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C•ty o+ <br /> E _ Request for Action <br /> 'ver <br /> To Item Number <br /> Economic Development Authority Finance Committee 2.1 <br /> Agenda Section Meeting Date Prepared by <br /> General Business June 9, 2014 Brian Beeman,Directory of Economic <br /> Development <br /> Item Description Reviewed by <br /> Jobs Incentive Program- Microloan Jeremy Barnhart, Deputy Director,CODD <br /> Reviewed by <br /> Action Requested <br /> Consider terms for a fourth Micro Loan application policy and make recommendation to the EDA, <br /> Background/Discussion <br /> The EDA has directed staff to work with the Finance Committee to draft a policy for a 4th Microloan. <br /> The EDA currently has approximately$406,512.60 left over from the State DEED Fund. DEED <br /> requires the city to use these funds separately from existing programs. DEED requires review of the <br /> policy prior to formal approval. It was noted a separate program could be created but be based similar to <br /> the existing microloan programs. <br /> The RDA Finance Committee discussed this matter at their December 10,2013 meeting and directed <br /> staff to continue to work with Springsted to develop the policy. Since then,Springsted has proposed a <br /> draft of the new program,calling it the Jobs Incentive Program. <br /> Financial Impact <br /> None. <br /> Attachments <br /> • Jobs Incentive Program draft Policy <br /> • November 5,2013 Finance Committee Staff Report <br /> rirE1Ei . r <br /> �NATU!?E <br />