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ITEM ~ 5.1. <br />ver <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Catherine Mehelich, Director of Economic Development /~~~ <br />DATE: August 7, 2006 <br />SUBJECT: Consider Appointing HRA Commissioner to EDA Finance <br />Committee <br />Attachment <br />• Economic Development Micro Loan Policy & Application <br />Background <br />The EDA administers the following different types of micro loan programs: <br />• Industrial Incentive Program <br />• Downtown Rehabilitation Financing Program <br />Typically Industrial Incentive Micro Loan Program applications are reviewed by the EDA <br />Finance Committee for recommendation of approval or denial to the EDA Board. Per the <br />attached Micro Loan Policy, Downtown Rehabilitation Financing Program loans are to be <br />reviewed by an HRA member in conjunction with the EDA Finance Committee. <br />Issue <br />Staff recently received a loan application for the Downtown Rehabilitation Financing Micro <br />Loan Program from Olde Main Eatery. <br />Action Requested <br />Staff requests the HRA appoint an HRA Commissioner that may be interested in serving on <br />the EDA Finance Committee to review Downtown Rehabilitation Financing Program micro <br />loans. <br />