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ITEM / 7. <br />ver <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Heidi Steinmetz, Assistant Director of Economic Development ~J <br />DATE: July 10, 2006 <br />SUBJECT: Proposed Energy Improvement Loan Program Update <br />Attachment <br />EDA Finance Committee Minutes, June 14, 2006 <br />Background <br />At its June 12"' meeting, the EDA discussed the potential of investing the balance of the <br />Business Incubator Program fund ($133,095) into an incentive program for businesses to <br />incorporate energy efficient design and/ox materials in the construction of rhea facility. The <br />program could be developed as a new EDA Micro Loan Fund program and/or it could <br />capitalize off of existing environmental assistance low-interest loan programs offered by the <br />state to finance capital equipment upgrades that meet ox exceed environmental regulations. <br />The EDA did not take action regarding this issue in June and planned to discuss the issue <br />again at a future meeting. <br />Update <br />The Finance Committee discussed the issue at its June 14"' meeting. Pex the attached <br />minutes, the Finance Committee consensus was that the Energy City Commission (ECC) <br />explore creating their own incentive program. An update regarding the EDA and Finance <br />Committee's recent discussions will be provided to the Energy City Commission (ECC) at <br />its July 19`h meeting. <br />