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City Council Minutes November 20, 2006 Page 4 STAFF IN ORDER TO ESTABLISH LONG-TERM PARKING POLICIES, REGARDING ENFORCEMENT AND PARKING PERMITS WITH THE FOLLOWING TWO APPOINTMENTS TO THE FOCUS GROUP: . . · LARRY TOTH · KEITH HOLME MOTION CARRIED 5-0. MOVED BY COUNCILMEMBER GUMPHREY AND SECONDED BY COUNCILMEMBER DIETZ TO PUT A TEMPORARY CAP ON PARKING PERMITS. MOTION CARRIED 5-0. B. Loan Program Ms. Mehelich stated the Council asked staff to consider a grant or loan program to assist downtown business owners. She stated staff had discussions with the city's auditor and legal counsel regarding any issues with the city providing financial assistance in the form of a grant to businesses. She stated the auditor conftrmed that the city has no statutory authority to provide grants to businesses for their hardship as a result of a construction project. Ms. Mehelich stated the city would need to establish findings for a public purpose on the grant. Ms. Mehelich reviewed a draft loan program for existing businesses for downtown revitalization with recommendations by the EDA as outlined in the staff report. She stated the city has received limited interest on the loan program from the downtown businesses. Councilmember Motin stated the personal guarantees the EDA is requiring are personal financial statements of the owners. . MOVED BY COUNCILMEMBER GUMPHREY AND SECONDED BY COUNCILMEMBER FARBER TO APPROVE THE DOWNTOWN BUSINESS REVITALIZATION LOAN PROGRAM AS OUTLINED BELOW: PURPOSE: THE DOWNTOWN BUSINESS REVITALIZATION LOAN PROGRAM IS AVAILABLE TO BUSINESS OWNERS IN THE DOWNTOWN DISTRICT (DD) AS A SHORT-TERM, LOW INTEREST OPERATING LOAN THAT COULD BE USED TOWARD WORKING CAPITAL, CASH FLOW, BUSINESS SUSTAINABILITY AND CAPITAL EXPENDITURES. AMOUNT: UP TO $25,000. RATE: 3%. TERM: 2- YEARS. CRITERIA: 1. PERSONAL GUARANTEE OF THE BORROWER WILL BE REQUIRED. .