Resolution 03

This amendment makes two changes to the “City of Bloomington Investment Incentive Fund Operating Policies and Guidelines.” First, it amends Section II(B)(4) to reflect that the interest rate paid on the balance of a business disruption bridge loan shall be 1%. This reflects the intent of both the Economic Development Commission and the Economic and Sustainable Development Department, but was mistakenly not reflected in the guidelines. Secondly, it amends Sections IV(A)(2)-(3) of the Guidelines to make clear that all grants recommended for approval by the City of Bloomington Investment Incentive Fund Review Committee must be approved by both the Economic Development Commission and the Common Council. The amendment also clarifies that loans of $75,000 or more will require approval by the Economic Development Commission and Common Council.