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Economic Development Authority Minutes <br />June 15,2020 <br />Pa'ge 2 <br />5. <br />6. <br />Open Forum <br />No one appeared for Open Forum. <br />Public Hearings <br />There were no public hearing items. <br />Chamber of Commerce Business Suryey: Concern #l l' #15 <br />Ms. Othoudt presented the staff report. <br />Concern #11 EDA/HRA loan processes ate cumbersome. Can they be simplified <br />and exoedited? <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 simplifred to be less cumbetsome. <br />Commissioner Blesener explained he believes the comment v/as comparing out <br />process to the open market and possibly banks whete 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 iob on streamlining the <br />recent COVID loan ptogmm application and policy. <br />Commissioner Ovall suggested having a different application fot each type of loan <br />program as some of our applications may be onetous for small loans; however, more <br />information is required for tax increment and tax abatement. He also suggested <br />structuring the progtams to be mofe lesponsive and empowering sAff to do more <br />review and approval intemally 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 dudng the listening sessions whete businesses felt that due to the <br />complexity of the applications it was flot 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 fot all proprietots, <br />pafiners, and guarantots 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 dd <br />of the blue background on the policies and applications as she has heard cornments <br />about poot print quality. <br />Ittt rr <br />7.t <br />1