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Economic Development Authority Minutes Page 2 November 18,2013 Commissioner Motin explained he is not inclined to go negative on the tax rolls for abatement of a parking lot.He stated there is alternative office space in town and he would like to work with PSB to keep them in Elk River. He noted he isn't sure the current industrial location is a good fit anyway. Rob Gibbs, co-owner of PSB — indicated that they like their current location but if they end up moving they may consider locating in a different city due to proximity and ease of access for their clients. President Tveite echoed Commissioner Motin's comments. He explained that the EDA cannot offer support for the tax abatement process without a formal application as there are too many variables and analysis involved. He encouraged PSB to submit a formal application. 5.1 Public Hearings There were no public hearings. 6.1 Update Microloan Policy Mr.Barnhart presented the staff report. Commissioner Motin indicated consensus of the Finance Committee was to expand the Downtown Revitalization Financing Program to include the Downtown Area as outlined in the staff report. Commissioners Dwyer and Wilson concurred. Moved by Commissioner Motin and seconded by Commissioner Wilson to recommend approval of the following changes to the City Council: • Expanding the purpose of the Downtown Revitalization Financing Program to include the Downtown Area as illustrated. • Expand the program to include non-profit organizations for consideration. • Require 50% of microloan funds to be spent on energy efficiency improvements. Energy efficiency is defined as improvements that are eligible for a rebate by the Elk River Municipal Utilities (ERMU) or the utility provider for the property if not ERMU. Motion carried 6-0. 7.1 Project Updates Mr.Barnhart presented the staff report. P0111111 IV NATURE