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EOty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 4.9 <br /> Agenda Section Meeting Date Prepared by <br /> Consent Aril 17, 2017 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> EDA:NEcroloan Policy Annual Review Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Approve,by motion, the EDA NEcroloan Fund Program Policy. <br /> Background/Discussion <br /> Staff,in conjunction with our EDA Finance Committee,Attorney and Financial Advisor,reviewed and <br /> revised the EDA loan program and policy. <br /> Changes to the:NEcroloan Policy include the following: <br /> 1. Rename policy for consistency: Elk Diver Economic Development Business Microloan Fund, Guidelines, <br /> Policy &Application <br /> 2. Reorganization of the policy and renumbering for clarity <br /> 3. Rate is consistent throughout at 3% <br /> 4. Added a :NEcroloan for Micro Brewerys <br /> 5. Removed Jobs Incentive:NEcroloan Program and created a separate policy that follows the state's <br /> guidelines for use of funds seeded by the State Minnesota Investment Funds. <br /> 6. Added scoresheet <br /> The EDA reviewed these changes at their meeting earlier this evening. Staff can provide an update to the <br /> Council if necessary. <br /> Financial Impact <br /> None <br /> Attachments <br /> ■ Economic Development Business NEcroloan Fund Program Policy <br /> POWERED 6T <br /> AR <br />