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<br />rei ---\) <br />( ); <br />tli{ <br /> <br />ITEM #5.6. <br /> <br /> <br />MEMORANDUM <br /> <br />River <br /> <br />TO: <br /> <br />City Council & Economic Development <br />Authority <br /> <br />FROM: <br />41,- <br /> <br />DATE: <br /> <br />Marc Nevinski, Assistant Director of <br />Economic Development <br /> <br />September 13, 1999 <br /> <br />SUBJECT: Micro Loan Fund Public Hearing <br /> <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 /> <br />. <br /> <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 /> <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 /> <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 />. <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330. TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425 <br />