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ivrr~rUTrs <br />ciTl~ co~~~crL <br />JULY 9, 2002 <br />Administrator will put together a fiinal action plan for presentation to and review by <br />the Council. <br />Establish business revolving lotus fund. <br />Council reviewed the proposed action plan for implementation of a business <br />revolving loan fiord. The City Administrator suggested that the program be focused <br />on retail properties. <br />Fahey asked if there were any statutory limitations on the amount of money the City <br />could loan. The City Administrator indicated that he would research that question. <br />The Administrator reviewed the list of possible funding sources and noted the <br />potential of $125,000 ti'om the Presbyterian Homes economic development fee. <br />Another possible use of these dollars, however, is the Little Canada Road area. <br />Council discussed the need fbr the development of parameters by which funding <br />requests would be considered and prioritized. Suggestions included needs-based, <br />target areas, random selection, compliance with the City's architectwal guidelines, <br />most impact, etc. The City Administrator suggested that he put together some draft <br />criteria guidelines for the Council's review. <br />Fahey suggested that the program also include a provision that addresses the potential <br />of default on these loans and grants the City the ability to collect unpaid loan amounts <br />through a special assessment on the property. The City Administrator indicated that <br />lenders might not agree with a provision of this nature since taxes take precedence <br />over mortgages. However, he will discuss this with the lenders. <br />Council discussed the eligible improvements listed in the plan, and the consensus was <br />to eliminate maintenance items such as rooting and tiled improvements as listed in <br />the plan, as well as handicapped access. Council indicated that they would prefer the <br />loan pro~.;ram to focus on fa4adc upgrades rather than maintenance items. <br />Montour suggested a review of funding sources with the thought that if there are <br />adequate dollars available for the program, loans would not need to be limited to a <br />maximum of $25,000. Fahey suggested that the City start slow with the program <br />noting that it can always be expanded should it prove successful. <br />Council discussed involving the Planning Commission in the development of the <br />program as well as the Economic Development Authority in its administration. The <br />Council also discussed establishment of a committee that would review loan <br />applications and make funding recommendations. The Council unanimously agreed <br />that the Treasurer of the L-D;~ ~n-ould chair this committee. <br /> <br />53- <br />