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City Finance Committee Minutes Page 3 <br /> November 5,2013 <br /> • Commission member Motin recommended rewording;Business must be a for-profit <br /> corporation,partnership, or sole proprietorship. Non-profit organizations will also <br /> be considered. To read;unless otherwise stated,businesses must be for profit <br /> corporations,partnerships, or sole proprietorship; all other changes were agreed <br /> upon. A motion was not made at this time. Director Beeman stated that he was <br /> looking for direction on these changes and the development of the fourth microloan. <br /> 2.4 Fourth Microloan Policy <br /> Director Beeman explained that the money the City of Elk River received from <br /> DEED is required by the State to have a policy written before the city can use the <br /> funds. The State is requiring that the city first, develop a draft policy for the funds. <br /> The State will review the draft policy and if approved, the city can adopt the new <br /> policy. Ideas were asked for. <br /> Filling the Gap that is not covered from other loans <br /> • Business start up <br /> • Restaurants <br /> • Retail <br /> • SAC and WAC fees <br /> Commission member Motin asked what other cities are doing. Can we find some <br /> unique and different ways to utilize the money? Meeting ended with unanimous <br /> • feeling that research of other cities should be completed to obtain additional ideas <br /> and information. <br /> 6. Adjournment <br /> There being no further business, Director Beeman adjourned the meeting of the <br /> Finance Committee at 8:45 a.m. <br /> Minutes prepared by Chanda Knoof. <br /> Brian Be an, Econgvik Development Director <br /> Tina Allard, City Clerk <br /> • <br /> illERER R � <br /> NATURE <br />