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EDA Finance Committee <br />January 8, 2008 Meeting <br />Page 2 of 2 <br />Consider Amendment to Micro Loan Policy to include New Downtown Buildings <br />The Finance Committee is asked to consider an amendment to the Micro Loan Policy to <br />allow businesses within the new Jackson Place and Bluffs of Elk River buildings access to <br />the micro loan program. The intended use of the micro loan funds would be to supplement <br />conventional financing toward leasehold improvements and furniture, fixtures and <br />equipment. Currently the Downtown Rehabilitation Financing Program is targeted toward <br />building rehabilitation and restoration of downtown buildings, with a minimum of 20% that <br />must be spent on building exterior. <br />Following a brief description of the request, the City Council at its December 17, 2007 <br />meeting indicated a willingness to consider the request further and referred it to the EDA <br />Finance Committee and EDA for review and recommendation. <br />The EDA will consider the Finance Committee's recommendation at its January 14, 2008 <br />meeting. <br />