6.1 EDSR 11-18-2013 - Laserfiche WebLink

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Elk - Request for Action River To ITEM NUMBER EDA Finance Committee 2.3 AGENDA SECTION MEETING DATE PREPARED BY November 5, Brian Beeman,Director of Economic 2013 Development ITEM DESCRIPTION REVIEWED By Update Microloan policy Jeremy Barnhart,Deputy Director CODD Action Requested Recommend to the EDA an updated version of the Microloan policy Background/Discussion At its June 20 meeting,the EDA Finance Committee discussed possible changes to the Microloan policy. Among those changes were the inclusion of non-profits,the eligibility of working capital,defining energy efficiency and setting a threshold of improvements required to be energy efficient in order to qualify, and defining borders of downtown. The Finance Committee discussed each of the recommendations,and came to the following conclusions: • Non-profits should be included • Microloan dollars should not be used for working capital • Energy efficiency should be defined as improvements rebatable by Elk River Municipal Utilities (ERMU) or the utility provider for the property if not ERMU • At least 50% of microloan funds should be spent on energy efficiency improvements for energy efficiency loans • A map should be provided comparing the current downtown district to the downtown area as defined by the Mississippi Connections Redevelopment Framework Attached is a draft of the microloan policy and application that includes all of the decisions that the Finance Committee made. Also attached is a map of the downtown. The purple portion labeled the "core downtown" is what is currently considered by the policy to be the Downtown District. The draft policy is written to include all areas in the red bordered area on the map in the Downtown Revitalization microloan eligibility. The Finance Committee should recommend to the EDA the draft policy as is,or with any changes the committee desires. The EDA will consider the item at is November 18 meeting. Attachments POWERED lit [NATURE