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Economic Development Authority Minutes Page 3 <br /> July 15,2013 <br /> Commissioner Provo suggested a loan policy that would be open to more types of <br /> businesses. <br /> Commissioner Wilson concurred and has gotten comments from area businesses <br /> that past programs were too restricted. He suggested opening it up to non-profits, <br /> service related businesses, or larger type businesses. <br /> Commissioner Motin disagreed and stated he didn't like the first program. He stated <br /> if the Authority does a forgivable loan he would like to see it staggered and have <br /> more requirements over a longer time period. He suggested a portion of the loan be <br /> forgiven each year. <br /> Commissioner Provo stated the program would create an additional tax base but his <br /> focus would be to make it available to any small business that has a plan to expand <br /> regardless of their product. He cited the Briggs item that recently came to the EDA <br /> because they are bringing in more jobs than high tech industrial businesses. He stated <br /> it would be nice to be able to give them a parking lot. <br /> Commissioner Westgaard stated he liked idea of offering this opportunity to more <br /> types of businesses but he would like to see it as a revolving loan program rather <br /> than for a one-time use. He stated he liked the potential of having an ongoing <br /> program. <br /> Commissioner Dwyer concurred with Commissioner Westgaard although he stated <br /> he would like to wait and see what the Finance Committee creates that would be <br /> unique for this fund. He further stated large amounts of money have been available <br /> for past microloans but there hasn't been a lot of demand. <br /> Commissioner Provo stated the past loans have been good for gap financing but it is <br /> not a good tool because the interest rates aren't competitive and there is a lot of red <br /> tape. <br /> Chair Tveite noted the EDA always struggles with making good use of microloan <br /> polices. He stated he is open to make this policy as user friendly and flexible as <br /> possible but further noted there is no easy answer. <br /> Commissioner Provo suggested reviewing policies from other communities for new, <br /> exciting ideas. <br /> 8. Set Date for 2014 EDA Budget Workshop Before August 19 Regular <br /> Meeting <br /> Mr. Beeman presented the staff report. <br /> Consensus of the Commission was to set a special EDA meeting to July 29 at 5:30 <br /> p.m. to discuss 2014 EDA budget. <br /> ra ■ EaEe ar <br /> NATURE <br />