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<br />~ <br /> <br />- <br /> <br />e <br /> <br />e <br /> <br />M E M 0 RAN 0 U M <br /> <br />January 15, 1985 <br />TO: Mayor and City Council <br /> <br />FROM: Micheal Gleason, City Manager <br /> <br />SUBJECT: BUSINESS DEVELOPMENT FUND LOAN REQUEST <br /> <br />We are at this time prepared to extend a loan commitment from the Business <br />Development Fund to Pacific Nautilus, Inc. However, this corporation's <br />president is a City employee. In such cases, our procedure is to determine <br />whether there is a conflict of interest in extending a commitment. At the <br />request of the Department of Housing and Urban Development this item is on <br />your agenda. It is before you to gain your concurrence on the City Attorney's <br />assessment of the loan request and have such concurrence reflected in the <br />Council minutes. <br /> <br />Lauren Chouinard is the president of Pacific Nautilus. As the City's Employee <br />Health and Fitness Director, his position does not bring him into contact with <br />administration of the Business Development Fund. We are of the opinion that <br />a loan to Pacific Nautilus does not constitute a conflict of interest. <br /> <br />JS:jk/Thb19 <br />