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1. The EDA could recommend to the City Council to amend the Restaurant Subsidy Program to allow for non <br />profit businesses to be eligible for loans. (see attached draft policy) <br />2. Something else <br />Funding Source: <br />Funding for financial assistance would come from the City's EDA Cash Balance. The EDA Cash Balance is <br />estimated to be $1.137M. <br />Recommendation: <br />Staff recommends <br />Loan Approval <br />The EDA recommend to the City Council approval of 70%, 0% interest loan, forgivable loan for both the SAC and <br />WAC Charges in the amount of $40,068 for Stories Foundation <br />and; <br />Restaurant Subsidy Program Changes <br />1. The EDA could recommend to the City Council to amend the Restaurant Subsidy Program to allow for non <br />profit businesses to be eligible for loans. (see attached draft policy) <br />Action: <br />Motion to recommend to the City Council to amend the Restaurant Subsidy Program to allow for non profit <br />businesses to be eligible for loans. <br />and; <br />Motion to recommend to the City Council approval of 70%, 0% interest loan, forgivable loan for both the SAC and <br />WAC Charges in the amount of $40,068 for Stories Foundation; subject to satisfactory underwriting. <br />Redacted Biz Subsidy Application <br />Draft Restaurant Subsidy Program 7.8.21 <br />SAC and WAC Summary <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Sean Sullivan (Originator) Sean Sullivan 07/01/2021 12:36 PM <br />Bruce Westby Bruce Westby 07/01/2021 02:16 PM <br />Kurt Ulrich Kurt Ulrich 07/01/2021 02:31 PM <br />Form Started By: Sean Sullivan Started On: 06/25/2021 03:42 PM <br />Final Approval Date: 07/01/2021 <br />