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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 on 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 emergency 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 Wagner provided an update of the Together Elk River marketing <br />campaign. <br />8. Adjournment <br />There being no further 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 />4&1 <br />Tina Allard, City Clerk <br />1 0 1 1 R E 1 1 1 <br />NATURE <br />