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Micro Loan Policy Amendments <br /> April 14,2003—EDA <br /> Page 2 of 2 <br /> • ❑ Addition of"Investment real estate" as a permitted fund use,with a 50%pre-lease <br /> requirement (III. Uses). <br /> ❑ Addition of a late payment charge of up to 8% (V. Micro Loan Fund Terms & <br /> Conditions). <br /> ❑ Addition of hook-up to city services as a repair that may be required for the request <br /> of public funds for building projects (VI. Regulation For New Construction and <br /> Improvements). <br /> ❑ Addition of procedures for extension requests (IX. Procedural Guidelines for <br /> Application and Approval). It is the committee's understanding that these requests <br /> will go through a review by the Finance Committee for recommendation to the <br /> EDA for formal action. <br /> ❑ Reference to the City's Business Subsidy Policy for projects receiving assistance over <br /> $75,000 (XI. Compliance with State Statutes). <br /> ❑ Several issues were also discussed by the Finance Committee but ultimately received <br /> consensus for not revising, such as the limitation of the Industrial Incentive Program <br /> to projects in the West Business Park. The minutes of the Finance Committee <br /> meetings should reflect these issues of discussion. <br /> • Recommendation <br /> Staff recommends that the EDA review the revised Micro Loan Policy,provide comment, <br /> and adopt the amended Micro Loan Policy with recommendations to be incorporated into <br /> the final version. <br /> Related Note <br /> On related note, the following Micro Loans have recently been paid in full: <br /> • Carpe Kairos (Custom Cutter Grinding) <br /> • Sportech, Inc. <br /> • ProTech Engineering <br /> 4110 <br />