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ITEM 5 <br /> ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> III MEMORANDUM <br /> TO: City Council& Economic Development <br /> Authority <br /> FROM: Marc Nevinski,Assistant Director of <br /> Economic Development <br /> DATE: September 13, 1999 <br /> SUBJECT: Micro Loan Fund Public Hearing <br /> Issue <br /> Revisions to the Economic Development Micro Loan Fund polices are now <br /> complete. However, state law mandates that a public hearing be held on the <br /> policies before they are adopted. The City Council and EDA are asked at this <br /> time to consider any comments the public may have before adopting the <br /> revised policies. <br /> • Overview <br /> Two issues prompted modifications to the fund's policies. First, the need to <br /> state clear guidelines for different loan fund uses (i.e. gap financing, <br /> incentives, & redevelopment) required that various provisions of the policies <br /> be restructured. Second, last minute passage of the Business Subsidy Law by <br /> the state legislature placed restrictions on fund dollars and implemented <br /> reporting requirements. The law also requires that each potential loan <br /> grantor (i.e. City Council, EDA, HRA) hold a public hearing before adopting <br /> its own set of policies. <br /> Recommendations <br /> Staff recommends that the Council and EDA consider any input provided at <br /> the public hearing and then adopt the revised loan polices. <br /> Attachments <br /> • Notice of Public Hearing—Revisions to Micro Loan Fund polices <br /> • Revised Micro Loan Fund Policies <br /> • Business Subsidy Policy <br /> • <br /> 13065 Orono Parkway • P. O. Box 490 •Elk River, MN 55330-1743 • (612) 441-7420 • Fax (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />