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<br /> <br /> <br /> <br /> <br /> <br />Motion/Second: Schmidt/Field to approve Resolution No. 98-EDC-25, with the <br />understanding that staff will amend the Resolution in a manner consistent with the EDC’s <br />discussion of desired revisions. <br /> <br />Motion Carried 4 Ayes 0 Nays <br /> <br /> <br />B. Consideration of Business Improvement Partnership Loan Program <br /> <br /> <br />EDC members reviewed and discussed Economic Development Coordinator Carroll’s <br /> Memo and additional background information. It was suggested that a Resolution <br />Α reactivating the loan program may not be required, but that a Resolution modifying the <br />program in certain respects might be appropriate. It was decided that paragraph Αa≅ on <br />page two of the Resolution would be revised to delete the Αreactivation≅ language, and to <br />insert language regarding the elimination of the two year Αresidency requirement≅ that <br />was one of the original eligibility criteria. It was further agreed that paragraph Αb≅ of the <br />proposed Resolution would be revised to eliminate references to the 1998 funding amount. <br />New language will be inserted, emphasizing the fact that in order to ensure and/or <br />increase participation in the Program, loans will be reviewed and approved in a manner <br />consistent with staff guidelines regarding matters such as confidentiality of applicants= <br />financial information, intended use of loan proceeds, etc. The caption of the Resolution will <br />also be changed to ΑResolution Modifying The Business Improvement Partnership Loan <br />Program, and the eighth Α whereas clause will be deleted, and the two subsequent clauses <br />will be changed to refer to Αthe continued availability≅ of low interest loan funds and the <br /> Αcontinuation of the business loan program.≅ <br /> <br />Motion/Second: Sjoberg/Schmidt to approve Resolution No. 98-EDC-24, with the <br />understanding that staff will amend the Resolution in a manner consistent with the <br /> EDC’s discussion of desired revisions. <br /> <br />Motion Carried 4 Ayes 0 Nays <br /> <br /> <br />6. REPORTS FROM CHAIR, COMMISSIONERS, AND STAFF: <br /> <br />Economic Development Coordinator Carroll provided a brief update regarding the <br />Mermaid Hotel/Conference project. <br /> <br /> <br />7. ADJOURNMENT <br /> <br />There being no further business before the Commission, this meeting of the <br />Economic Development Commission adjourned at approximately 8:35 a.m. <br /> <br />Respectfully Submitted, <br /> <br /> <br />Kevin Carroll <br />Economic Development Coordinator