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Micro Loan Policy Amendment Issues <br />Updated from Feb. 18, 2003 Committee Meeting <br />Page 3 of 3 <br /> <br />ge <br /> <br />e <br /> <br />Program Objectives (Page 7): <br /> Staff reco~rwnends adding the following program objecUVe: <br /> "The project results m new job creation m the City of Elk River." <br /> <br />Compliance with the Business Subsidy State Statute (Page 7 & 8): <br /> Staff recommends the section be revised to include the following language: <br /> <br />"Each company receiving a loan amount in excess of $75,000 from the EDA Micro Loan <br />Fund shall be subject to the provisions and requirements set forth by the City of Elk River <br />Business Subsidy Policy and Minnesota State Statute 116J.993." <br /> <br />staff would follow the statement to include a summau~ of general requirements from the <br />City policy. <br /> <br /> <br />