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01/12/05
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01/12/05
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Case #3: <br /> <br />Revolving Loan HiStory <br /> <br />Associate Planner Wald indicated staff revieWed the Revolving Loan Fund based on the EDA's <br />discussion at the last meeting. The only thingstaffSaw as point of discussion was the job <br />creation requirements. Staff suggests a po!icy'be t:reated for the fund to determine how to <br />promote the fund to the business commUnity. <br /> <br />Economic DevelopmenffTIF Specialist SulliVan reported there was a business inquiring about <br />available loan funds and he informed them 6fthe Revolving Loan Fund. Word will get out that <br />this money is available and a policy needs to be:set so it is not ambiguous on how businesses are <br />chosen to receive the funds. <br /> <br />Member Elvig commented a tremendous po°l°f funds could be available if opportunities are <br />created to fill these funds. <br /> <br />Economic Consultant Mulrooney stated there are a number of options available to create the <br />capital in the fund if the EDA would like t° PUrsUe that. He noted one city in the eastern <br />suburban area has an insurance company Providing additional funding, and the pool in their fund <br />is now in excess of two million dollarS. He ?e~iewed the following information in relation to the <br />Revolving Loan Fund: · Eligible costs <br /> · Ineligible activities <br /> · Loan terms and conditions <br /> · Interest rate <br /> · The term <br /> · Job creation <br /> · Equity participation <br /> <br />Member Elvig suggested the City might want to aPproach NAU as a way to grow the fund. He <br />indicated he would not recommend, getting int° Working capital as opposed to fixed assets. He <br />noted moving expenses might be worth considering. He noted the $25,000 dollar amount for job <br />creations is quite low and he would also.recommend a policy for rates. <br /> <br />Economic Development/TIF Specialist Sulli~van advised the $25,000 amount was previously set <br />by the Council to make the fund consistent With eXPeCtations on TIF projects. The SBA policy is <br />currently set at one job per $75,000. <br /> <br />Chairperson Riley noted most of these terms Should not be changed. He agrees the funds should <br />remain concentrated on fixed assets, rather than WOrking capital. He indicated he would like to <br />see these funds going to people that have not already received City help, such as in cases of <br />receiving free land. <br /> <br />Member Gromberg questioned what the EDA sees as the purpose for this fund. <br /> <br />Economic Development Authority/January 12, 2005 <br /> Page 4 of 9 <br /> <br /> <br />
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