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applicants exceeded available funds. <br /> Reason: The two year eligibility requirement was presumably imposed due to concerns <br /> about assisting a business that might be "here today and gone tomorrow." <br /> However, given the fact that loan proceeds will generally be used for interior and <br /> exterior structural and cosmetic improvements that will "stay" in the City, the <br /> City will benefit from any such improvements even if other businesses eventually <br /> occupy the "improved" business sites. Even if the two year requirement is <br /> eliminated, a request from a longstanding member of the local business <br /> community should be entitled to priority over a relative "newcomer,"all other <br /> things being equal. <br /> CONCLUSION <br /> The EDC should adopt a Resolution recommending the immediate reactivation of the Business <br /> Improvement Partnership Loan Program. Given the length <br /> Program was active, a Resolution would enable the EDof <br /> reaffirm itsd s commitment <br /> teoto the Program, and provide a formal action that could be publicized in order to generate new <br /> interest in the Program. At the meeting on May 28th, the EDC's input and guidance will be <br /> 1111 sought with respect to the specific businesses that staff should target for the Program, with the <br /> understanding that special emphasis will be being given to proposed improvements that would <br /> enhance the visual aesthetics of the commercial, industrial and retail sectors of the community. <br /> • <br /> ■ <br />