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Economic Development Authority Minutes Page 4 <br /> April 29,2020 <br /> Commissioner Ovall felt this situation was different due to businesses being required IIIto shut down through no fault of their own. He stated the Authority has this large <br /> pool of funds that truly has not been revolving and he doesn't have issues returning <br /> to taxpayers in the form of a grant program if it accomplishes the objectives wanted. <br /> He suggested capping the program at$200,000. <br /> Commissioner Christianson concurred noting it would stimulate the local economy. <br /> President Tviete concurred and would like a cap on the total amount plus each <br /> individual loan amount. He further suggested$5,000 per application for the year <br /> 2020. He stated it sends the message that the city is in this with you and will take on <br /> our share of the property tax. <br /> There was further discussion on how determine who is can apply and the breakdown <br /> considerations between property owners and lease holders,and the simplicity of the <br /> program. <br /> Ms. Othoudt stated this program would need evaluation by the city attorney. <br /> Commissioner Wagner questioned if the EDA is also considering the microloan <br /> option. <br /> Commissioner Ovall stated he is open to adding the loan program but expressed <br /> concern with$5,000 loans and staff time/burden. III <br /> Commissioner Blesener expressed the same concerns and noted the simplicity of the <br /> other example community loan programs presented earlier. <br /> President Tveite summarize agree on Fifth Microloan and direction to discuss with <br /> attorney a program for property tax relief. <br /> Commissioner Wagner is there a reason for the limit on$5,000 as the max noting <br /> some businesses may be more interested in$10-$15,000. <br /> President Tviete agreed businesses may not want to fill out the paperwork for such a <br /> small loan amount. <br /> Commissioner Ovall suggested a max of up to$20,000 for the loan program. He <br /> stated he would be willing to work with staff on the programs. <br /> The Authority agreed on working toward establishing a fifth microloan program and <br /> provided staff direction to discuss the property tax relief program with the city <br /> attorney. <br /> III <br /> PalEREI BY <br /> NATURE <br />