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dollars and then recouped them due to an applicant failing to fulfill the requirements set forth in the <br /> policy. Following a conversation with the Department of Employment and Economic Development, <br /> staff determined that the city is eligible to apply for state grants upon committing the funds. Should the <br /> money be recouped by the city,there would be no penalty;however,the dollars would need to be <br /> committed again in order for the city to apply for state grants. <br /> Once the EDA makes a recommendation,the City Council will call a public hearing on April 15 for its <br /> May 6 meeting. At the May 6 meeting,the City Council will hold a public hearing and take final action on <br /> the loan application. <br /> FINANCIAL IMPACT <br /> The Forgivable Loan fund balance is $703,679. The financial impact of approving the loan would be <br /> $200,000 with the applicant paying all legal and filing fees at closing. <br /> ATTACHMENTS <br /> • EDA Finance Committee Meeting Minutes dated March 29,2013 <br /> • EDA Forgivable Loan Policy and Guidelines <br /> • Staff report to EDA Finance Committee re: Forgivable Loan Application dated March 29, <br /> 2013 <br /> Action Motion by Second by Vote <br /> Follow Up <br /> N:\Departments\Community Development\Economic Development\EDA\Administrative\Agenda\EDA Agenda\Year2014\4-21-2014\6.1 at 1 <br /> EDA 4-8-13 Orluck Forgivable Loan Minutes.docx <br />