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• The Committee continued its discussions about the general guidelines of the micro loan <br /> fund and how this loan request adheres to such guidelines. It was indicated that on the <br /> list of loan priorities, this request would rank last in that it is a retail type of use. The two <br /> top priority uses are manufacturing/industrial, and research/development/technology <br /> projects. <br /> After further discussion it was determined that Mr.Taylor's business would be welcome <br /> and should be greatly encouraged in Elk River, however, it was not felt to have met the <br /> eligibility requirements of the micro loan fund, in that the project would most likely <br /> proceed even without approval of the$50,000 loan. <br /> JIM SIMPSON MOVED TO DENY THE LOAN REQUEST FOR JIMICHAELEEN MUFFLERS, INC. <br /> TOM MCNAIR SECONDED THE MOTION. THE MOTION CARRIED 4-0. <br /> The meeting of the Elk River EDA Finance Committee adjourned at 4:10 p.m. <br /> Respectfully submitted, <br /> Paul T. Steinman <br /> Director of Economic Development <br /> s:\minutes\fc080696.doc <br /> • <br /> • <br />