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ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY <br /> • MEMORANDUM <br /> TO: Housing &Redevelopment Authority <br /> FROM: Marc Nevinski, Assistant Director of <br /> 417 Economic Development <br /> DATE: September 27, 1999 <br /> SUBJECT: Micro Loan Fund Public Hearing <br /> Issue <br /> Revisions to the Economic Development Micro Loan Fund polices are now <br /> complete. However, state law mandates that a public hearing be held on the <br /> policies before they are adopted. The City Council and EDA held a public <br /> hearing and adopted the polices on September 13, 1999. The HRA is asked at <br /> this time to consider any comments the public may have before adopting the <br /> revised policies. <br /> • Overview <br /> Two issues prompted modifications to the fund's policies. First, the need to <br /> state clear guidelines for different loan fund uses (i.e. gap financing, <br /> incentives, & redevelopment) required that various provisions of the policies <br /> be restructured. Second, last minute passage of the Business Subsidy Law by <br /> the state legislature placed restrictions on fund dollars and implemented <br /> reporting requirements. The law also requires that each potential loan <br /> grantor(i.e. City Council, EDA, HRA) hold a public hearing before adopting <br /> its own set of policies. <br /> Recommendations <br /> Staff recommends that the Council and EDA consider any input provided at <br /> the public hearing and then adopt the revised loan polices. <br /> Attachments <br /> • Notice of Public Hearing—Revisions to Micro.Loan Fund polices <br /> • Revised Micro Loan Fund Policies <br /> • Business Subsidy.Policy <br /> • <br /> 13065 Orono Parkway • P.O.Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />