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<br />Request for Action <br /> <br /> <br />To Item Number <br /> <br />Mayor and City Council 4.10 <br />Agenda Section Meeting Date Prepared by <br /> <br />ConsentFebruary 17, 2015Jeremy Barnhart, Deputy Director, CODD <br />Item Description Reviewed by <br /> <br />Hemmer Properties, LLC (Distinctive Iron) Cal Portner, City Administrator <br />Microloan Review <br />Reviewed by <br /> <br /> <br />Action Requested <br /> <br />Adopt, by resolution, the $126,000 Jobs Incentive Microloan for Hemmer Properties (Distinctive Iron). <br /> <br />Background/Discussion <br /> <br />The EDA is expected to approve a $126,000 Jobs Incentive Microloan for Hemmer Properties, LLC <br />(Distinctive Iron) at their meeting on February 17, 2015. <br /> <br />Because the microloan is considered a business subsidy under Minnesota Statute 116J.994, the City <br />Council must approve the subsidy by resolution, as does the EDA. <br /> <br />A public hearing is not required for this subsidy, as it is less than $150,000. The resolution authorizes the <br />EDA President and Executive Director to approve changes to our standard loan agreement as necessary. <br /> <br />Financial Impact <br />None <br /> <br />Attachments <br /> <br /> <br /> <br />Resolution <br /> <br /> <br />