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Cicv 4of Request for Action <br /> Qk .-, <br /> RiVer <br /> To ITEM NUMBER <br /> Economic Development Authori 6.1 <br /> AGENDA SECTION MEETING DATE PREPARED BY <br /> General Business November 18, Brain Beeman,Director of Economic <br /> 2013 Development <br /> ITEM DESCRIPTION REVIEWED By <br /> Update Microloan policy Jeremy Barnhart,Deputy Director CODD <br /> Action Requested <br /> Approve, by motion the updates to the Microloan policy including the updated downtown district map as <br /> recommended by the EDA Finance Committee. <br /> Background/Discussion <br /> At its November 5, 2013 meeting, the EDA Finance Committee reviewed proposed changes to the <br /> Microloan policy. Among those changes were the inclusion of non-profits,the non-eligibility of working <br /> capital, defining energy efficiency and setting a threshold of improvements requited to be energy efficient <br /> in order to qualify, and defining borders of downtown. <br /> The Finance Committee discussed each of the recommendations, and by general consensus, the <br /> proposed changes were approved as a recommendation to the EDA. <br /> Attached is a draft of the proposed nicroloan policy and application that includes all of the decisions that <br /> the Finance Committee made. Also attached is a map of the downtown. The draft policy is written to <br /> include all areas in the red bordered area on the map in the Downtown Revitalization Microloan <br /> eligibility. <br /> The Finance Committee is recommending to the EDA the draft policy as is, or with any changes the <br /> EDA desires. <br /> Attachments <br /> • Draft Microloan policy and guidelines-Tracked changes <br /> • Downtown Map <br /> • Map Narrative <br /> =Xi <br />