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Micro Loan Policy Amendment Issues <br /> Updated from Feb. 18,2003 Committee Meeting <br /> Page 3 of 3 <br /> • <br /> 8. Program Objectives (Page 7): <br /> Staff recommends adding the following program objective: <br /> "The project results in new job creation in the City of Elk River." <br /> 9. Compliance with the Business Subsidy State Statute (Page 7 & 8): <br /> Staff recommends the section be revised to include the following language: <br /> "Each company receiving a loan amount in excess of$75,000 from the EDA Micro Loan <br /> Fund shall be subject to the provisions and requirements set forth by the City of Elk River <br /> Business Subsidy Policy and Minnesota State Statute 116J.993." <br /> Staff would follow the statement to include a summary of general requirements from the <br /> City policy. <br /> S <br /> • <br />