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City of <br /> Elk - Request for Action <br /> River O. <br /> To Item Number <br /> Mayor and City Council 4.3 <br /> Agenda Section Meeting Date Prepared by <br /> Consent November 17, 2014 Jeremy Barnhart,Deputy Director, CODD <br /> Item Description Reviewed by <br /> EDA Jobs Incentive Program, 4th Microloan Cal Portner, City Administer <br /> Reviewed by <br /> Action Requested <br /> Approve,by motion,the 4"'microloan program, funding by State of Minnesota Investment Funds (MIF) <br /> funds,intended to support job generating businesses. <br /> Background/Discussion <br /> Earlier this year,the Economic Development Authority (EDA) developed a 4"'microloan program,to be <br /> used to support those business enterprises that generate jobs. Funding for each business is capped at <br /> $200,000 and is,in part,based on the number of jobs retained and created. The program is funded <br /> through DEED Minnesota Investment Funds,the current balance of which is approximately$407,000. <br /> DEED must approve the program,and recently,required changes to the program. These changes are <br /> minor, clarifying for the city and the user that retail, restaurants, casinos,and sports facilities may not use <br /> the funds. The EDA is expected to review and recommend approval of the program at their meeting on <br /> November 17. <br /> Financial Impact <br /> None <br /> Attachments <br /> ■ Final Microloan Policy and Application <br /> P a w E A E U s r <br /> Template Updated 4/14 INIM UREI <br />