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Motion by Mr. Muller and seconded by Mr. Raudio to designata Ms. Norris, <br />Steve DeLuca, Glen Hardin and Ken Wagner as the Economic Development <br />Company Revolving Loan Fund Review Board. <br /> <br />Further Discussion: Mr. Hardin stated that the Loan Review Board will make <br />recommendations to the Board of Directors, the Company will either deny or <br />approve the application and accordingly request Council's approval of the <br />application; the City will then request County approval for that use of <br />CDBG funds. Mr. DeLuca stated that he feels 15 years is too long of a loan <br />period; that the loan fund is in it's beginning stages and a quicker <br />payback is needed in order to continue to accommodate other applicants; <br />suggested that for the first 3 years of the revolving loan fund program, <br />loan periods be limited to 10 years. The Board briefly discussed methods <br />that could be used to encourage early payoff so that money can be rotated. <br />Mr. Kurak noted that the City's money would not be at a risk if the loans <br />were held at a bank or financial institution and CDBG funds were used to <br />buy down interest rates. Mr. DeLuca stated that he doubted CDBG funds <br />could be used to buy down interest rates and the funds were designated to <br />be used in the revolving loan fund; Council would have to change the <br />designated use or find another source of funds to buy down interest rates. <br />Mr. Hardin noted that loan applications are to be treated with extreme <br />confidentiality. <br /> <br />Motion carried. Voting Yes: <br />Raudio, Mr. Kurak, Mr. Muller. <br />Greenberg, Mr. Miller. <br /> <br />Mr. Hardin, Mr. DeLuca, Mr. Wagner, Mr. <br />Voting No: None. Absent: Mr. Fults, Mr. <br /> <br />Mr. Hardin noted that the Loan Review Board should keep amortization <br />aspects in mind when reviewing loand applications. <br /> <br />Case #5: Discussion Regarding Confident'iality Of ComDany~Bus'iness': <br /> <br />Mr. Hardin stated that the Economic Development Company is a private <br />corporation, not part of the City, and not all Company activities are <br />for public information. Therefore, Company meeting minutes should not be <br />included in the Council's monthly packet; Company meeting agendas should <br />not be placed at City Hall counter for public information and no press <br />releases or public announcements should be made until the Company has <br />determined that the time is right to do so. Mr. Hardin explained that the <br />Company deals with prospective, incoming businesses and they expect <br />confidentiality and the Economic Development Company loses credibility if <br />that is not exercised. <br /> <br />Mr. DeLuca reported that City Attorney Goodrich is researching the extent <br />to which the Company can disassociate itself from the City. <br /> <br />Motion by Mr. Wagner and seconded by Mr. Muller to designate Mr. Glen <br />Hardin as the Economic Development Company's public spokesman relating to <br />any public statements and announcements regarding Company activities. <br /> <br />Motion carried. Voting Yes: <br />Raudio, Mr. Kurak, Mr. Muller. <br />Greenberg and Mr. Miller. <br /> <br />Mr. Hardin, Mr. DeLuca, Mr. Wagner, Mr. <br />Voting No: None. Absent: Mr. Fults, Mr. <br /> <br />Page 3 of 4 <br /> <br /> <br />