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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 EDC's <br /> 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 Memo <br /> and additional background information. It was suggested that a Resolution "reactivating" <br /> the loan program may not be required, but that a Resolution modifying the program in certain <br /> respects might be appropriate. It was decided that paragraph "a" on page two of the <br /> Resolution would be revised to delete the "reactivation" language, and to insert language <br /> regarding the elimination of the two year "residency requirement" that was one of the original <br /> eligibility criteria. It was further agreed that paragraph "b" of the proposed <br /> Resolution would be revised to eliminate references to the 1998 funding amount. New <br /> language will be inserted, emphasizing the fact that in order to ensure and/or increase <br /> participation in the Program, loans will be reviewed and approved in a manner consistent with <br /> staff guidelines regarding matters such as confidentiality of applicants' financial <br /> information, intended use of loan proceeds, etc. The caption of the Resolution will also be <br /> changed to "Resolution Modifying The Business Improvement Partnership Loan <br /> Program", and the eighth "Whereas" clause will be deleted, and the two subsequent dauses <br /> will be changed to refer to "the continued availability" of low interest loan funds and the <br /> "continuation of the business loan program." <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 EDC's <br /> 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 Mermaid <br /> Hotel/Conference project. <br /> 7. ADJOURNMENT <br /> There being no further business before t Commission, this meeting of the Economic <br /> Development Commission adjourne• a approximat :35 a.m. <br /> R .•ectfully Su 'tted, <br /> j/(A471/1 a/t/ <br /> vm Carroll <br /> conomic Develtipment Coordinator <br /> N:\DATA\GROUPS\ECONDEV\EDA-EDC\EDC\EDCMIN98\EDCMIN06.98 <br /> 1 <br />