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according to energy savings, the loans will have an initial maturity of up to 5 years from the date of <br /> closing. Longer life improvements (6-15 years) may apply for a longer maturity of up to 10 years. <br /> • The loans will be secured by personal and corporate guarantees, and if applicable a lien on equipment <br /> financed and subordinate mortgage on the property <br /> • Exempt from job creation and wage goals because the loan amount does not exceed$150,000 and <br /> does not qualify as a business subsidy by state law <br /> Blue Egg Market LLC <br /> • Amount requested: $74,500 <br /> • Rate requested: Fixed at 2% <br /> • Equity proposed: $51,500 <br /> • Term: 10-year amortization <br /> • The EDA will obtain a second position on the mortgage of 707 Main St,a first position on the <br /> equipment and secure a personal guaranty <br /> The EDA will consider the Finance Committee's recommendation at their April 8 meeting. <br /> If recommending approval, the following terms and conditions will apply: <br /> Participation Loan: Not Applicable <br /> Loan Amount: $74,500 <br /> Interest Rate: 2% fixed <br /> Term: 10-year amortization <br /> Security: First position on equipment, Second position mortgage on 707 Main St,personal <br /> guaranty <br /> ATTACHMENTS <br /> • Micro Loan Application and applicable attachments <br /> • Business Plan <br /> Action Motion by Second by Vote <br /> Follow Up <br /> N:\Departments\Community Development\Economic Development\EDA to move\Agenda\Year2013\4-8-2013\Blue Egg Sweets EDA Finance <br /> RFA 3-29-2013.docx <br />