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III be completely written down, a safeguard to discourage Mr. <br /> Kjellberg from speculating on this redevelopment project <br /> would be to require full or partial repayment of the value <br /> of the land during, say, the first ten years of the <br /> project. <br /> ACTION REQUESTED <br /> Assuming that a request for TIF assistance is submitted, <br /> the EDA is asked to <br /> a. Schedule a public hearing for November 15, 1993, <br /> to consider the adoption of said plan; and, <br /> b. Authorize the preparation of a Tax Increment <br /> Financing Plan for the EDA Main Street <br /> redevelopment project; and, <br /> c. Recommend that the City Council consider <br /> scheduling a public hearing for November 15, <br /> 1993, to consider adoption of the TIF Plan. <br /> 7 . ADDITIONAL LENDERS TO THE FIRST TIME HOMEBUYER PROGRAM <br /> Staff is in receipt of two requests from home mortgage <br /> 411 lenders that wish to be added to the EDA's list of lenders <br /> associated with the first time homebuyer program. The <br /> lenders are Firstar Home Mortgage Corporation and Norwest <br /> Mortgage. Currently, First National Mortgage of Elk River <br /> is the EDA' s only designated lender to this program. <br /> ACTION REQUESTED <br /> The EDA is asked to add Firstar Home Mortgage Corporation <br /> and Norwest Mortgage to its list of designated lenders <br /> associated with the first time homebuyer program. <br /> 8. BUSINESS PARK FINANCING OPTIONS <br /> Direction on various financing options will be obtained <br /> earlier in the evening of October 11th when the City <br /> Council discusses this matter. <br /> 9 . REVOLVING LOAN PROGRAM <br /> The writer of this memo is suggesting a minor change to <br /> the Revolving Loan Program. The proposed change is that <br /> of a name change renaming it the "EDA Micro Loan <br /> • Program" . This change is perhaps more reflective of the <br /> intended purpose of the loan program. <br />