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4l E Request for Action <br /> River <br /> TO ITEM NUMBER <br /> Economic Development Authority 6.1 <br /> AGENDA SECTION MEETING DATE PREPARED BY <br /> General Business November 18, Brian Beeman, Director of Economic <br /> 2013 Development <br /> ITEM DESCRIPTION REVIEWED By <br /> Update Microloan policy Jeremy Barnhart, Deputy Director CODD <br /> Action Requested <br /> Approve,by motion the updates to the Microloan policy including the updated downtown district map as <br /> recommended by the EDA Finance Committee. <br /> Background/Discussion <br /> At its November 5, 2013 meeting, the EDA Finance Committee reviewed proposed changes to the <br /> Microloan policy. Among those changes were the inclusion of non-profits, the non-eligibility of working <br /> capital, defining energy efficiency and setting a threshold of improvements required to be energy efficient <br /> in order to qualify, and defusing borders of downtown. <br /> The Finance Committee discussed each of the recommendations, and by general consensus, the <br /> proposed changes were approved as a recommendation to the EDA. <br /> Attached is a draft of the proposed microloan policy and application that includes all of the decisions that <br /> the Finance Committee made. Also attached is a map of the downtown. The draft policy is written to <br /> include all areas in the red bordered area on the map in the Downtown Revitalization microloan <br /> eligibility. <br /> The Finance Committee is recommending to the EDA the draft policy as is, or with any changes the <br /> EDA desires. <br /> Attachments <br /> • Draft Microloan policy and guidelines-Tracked changes <br /> • Downtown Map <br /> • Map Narrative <br /> I P O V E R E I .1 <br /> NATUR <br />