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MEETING OF THE EDA FINANCE COMMITTEE <br /> HELD AT THE ELK 1V CITY HALL <br /> THURSDAY, JUNE 2 , 2013 <br /> Members Present: Paul Motin, Cliff Lundberg, Dan Tveite, Chad Vitzham <br /> Members Absent: Larry Toth, Nate Ovall <br /> Staff Present: Assistant Director of Economic Development, Clay Wilfahrt,Tom Sagstetter, ERMU <br /> Others Present: Annie Deckert,Decldan Group <br /> 1. Call Meeting to Order <br /> Assistant Director of Economic Development Clay Wilfahrt called the meeting to order at <br /> 7:30am <br /> 2. Consider Industrial Incentive Microloan for Preferred Powder Coating <br /> Mr. Wilfahrt reviewed the staff report. <br /> Mr. Lundberg asked if the jobs required as part of the other subsidy projects would verlap with the jobs <br /> required for the microloan. Mr. Wilfahrt explained that Preferred Powder would be required to create a <br /> certain amount of jobs for each that wa's easily covered by the number they plan to create. Mr. Lundberg <br /> also asked if our subsidy policy requires that the business have a public hearing at Council, but Mr. <br /> Wilfahrt stated that it was tied to statute. <br /> MOVED BY LUNDBERG AND SECO ED BY TVE TE`TO RECOMMEND APPROVAL <br /> OF TFIE APPLICATION FOR AN INDUSTRIAL INCENTIVE MICROLOAN FOR <br /> PREFERRED POWDER COATING MOTION FAILED 3-0, COMMISSIONER VITZFIAM <br /> ABSTAINED. <br /> 9 <br /> 3. Discuss the Microloan Policy and Recommend Changes <br /> Mr. Wilfahrt reviewed the staff report. <br /> The committee discussed how much of the energy efficiency microloan should have to be used for <br /> etiergy efficiency improvements. The consensus of the committee was that 50% of the loan should be <br /> used for energy efficiency. The definition of energy efficiency is to be the same as what ERMU and <br /> other area utilities use. <br /> The corn nittee discussed using microloan fiends for working capital,and the consensus of the committee <br /> was to not fund working capital. The committee also came to a consensus that non-profits should not <br /> be excluded as long as they meet the other requirements of the policy. <br /> The committee requested that staff compare the current downtown area with the downtown area as <br /> defined by the Downtown Plan. <br /> Staff will draft revisions to the policy and bring to the next Finance Committee meeting for review. <br /> 4. Closin <br /> The EDA Finance Committee meeting ended at 8:17 a.m. <br />