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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 /> - -' - - - • " that was one of the original eligibility criteria. It was further agreed that h � <br /> paragraph "b" o -.e .roposed Resolution would be revised to eliminate references to ' <br /> the 1998 fundin: .mou New language will be inserted, emphasizing the fact that i <br /> order to ensure an.'or increase participation in the Program, loans will be revie• a and <br /> approved in a manner consistent with staff guidelines regarding matters s - as <br /> confidentiality of applicants' financial information, intended use of 1. : proceeds, etc. <br /> The caption of the Resolution will also be changed to "Resolutio• odifying The <br /> Business Improvement Partnership Loan Program", and the eighth"Whereas" <br /> clause will be deleted, and the two subsequent clauses will b-e-ch ziged to refer to "the <br /> continued ay.•4 bility" of low interest loan funds and the "continuation of the business <br /> loan progra <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 before the Commission, this meeting of the Economic <br /> Development Commission adjourned at approximately 8:35 a.m. <br /> Respectfully Submitted, <br /> Kevin Carroll <br /> Economic Development Coordinator <br /> N:\DATA\GROUPS\ECONDEV\EDA-EDC\EDC\EDCMIN98\EDCMIN06.98 <br />