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EDA Finance Committee Minutes <br />Juiy s, 200, 200 <br />Page 2 of 2 <br />Page 2 <br />3. The Waterfall Salon Micro Loan- Verbal Update <br />Nate Ovall, discussed the current situation of The Waterfall Salon as it relates to the Waterfall Salon <br />Micro Loan. Staff will continue to work with Mr. Ovall and The Bank of Elk River regarding the Micro <br />Loan. <br />3. Ethanol Tech Micro Loan- Verbal Update <br />Ms. Mehelich provided a verbal update on Ethanol Technologies. Staff will continue to work with the <br />primary lender First National Bank on preparation of a forbearance agreement. <br />3. Roma Tool SCDP Loan- Verbal Update <br />Ms. Mehelich provided the background and current status for Roma Tool's Small Cities Development <br />Program loan through the MN Department of Employment and Economic Development (MNDEED). <br />The City has received its first $100,000 but has an obligation to continue to service the loan for the state <br />on the balance due. Staff is working with DEED officials for direction. <br />4. Cl <br />The EDA Finance Committee meeting ended at 8:02 a.m. <br />Respectfully submitted by, <br />Annie Deckert <br />Economic Development Assistant <br />N:\Departments\Community Development\Economic Development\Micro Loan Fund\Finance Committee\2010\Minutes\6.9.10 minutes.doc <br />