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Micro Loan Policy Amendments <br />April 14, 2003 - EDA <br />Page 2 of 2 <br /> <br />[] Addition of "Investment real estate" as a permitted fund use, ~vith a 50% pre-lease <br /> requirement (III. Uses). <br /> <br />[] Addition of a late payment charge of up to 8% (V. Micro Loan Fund Terms & <br /> Conditions). <br /> <br />Addition of hook-up to city services as a repair that may be required for the request <br />of public funds for building projects (VI. Regulation For New Construction and <br />Improvements). <br /> <br />Addition of procedures for extension requests (IX. Procedural Guidelines for <br />Application and Approval). It is the committee's understanding that these requests <br />will go through a review by the Finance Committee for recommendation to the <br />EDA for formal action. <br /> <br />[] Reference to the City's Business Subsidy Policy for projects receiving assistance over <br /> $75,000 (XI. Compliance with State Statutes). <br /> <br />Several issues were also discussed by the Finance Committee but ultimately received <br />consensus for not revising, such as the limitation of the Industrial Incentive Program <br />to projects in the West Business Park. The minutes of the Finance Committee <br />meetings should reflect these issues of discussion. <br /> <br />Recommendation <br />Staff recommends that the EDA review the revised Micro Loan Policy, provide comment, <br />and adopt the amended Micro Loan Policy with recommendations to be incorporated into <br />the final version. <br /> <br />Related Note <br />On related note, the follo~ving Micro Loans have recently been paid in full: <br /> · Carpe IYmiros (Custom Cutter Grinding) <br /> · Sportech, Inc. <br /> · ProTech Engineering <br /> <br /> <br />