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Council tables revised revolving loan fund application; CEDA to revise and return
Summary
The Rushford Village Council tabled final approval of a revamped Revolving Loan Fund application and guidelines on Feb. 17, asking CEDA to revise a refundable application-fee approach and return documents to the council.
At its Feb. 17 meeting the Rushford Village Council reviewed a revised Revolving Loan Fund (RLF) application and guidelines drafted with assistance from the city attorney and CEDA staff, then voted to table final approval while the application is refined.
Jayme Longmire of CEDA told the council she revamped the RLF application and guidelines to make them easier to read and to reflect the fund's original terms. She said a project review committee (Glen Kopperud, Robert Hart and Travis Link, with Longmire and Clerk Mary Miner as advisors) will evaluate applications before the council makes final decisions.
Longmire said the FEMA generator application has been completed and that she is preparing a $20,000 AARP grant application and a MiEnergy grant application. She also presented draft marketing language and said she would contact local banks to refer potential borrowers.
City Attorney Joseph O’Koren recommended the council consider a $100 prescreening application fee (refundable if an application is not advanced to the committee) and reminded the council that his legal fee work is billed to borrowers. Council members expressed concern about charging fees for applications that might be denied and asked Longmire to refine the language so prescreening would determine whether a fee is charged. The council voted to table the application and guidelines until Longmire returns with the revised documents for review (motion by Robert Hart, second by Rick Ruberg). Longmire will send the updated materials to Clerk Mary Miner for circulation to the council.
