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EDA Agenda Memo <br /> November 10, 1997 <br /> Page 2 <br /> • <br /> opportunity to come before the EDA with a modified request if <br /> necessary. <br /> Attached is a letter from Gregg Karnis indicating his modified request <br /> and minutes from the October 9 and October 30 Finance Committee <br /> meetings. Also included is a current status summary of the micro loan <br /> fund. As indicated, as of October 31, 1997, the loan fund had available <br /> approximately $277,000. <br /> Recommendation <br /> The EDA Finance Committee recommends denial of the Gregg Karnis <br /> micro loan request due to the type of use proposed and a shift in the <br /> philosophy of providing micro loans for retail/service type uses in non- <br /> redevelopment target areas. <br /> 6. Tax Increment District No. 5 Plan Modification <br /> Issue <br /> The purpose of this issue is to provide final EDA action on the plan <br /> modification of Tax Increment Financing District No. 5. The following <br /> actions have been taken on this plan modification to date: <br /> • September 8, 1997 EDA requested City Council to call <br /> a public hearing on December 1, 1997 <br /> • September 22, 1997 City Council called for a public <br /> hearing to be held on December 1, <br /> 1997, to modify Tax Increment <br /> Financing District No. 5 <br /> • October 1, 1997 Staff completed plan modification with <br /> review by legal council <br /> • October 15, 1997 Plan modification was forwarded to <br /> representatives of the School District <br /> and County Commissioners <br /> • October 28 1997 Planning Commission approved the <br /> plan modification finding it to be in <br /> compliance with the City's Compre- <br /> hensive Plan <br />