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EDA Finance Committee MinutesDR A�� Page 2 <br /> August 17,2005 <br /> • Council), that the additional subsidy would alter Mr. Inman's "But For" analysis completed <br /> for the Tax Abatement analysis for the project. <br /> Finance Committee member Paul Motin stated that offering Tax Abatement and a Micro <br /> Loan to the company may be"double dipping"regarding the use of incentives. <br /> Mr.Tveite indicated that the City appreciates that area banks are marketing the Micro Loan <br /> Fund but that the banks should communicate with City staff if Micro Loan dollars are <br /> included in bank proposals. <br /> Mr. Motin asked if future Tax Abatement applications should include a question such as <br /> "Will you be asking for a Micro Loan in addition to the Tax Abatement?" <br /> Mr. Rymanowski stated that these issues are policy issues in which the Committee should <br /> discuss in more detail. He added that banks should not be treated differently by the City. <br /> MOVED BY DAN TVEITE AND SECONDED BY PAUL MOTIN,THE <br /> FINANCE COMMITTEE MOVED TO RECOMMEND THAT THE EDA <br /> CONSIDER APPROVING A$100,000 MICRO LOAN TO PROVO <br /> ENTERPRISES, LLC (ALLIANCE MACHINE,INC). <br /> 5. Schedule Meeting to Review Micro Loan Policy <br /> The Finance Committee scheduled a meeting for 7:00 a.m. on September 28th to discuss <br /> policy issues regarding the level of appropriate assistance provided to manufacturing <br /> companies entering the City of Elk River. <br /> • 6. Closing <br /> The EDA Finance Committee meeting ended at 6:00 p.m. <br /> Respectfully submitted[_ by, <br /> / e/-6-4 .v�iC�✓t.�G <br /> Heidi Steinmetz <br /> Assistant Director of Economic Development <br /> • <br />