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MINUTES <br />PLANNING COMMISSION <br />AUGUST A, 2002 <br />earmarking ~ 120,000 in funding for this program, the details of which <br />have not been worked out at this point. Funding applications would be <br />reviewed by a loan conuiiittee comprised of representation From the City <br />Council, LDA, and community representatives. The Administrator noted <br />that the bank loan would hold a superior position to the City's loan. All <br />the program details have yet to be worked out, and there will be <br />discussions with area lenders to develop these details. <br />Duray recommended approval of the F3usiness Revolving Loan Program <br />as recommended by the City Adiroinistrator. <br />Motion seconded by Keis. <br />Motion carried 6 - 0. <br />ADJOURN Gatzke recommended the meeting be adjourned. <br />Motion seconded by Knudsen. <br />Motion carried 6 - 0. <br />"There being no further business, the meeting was adjourned at 10:30 p.m. <br />Respectfully submitted, <br />Kathy Glan r <br />Deputy Clerk <br />- 16- <br />