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REQUEST FOR ACTION <br />To Item Number <br />Economic Development Authority 6, <br />Agenda Section Meeting Date Prepared by <br /> June 14, 2010 Annie Deckert, Economic <br /> Develo ment Assistant <br />Item Description Reviewed by <br />Consider EDA Micro Loan Application Catherine Mehelich, Director of <br />- The Pizzeria Economic Develo ment <br /> Reviewed by <br />Action Requested <br />The EDA is asked to consider the EDA Finance Committee's recommendation for approval with <br />conditions. <br />• $75,000 Micro Loan to The Pizzeria (Galli Companies, LLC) <br />Background/Discussion <br />The attached staff report to the EDA Finance Committee and June 9, 2010 committee meeting minutes <br />provide background regarding the Micro Loan request. The applicant is anticipated to be at the EDA <br />meeting to respond to any questions about the proposed project. <br />Financial Impact <br />The Micro Loan Fund has a current cash balance of approximately $557,065.18 <br />The Finance Committee is recommending EDA approval of the following Micro Loan and term: <br />Applicant: The Pizzeria (Galli Companies, LLC) <br />Loan Terms: $75,000 at 2% interest, 15-year amortization/5-year balloon <br />Purpose: Assist in financing equipment and internal and external building revitalization <br />necessary in starting up the business <br />Security: First position mortgage on 315 Jackson <br />Conditions: Building permit approval, home refinance loan approval and assignments of rent <br />included in loan documents <br />Attachments <br />• EDA Finance Committee Meeting Minutes dated June 9, 2010. <br />• EDA Micro Loan Fund Policy and Guidelines <br />• Staff report to EDA Finance Committee re: The Pizzeria Micro Loan Application, June 9, 2010. <br />Action Motion by Second by Vote <br />Follow Up <br />N:\Departments\Community Development\Economic Development\Micro Loan Fund\LOANS\The Pizzeria\6.14.10 EDA Action Requested.doc <br />