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Elk REQUEST FOR ACTION <br /> River <br /> TO ITEM NUMBER <br /> Mayor and City Council 4.9A <br /> AGENDA SECTION MEETING DATE PREPARED BY <br /> Consent April 15, 2013 Clay Wilfahrt,Assistant Director of <br /> Economic Development <br /> ITEM DESCRIPTION REVIEWED By <br /> Call a Public Hearing to Consider the Forgivable Loan Jeremy Barnhart,Deputy Director, <br /> Application from Preferred Powder Coating Community Operations and <br /> Development <br /> REVIEWED BY <br /> Cal Portner, City Administrator <br /> ACTION REQUESTED <br /> Call by motion a public hearing for 6:30 p.m. on Monday,May 6, 2013, regarding the forgivable loan <br /> application for Preferred Powder Coating. <br /> BACKGROUND/DISCUSSION <br /> At its April 8, 2013, meeting,the Economic Development Authority (EDA) reviewed a forgivable loan <br /> application from Preferred Powder Coating in the amount of$200,000. The project description and <br /> proposed terms of the assistance,including job and wage goals, are included in the attached staff report <br /> to the EDA. The EDA recommended that the Council approve the forgivable loan application. <br /> Minnesota Business Subsidy Law requires public entities to hold a public hearing prior to granting a <br /> business subsidy over $100,000. Staff recommends that the City Council call a public hearing for <br /> 6:30 p.m. on Monday,May 6, 2013, regarding the forgivable loan application. <br /> A copy of the Forgivable Loan Policy and application will be provided at the Council's public hearing. <br /> ATTACHMENTS <br /> ■ EDA Staff Report Dated April 8, 2013 <br /> Action Motion by Second by Vote <br /> Follow Up <br /> 1`4 f U R E <br />