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EDC Minutes November 6, 2013 Page 3 of 5 clearly defined. Apprehensions that the loan approval process could be lengthy and uncertain could cause businesses to be unwilling to participate in the program. Chair von Holtum noted that the requirements for job creation listed in section 2 of"Criteria for Use of Funds" in the existing revolving loan fund guidelines was unclear. It was maybe created specifically for the previous Guidant loan and was no longer applicable. Commissioner Erickson asked whether the loan program would be marketed directly to businesses. Community Development Director Hutmacher stated that the program would be marketed to local banks since the loan program requires loans to be made in participation with banks which would be responsible for underwriting and loan administration. Also, banks are likely to be already working with businesses which are planning expansion projects and know which projects may need additional financing and would fit City loan guidelines. Commissioners agreed that marketing to banks would be effective and that local bankers communicate with each other and could help market the program. Commissioner Erickson suggested that the guidelines could be better defined to decrease business uncertainty. Chair von Holtum recommended that staff speak to local bankers to help define the program. C. Draft 2014 EDC Work Plan Community Development Director Hutmacher stated that the EDC will be asked to approve the 2014 Work Plan at the December 4, 2013, meeting. The work plan will be presented for EDA approval at a joint meeting of the EDC and EDA on January 27, 2014. Community Development Director Hutmacher stated that staff had compiled a draft EDC Work Plan based on the approved City Council goals which includes the goal, "Develop relationships with the business community and establish a reputation as a business- and development-friendly City." The draft Work Plan is also based on EDC discussions over the past year on the need to develop and strengthen relationships with the business community. The four primary tasks on the draft 2014 Work Plan include: • New Member Recruitment • Revolving Loan Program • Business Retention and Expansion(BRE) Program • Marketing and Outreach Community Development Director Hutmacher added that given the work load with the TCAAP Master Plan, it may not be possible to complete all of the tasks on the draft Work Plan in 2014.