levels that are $50,000 and higher <br /> as the city policy states Council approval is required. <br /> Mr. Beeman confirmed it would actually be the EDA and that the city policy would <br /> be updated during its next review. <br /> Chair Tveite asked staff to update the EDA at subsequent meetings when purchases <br /> are signed off on by staff and a commissioner. <br /> Moved by Commissioner Westgaard and seconded by Commissioner Dwyer <br /> to adopt resolution 13-5 amending the bylaws of the Authority with respect to <br /> the purchasing policies of the authority. <br /> Motion carried 6-0. <br /> 7. Discuss Creation of Fourth Microloan <br /> Mr. Beeman presented the staff report. He asked the EDA what they would like to <br /> see in a new microloan program. <br /> Commissioner Motin stated the Finance Committee had a discussion about <br /> expanding the current three programs and he questioned if the EDA has to create a <br /> fourth program or if it could expand on the existing three programs. <br /> Mr. Beeman stated DEED requires the city to use these funds separately from <br /> existing programs. <br /> It was noted a separate program could be created but be based similar to the existing <br /> programs. <br /> P I ■ E E E I 11 , <br /> INATURE <br />