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• The loan will be forgiven upon completion of all the goals and requirements set forth by the Forgivable Loan <br /> Policy. The policy requires one FTE job per$35,000 requested requiring four jobs. These jobs must be <br /> maintained for at least one year and 51% of them must be must be awarded to employees meeting the Low <br /> to Moderate Income requirements pursuant to the City's policy. <br /> Staff determined through conversations with DEED that in the event the city loaned dollars and then <br /> recouped them due to an applicant failing to fulfill the requirements set forth in the policy, there would be no <br /> penalty;however, the dollars would need to be committed again in order for the city to apply for state grants. <br /> The city is eligible to apply for state grants upon committing the funds. Once the EDA makes a <br /> recommendation, the City Council will make the final approval. <br /> A representative from Springsted, the city's financial consultant and a representative from Sportech will be <br /> present to explain the project. <br /> Financial Impact <br /> The financial impact of approving the loan would be $111,155.13 with the applicant paying all legal and <br /> filing fees at closing. <br /> Attachments <br /> • Springsted Memo <br /> • Sportech Forgivable Loan Application <br /> • Sportech Power Point Expansion Presentation <br /> • <br /> . <br /> 1 N:\Departments\Community Development\Economic Development\EDA\Adminstrative\Agenda\Finance Committee Agenda\2013\12-10- <br /> 2013\x 4.3 sr Sportech Forgivabel Loan.docxDocumcnt3 <br />