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Economic Development Authority Minutes Page 4 <br /> May 18,2020 <br /> ----------------------------- <br /> Commissioner Wagner asked for clarification about the policy language regarding the <br /> program being on a first come first serve basis and funding to be provided until the <br /> funds are exhausted or the declaration is lifted,whichever comes first. <br /> Ms. Fiorini stated it is the Authority's discretion on how they want to write the policy <br /> and they could keep the program open longer. <br /> Commissioner Wagner doesn't think the economic disparity ends when the <br /> emergency declaration changes and suggested changing the language to December <br /> 31, 2020 or until the funds are exhausted. <br /> Chair Tviete thanked staff for the quick turnaround o _ this item and catching the <br /> spirit of the Authority's intent. <br /> Moved by Commissioner Wagner and seconded by Commissioner Hartwig to <br /> adopt Resolution 20-03 approving COVID-19 Small Business Emergency <br /> Microloan Program with the following changes: <br /> 1. Eliminate number of employees' requirement. <br /> 2. Change date of being in business to prior to the governor's orders. <br /> 3. Striking city declared Sene , ncy from the timeframe. <br /> Motion carried 7-0. <br /> 7.3 Director Report; <br /> Ms. Othoudt presented the staff report as outlined in the staff report. <br /> Commissioner Wa,ner, rovided an update of the Together Elk River marketing <br /> c mpaig <br /> 8. Adjournme <br /> There being no fur ```er business, President Tveite adjourned the meeting of the Elk <br /> River Economic Development Authority at 6:29 p.m. <br /> Minutes prepared by City Clerk Tina Allard <br /> Dan Tveite,EDA President <br /> Tina Allard, City Clerk <br /> UREJ <br />