09-13-1999 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes September 13, 1999 Page 3 e President Dwyer suggested calling a special meeting of the EDA to discuss these specific issues. COMMISSIONER GONGOLL MOVED TO CALL A SPECIAL MEETING OF THE ECONOMIC DEVELOPMENT AUTHORITY ON OCTOBER 11, AT 5:00 P.M. TO DISCUSS THE TERMINOLOGY USED IN THE PROPOSED ACTION ITEMS IN THE 1999 ECONOMIC DEVELOPMENT STRATEGIC PLAN ACTION PLAN. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 6-0. 5. Public Hearina/Consider Modifications to the EDA Micro Loan Proaram Marc Nevinski noted that the micro loan fund policies and guidelines have been modified. He presented the EDA with a copy of the revisions. Marc reviewed the policies and guidelines and noted that the policy now states clear guidelines for different loan fund uses such as gap financing incentives and redevelopment. He further noted that the recent business subsidy law passed by the state legislature placed restrictions on fund dollars and implemented new reporting requirements. He noted that these reporting requirements and restrictions are included in the city's revised micro loan fund policies and guidelines. President Dwyer opened the public hearing. There being no public comment on the issue, President Dwyer closed the public hearing. e COMMISSIONER GONGOLL MOVED TO APPROVE THE SUPPLEMENTAL FINANCING PROGRAM AS STATED IN THE REVISED ELK RIVER ECONOMIC DEVELOPMENT MICRO LOAN FUND POLICIES AND GUIDELINES. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 6-0. Commissioner Motin questioned the purpose of the redevelopment financing program in relation to rehabilitation and restoration of buildings in the Central Business District. He questioned the definition of redevelopment and whether it entailed restoring buildings to original looks. He also questioned whether someone would be allowed to construct an entire new building under these guidelines. Discussion was held regarding the word "rehabilitation" and how it affected the design criteria. It was suggested that the word "rehabilitation" under Puroose in the Redevelopment Financing program be changed to "improvement". COMMISSIONER MOTIN MOVED TO ACCEPT THE AMENDMENTS TO THE REDEVELOPMENT FINANCING PROGRAM WITH THE CONDITION THAT THE WORD REHABILITATION BE CHANGED TO IMPROVEMENT. COMMISSIONER GONGOLL SECONDED THE MOTION. THE MOTION CARRIED 6-0. COMMISSIONER GONGOLL MOVED TO APPROVE THE INDUSTRIAL INCENTIVE PROGRAM AS PRESENTED IN THE REVISED GUIDELINES. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 6-0. e Commissioner Motin suggested that the bulleted items under # 4 be placed directly under the # 4 for continuity.