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SRiver. If this issue occurs again, it is better to have <br /> specific language in the policy guidelines which spells out <br /> loan repayments upon relocation. <br /> The following language is offered as a revision to the policy <br /> guidelines: <br /> "A loan shall become due and payable in full if a business <br /> relocates out of the City of Elk River prior to the <br /> maturity date of the EDA loan. " <br /> Another proposed change to the policy guidelines relates to the <br /> adjustment in the EDA's interest rate. Although the current <br /> policy indicates that the EDA loan will be tied to the prime <br /> rate the day the loan is closed, some applicants may expect <br /> that rate to be fixed over the life of the loan. With recent <br /> loans (i.e. , NAPA and Coldwell Banker) , the interest rate is <br /> indeed tied to the prime rate, but there is an adjustment <br /> factor every six months. With that, the following revision is <br /> offered to the policy guidelines : <br /> "The interest rate may be adjusted at intervals that are <br /> mutually agreed to by the EDA and the business . " <br /> A copy of the existing policy guidelines is enclosed in the <br /> • agenda packet and the proposed revisions have been included and <br /> are underlined to assist EDA Commissioners in finding the <br /> changes . This is also an opportunity for EDA Commissioners to <br /> offer other changes or to express other concerns regarding the <br /> loan policy guidelines. <br /> ACTION REQUESTED <br /> The EDA is asked to approve the two proposed revisions to its <br /> Revolving Loan Policy guidelines . <br /> 8 . BUSINESS PARK CONCEPTS <br /> At the April EDA meeting, Commissioner Dwyer suggested that the <br /> concept of developing a second Industrial Park be brought to <br /> the forefront. With that, staff is suggesting that initial, <br /> exploratory work be done on this topic. The following issues <br /> will likely emerge during this exploratory stage: <br /> - Ownership: Who will likely develop the park? <br /> - What is the role of the EDA? <br /> - Financing sources <br /> - Business Park standards <br /> Enclosed in the agenda packet are two maps from the 1990 Focus <br /> Area Studies report. One map indicates existing conditions <br /> while a second map suggests future uses, including that of a <br /> business park. Also enclosed in the packet is a photo copy of <br />