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Case # 2 <br /> 'RevOlving Loan Fund <br /> By: Megan Waid, Associate Planner <br />Scan M. Sullivan, EcOnomic Development/TIF Specialist <br /> <br />Background: <br /> <br />Economic Development consultant, Mike Mulrooney, provided information and 'answered <br />questions regarding the City's rev~olvingiloan fund at the January 12th EDA meeting. The <br />Authority raised questions regarding the employment requirements established in the guidelines, <br />the effectiveness of the loan with such a small fund balance, and what types of projects should <br />receive this financing tool. Staff was directed to suggest changes to the Revolving Loan Fund <br />Guidelines that reflected the discussion. <br /> <br />Observations: <br /> <br />Staff reviewed the Revolving Loan Fund Guideline.s with Mike Mulrooney and has made several <br />changes to the document. The Changes are underlined, and are in bold for EDA review. Mike <br />Mulrooney will be present at the meeting to answer questions regarding the changes. Staff <br />suggests that the EDA recommend the .noted changes to the City Council to change the <br />Revolving Loan Fund Guidelines. <br /> <br />Recommendation: <br /> <br />Staff recommends adoption of the updated February 2005 Revolving Loan Fund Guidelines. <br /> <br />Motion: <br /> <br />EDA recommend that the City Council adopt the February 2005 Revolving Loan Fund <br />Guidelines. <br /> <br />Review Checklist: <br />Community Development Director <br /> <br />EDA: I}2.16.05 <br /> <br /> <br />