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Economic Development Authority Minutes Page 2 <br /> June 15,2020 <br /> ----------------------------- <br /> 5. Open Forum <br /> No one appeared for Open Forum. <br /> 6. Public Hearings <br /> There were no public hearing items. <br /> 7.1 Chamber of Commerce Business Survey: Concern #11, #15 <br /> Ms. Othoudt presented the staff report. 0, <br /> Concern#11 EDA/HRA loan processes are cumbersome. Can they be simplified <br /> and expedited? <br /> Ms. Othoudt indicated she researched other cities and each city has their own <br /> programs tailored to fit their goals and objectives. She asked for feedback and <br /> guidance on how applications and policies can be simplified to be less cumbersome. <br /> Commissioner Blesener explained he believes the comment was comparing our <br /> process to the open market and possibly banks where the process is not as complex <br /> to apply for more money. He noted these comments are based on perceptions from <br /> the focus group. He added he believes the EDA did a good job on streamlining the <br /> recent COVID loan program application and policy. <br /> Commissioner Ovall suggested having a different application for each type of loan <br /> program as some of our applications may be onerous for small loans;however, more <br /> information is required for tax increment and tax abatement. He also suggested <br /> structuring the programs to be more responsive and empowering staff to do more <br /> review and approval internally rather than having special meetings or making the <br /> applicant wait for the next meeting for approval. He would like to see updates and <br /> reports provided to the EDA. <br /> Commissioner Westgaard concurred with some of Commissioner Ovall's points. He <br /> recalls discussions during the listening sessions where businesses felt that due to the <br /> complexity of the applications it was not worth their time to complete. He noted <br /> often the city is the conduit to state and federal financing and we should be doing <br /> what we can to help local businesses take advantage of the funding. <br /> Commissioner Wagner indicated some of the documents required seem excessive <br /> and she questioned if we really need personal financial statements for all proprietors, <br /> partners, and guarantors for a micro loan application. She stated we could look at <br /> getting rid of those requirements if they are not required. She added she would like <br /> to see the applications available as online forms. She noted she would like to get rid <br /> of the blue background on the policies and applications as she has heard comments <br /> about poor print quality. <br /> POWERED 9r <br /> UREI <br />