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^+// <br />Elk REQUEST FOR ACTION <br />River <br />TO ITEM NUMBER <br />Economic Develo ment Authori 6. <br />AGENDA SECTION MEETING DATE PREPARED BY <br /> Catherine Mehelich, Director of <br /> Economic Develo ment <br />ITEM DESCRIPTION REVIEWED By <br />Consider Adoption of Amended Micro Loan Fund Policy <br /> REVIEWED BY <br />ACTION REQUESTED <br />Staff requests the EDA's adoption of the attached Micro Loan Fund Policy as amended and <br />recommended by the EDA Finance Committee. <br />BACKGROUND/DISCUSSION <br />Consistent with direction from the EDA, the EDA Finance Committee has reviewed and considered a <br />number of amendments to the Economic Development Micro Loan Fund Policy. <br />The following entities have also provided input on the amended policy: <br />• Utilities -Elk River Municipal Utilities, Connexus, CenterPoint Energy <br />• Small Business Development Centex <br />• Elk River Energy City Commission <br />A substantial change in the policy was the creation of a new loan program to finance Energy Efficiency <br />Improvements in commercial/industrial buildings. The other amendments were primarily administrative <br />and not substantial in the nature of the loan program. Please contact staff if you wish to review a redline <br />copy of the tracked changes. <br />FINANCIAL IMPACT <br />As of March 31, 2011 the EDA Micro Loan Fund has a cash balance of $1,043,096. <br />ATTACHMENTS <br />^ Economic Development Micro Loan Fund Policy, Amended May 2011 <br />Action Motion by Second by Vote <br />Follow Up <br />N:\Departments\Community Development\Economic Development\Micro Loan Fund\POLICY & APPLICATION\2011 Amendments\5.9.11 <br />EDA Action Requested.doc <br />