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<br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br />Agenda Section Meeting Date <br />Consent May 15, 2006 <br /> <br />Item Number <br /> <br />3.9.D. <br />Prepared by <br />Catherine Mehelich, Director of <br />Economic Develo ment <br />Reviewed by <br />Scott Clark, Community Development <br />Director <br /> <br /> <br />Item Description <br />Consider Adoption of Amended Economic Development Micro <br />Loan Fund Polic <br /> <br />Introduction <br />The City's Micro Loan Fund applications are reviewed, acted upon and administered by the EDA <br />Finance Committee and EDA Commission. The EDA Finance Committee and the EDA <br />Commissioners have recently reviewed and amended the Economic Development Micro Loan Fund <br />Policy & Application. <br /> <br />Discussion <br />The attached policy includes the amendments noted in the February 13,2006 staff report and discussion <br />at the EDA meeting. The HRA and HPC also provided input on the Downtown Rehabilitation <br />Financing Program of the Micro Loan Fund. <br /> <br />Financial Impact <br />None <br /> <br />Attachments <br />. Economic Development Micro Loan Policy & Application, Amended May 2006 <br />. Staff report to the EDA dated February 13, 2006 <br />. Staff report to the EDA dated March 13, 2006 <br /> <br />Action Requested <br />The EDA recently reviewed and adopted the attached amended Micro Loan Policy. Staff requests the <br />City Council consider adoption of the amended Economic Development Micro Loan Policy. <br /> <br />Council Action <br /> <br />Motion by _ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />s: \EDA \MicroLoan \Policy&App \2006 Policy & App \5.15.06 COUNCIL.microloan.doc <br />