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• Other modifications to the loan policies include: <br /> • The structuring of Micro Loans as participation loans with the borrower's <br /> primary lender. (p.4) <br /> • Refinements in the explanation of the application and approval process.(p.5) <br /> • Information and requirements associated with the State's Business <br /> Subsidy Law. (p.7) <br /> Several issues that the EDA may wish to discuss in its consideration of the <br /> policy revisions include: <br /> • The use of certain funds only in designated areas, such as the CBD or West <br /> Business Park. <br /> • Job creation and wage requirements in light of the trend towards <br /> automation and extremely low unemployment rates. ("...Not all projects <br /> assisted with subsidies derive their public purpose.... solely by virtue of job <br /> creation."- Jim O'Meara) <br /> • Repayment period, interest rates for various loan programs, or other loan <br /> terms. <br /> • Criteria for redevelopment loans in the Central Business District <br /> Recommendations <br /> Staff recommends that the EDA review the revisions, provide comments, and <br /> • approve the revised polices with recommendations to be incorporated into the <br /> final draft. State law mandates that a public hearing of the loan policies be <br /> held before the revisions can be formally adopted. A final draft will be <br /> prepared for comment at a public hearing at the September 13, 1999 EDA <br /> meeting, after which the policies may be formally adopted. <br /> Attachments <br /> • Revised loan fund policies and application. <br /> • Business Subsidy Law Summary - Jim O'Meara <br /> S <br />