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City Council_\_linutes~ <br />-'\o~~ember 20, ?046 `1 <br />REGARDING ENFORCEMENT AND PARKING PERMITS ~~/ITH THE <br />FOLLOWING TWO APPOINTMENTS TO THE FOCUS GROUP: <br />= LARRY TOTH <br />= KEITH HOLME <br />MOTION CARRIED 5-0. <br />Page ~ <br />MOVED BY COUNCILMEMBER GUMPHREY AND SECONDED BY <br />COUNCILMEMBER DIETZ TO PUT A TEMPORARY CAP ON PARKING <br />PERMITS. MOTION CARRIED 5-0. <br />~~ B. Loan Pcogram <br />1\Is. it~Iehelich stated the Council asked staff to consider a grant or loan program to assist <br />downtown business owners. She stated staff had discussions with the city's auditor and legal <br />counsel regarding any issues ~crith the city prolridicig financial assistance in the form of a <br />grant to businesses. She stated the auditor confirmed that the citjr has no statutory authority <br />to prop*ide grants to businesses for their hardsiup as a result of a construction protect. iris. <br />Z`~Iehelich stated dze cittir would need to establish findings for a public purpose on the grant. <br />b~Is. D~Iehelich retfiewed a draft loin program for e:tisting businesses For do«rnto~en <br />re~ritalization with recommendations by the ED?~ as outlined in the staff report. She silted <br />the cit}' has rccei~=ed Iunited interest on the loan progxain Erom the do~t~nto~~-n businesses. <br />Councilmeinber Ltifotin stated the personal guarantees the ED_~ is requiring are personal <br />Enancial statements of the owners. <br />MOVED BY COUNCILMEMBER GUMPHREY AND SECONDED BY <br />COUNCILMEMBER FARBER TO APPROVE THE DOWNTOWN]' BUSINESS <br />REVITALIZATION LOAN PROGRAM AS OUTLINED BELOW: <br />PURPOSE: THE DOWNTOWN BUSINESS REVITALIZATION <br />LOAN PROGRAM IS AVAILABLE TO BUSINESS <br />'~~ OWNERS IN THE DOWNTO~'~'N DISTRICT (DD} AS <br />A SHORT-TERM, LOW INTEREST OPERATING <br />LOAN THAT COULD BE USED TOWARD WORKING <br />CAPITAL, CASH FLO~'U, BUSINESS <br />SUSTAINABILITY AND CAPITAL EXPENDITURES. <br />AMOUNT: UP TO $25,000. <br />RATE: 3%. <br />TERM: 2-YEARS. <br />CRITERIA: 1. PERSONAL GUARANTEE OF THE BORRO~'~ER <br />WILL BE REQUIRED. <br />