A staff report said that " the title of the Economic Development Fund was creating challenges as, through this process, it was identified that there are many different ways to define economic development." Under the new policy, applicants can request village funding in different capacities. Seed funding agreements, long-term agreements lasting up to five years and one-time or single-event funding will be available starting in the next fiscal year. As well, funding requests may not exceed 25 per cent of the fund's total amount. Seed funding agreements would last three years with payments decreasing year-to-year. Under both the long-term and seed funding arrangements, the deals would last three years each, with council holding an option to renew funding for two more, one-year periods.