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<br />straight to the EDA and bypass JFC review. <br /> <br />The committee also favored adding a provision to the policy limiting the EDA's security position to no lower <br />than 3rd position on any loan, subject to case-by-case consideration and adjustment of terms for any lower <br />position request. <br /> <br />In addition to these policy considerations, a major discussion point is the expansion of the fund program to <br />stretch its reach for commercial projects, with an intended focus on renovation or support of existing <br />properties. Options were discussed to expand the boundaries of the downtown program or develop a new <br />subprogram city-wide with its own criteria. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Support Commercial Business in Elk River. <br /> <br />Attachments <br />1. Economic Development Business Microloan Fund Policy and Application (v. 2022) <br /> <br /> <br />Page 13 of 34