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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 <br /> EDC's discussion of desired revisions. <br /> • Motion Carried 4 Ayes 0 Nays <br /> B. Consideration of Business Improvement Partnership Loan Program <br /> EDC members reviewed and discussed Economic Development Coordinator Carroll's <br /> Memo and additional background information. It was suggested that a Resolution <br /> "reactivating" the loan program may not be required, but that a Resolution modifying <br /> the program in certain respects might be appropriate. It was decided that paragraph <br /> "a" on page two of the Resolution would be revised to delete the "reactivation" <br /> language, and to insert language regarding the elimination of the two year "residency <br /> requirement" that was one of the original eligibility criteria. It was further agreed that <br /> paragraph "b" of the proposed Resolution would be revised to eliminate references to <br /> the 1998 funding amount. New language will be inserted, emphasizing the fact that in <br /> order to ensure and/or increase participation in the Program, loans will be reviewed and <br /> approved in a manner consistent with staff guidelines regarding matters such as <br /> confidentiality of applicants' financial information, intended use of loan proceeds, etc. <br /> The caption of the Resolution will also be changed to "Resolution Modifying The <br /> Business Improvement Partnership Loan Program", and the eighth "Whereas" <br /> clause will be deleted, and the two subsequent clauses will be changed to refer to "the <br /> continued availability" of low interest loan funds and the "continuation of the business <br /> loan program." <br /> II <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 /> Motion Carried 4 Ayes 0 Nays <br /> 6. REPORTS FROM CHAIR, COMMISSIONERS,AND STAFF: <br /> Economic Development Coordinator Carroll provided a brief update regarding the <br /> Mermaid Hotel/Conference project. <br /> 7. ADJOURNMENT <br /> There being no further business befora e Com .' sion, this meeting of the Economic <br /> Development Commission adjou a at appy. m tely 8:35 a.m. <br /> R ectfully bmi ted, <br /> u/iti1 ‘ 1 <br /> I evin Carro <br /> • nomic De elopment Coordinator <br /> N:\DATA\GROUPS\ECONDEV\EDA-EDC\ED('\EDCMIN981EDCMIN06.98 <br />