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6. EDSR 08-13-2012
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6. EDSR 08-13-2012
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8/9/2012 10:44:34 AM
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8/8/2012 1:16:35 PM
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City Government
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EDSR
date
8/13/2012
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FINANCIAL IMPACT <br /> The Micro Loan Fund has a current cash balance of approximately$1,319,451,with$276,223 in notes <br /> receivable. <br /> The EDA is asked to approve the Energy Efficiency Micro Loan request for P.S...Dance Studio with the <br /> following terms and conditions: <br /> • Up to $30,000 at 3%interest, 7-year amortization/5-year balloon <br /> • Motion sensors shall be installed for lighting <br /> • EDA to use commercially reasonable efforts to obtain a clean security position lien position <br /> • EDA to obtain a personal and corporate guarantee <br /> ATTACHMENTS <br /> • EDA Finance Committee Meeting Minutes dated August 2,2012 <br /> • EDA Micro Loan Fund Policy and Guidelines <br /> • Staff report to EDA Finance Committee re: P.S...Dance Studio Micro Loan Application <br /> dated August 2, 2012 <br /> Action Motion by Second by Vote <br /> Follow Up <br /> N:\Departments\Community Development\Economic Development\Micro Loan Fund\LOANS\PS...Dance Studio\Action Requested-EDA S-16- <br /> 12 FINAL.docx <br />
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