7.0. EDSR 02-13-2006 - Laserfiche WebLink

Home Browse Search

ITEM # 7. MEMORANDUM TO: Economic Development Authority FROM: Catherine Mehelich, Director of Economic Development DATE: February 13, 2006 SUBJECT: Discuss Draft Amendments to Micro Loan Fund Policy Attachments • EDA Finance Committee Minutes, September 28, 2005 • 1" Draft Revised Micro Loan Fund Policy dated February 2006 Background At its September 28, 2005 meeting, the EDA Finance Committee discussed the level of financial assistance provided to manufacturing companies entering the City of Elk River. The meeting minutes are attached. Issue Part of the Finance Committee's discussion led to the following suggested amendments to the Micro Loan Fund Policy: • All public financing assistance being requested fox a project must be included in the project's sources and uses at the time of application. • Clarified that job creation goals could not be double-counted if the project is xecciving more than one type of public financing assistance. • Increase the amortization fox real estate uses to 20 years. In addition the draft policy includes several staff suggested revisions. Staff Recommendation Staff recommends that the EDA review the draft revised policy and provide feedback on any additional revisions. Following the F,DA's input staff will make the revisions and bring a final version back fox EDA adoption at next month's regular meeting. Staff is also reviewing the City's Business Subsidy Policy, Tax Increment Financing Policy and Tax Rebate Financing Policy fox amendments to be presented to the EDA for consideration in the next couple months.