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EDA Finance Committee Minutes Page 3 <br /> January,30,2013 <br /> Page 3 of 3 <br /> 4. Consider Revisions to the Forgivable Loan Program <br /> Mr. Wilfahrt reviewed the staff report. He noted that there are several businesses that could utilize the <br /> forgivable loan if the requirement that businesses be in the manufacturing,high-tech,and industrial <br /> sectors was removed. <br /> Mr.Vitzham asked whether or not there was a provision to prevent businesses from leaving after <br /> receiving the dollars,particularly in leased situations. Mr.Wilfahrt stated that there is a requirement that <br /> they stay in Elk River for five years following the business subsidy, otherwise they would be subject to <br /> repayment and penalties. <br /> Mr. Motin and Mr.Tveite stated concern with removing the restriction from the program after only one <br /> round of applicants. Mr.Vitzham echoed the concern and stated that he believed the EDA should keep <br /> the program as is <br /> The committee came to a consensus that no changes should be made to the policy at this time <br /> 4. Closing <br /> The EDA Finance Committee meeting ended at 9:08 a.m. <br /> Respectfully submitted by, <br /> Clay Wilfahrt <br /> Assistant Director of Economic Development <br /> N:\Departments\Community Development\Economic Development\EDA\Administrative\Agenda\EDA Agenda\Year2014\4-2I-2014\6.1 at 1 Orluck Finance <br /> Committee Minutes 3.29.2013.doc <br />