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1111 Staff Memo <br /> To: Economic Development Commission Members <br /> From: Cathy Bennett, Economic Development Coordinator C.,t)2) <br /> Date: September 21 , 1995 <br /> Agenda Item: Consideration of Establishing a Loan Committee <br /> (5.d.) <br /> At the recommendation of Mark Malone, it has been suggested that the EDC establish <br /> a loan committee to review incoming applications for the Mounds View's Business <br /> Improvement Partnership Program. By establishing a loan committee, requests can be <br /> reviewed and recommendations can be made without having to wait for the monthly <br /> EDC meeting. <br /> It is suggested to have the loan committee consist of four EDC members so that a <br /> 41) quorum vote can be made on the application. In addition, it is suggest that the <br /> committee be available to meet, either in person or through conference call, to <br /> discuss and vote on the application at a weeks notice of submission of the <br /> application. <br /> The applicant would still be required to get final approval from the EDA at their <br /> regularly scheduled meeting on the second Monday of each month. If needed, the <br /> EDA can also take action at work sessions and on the fourth Monday of each month. <br /> • <br />