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lk REQUEST FOR ACTION <br /> River <br /> To Item Number <br /> Economic Development Authority <br /> Agenda Section Meeting Date Prepared by <br /> January 12, 2009 Annie Deckert, Economic <br /> Development Assistant <br /> Item Description Reviewed by <br /> Consider EDA Micro Loan Extension Catherine Mehelich, Director of <br /> —Nicole's Finishing Touch Salon, Inc. Economic Development <br /> Reviewed by <br /> Action Requested <br /> The EDA is asked to consider the EDA Finance Committee's recommendation for approval of a I-year <br /> extension on the Nicole's Finishing Touch Salon, Inc. micro loan at a 3.0% interest rate with the following <br /> conditions: <br /> • a waiver of pending late fees <br /> • a Micro Loan Extension fee to be 1% of the loan balance <br /> • fixed monthly payments to begin February 8, 2009 <br /> Background/Discussion <br /> The attached staff report to the EDA Finance Committee and December 19, 2008 committee meeting <br /> minutes provide background regarding the extension request. In addition, EDA Commissioners Motin and <br /> Tveite both serve on the EDA Finance Committee and may provide additional comments regarding the <br /> committee's review and recommendation. <br /> Financial Impact <br /> The EDA Micro Loan Fund has a current cash balance of approximately $748,953.28. The principal balance <br /> due on the Nicole's Finishing Touch Salon, Inc. micro loan is $15,702.68. <br /> Attachments <br /> • EDA Finance Committee Meeting Minutes dated December 19, 2008. <br /> • EDA Micro Loan Fund Policy and Guidelines <br /> • Staff report to EDA Finance Committee re: Nicole's Finishing Touch Salon, Inc. Micro Loan Extension <br /> Request, December 19, 2008. <br /> Action Motion by Second by Vote <br /> Follow Up <br /> N:\Departments\Community Development\Economic Development\Micro Loan Fund\LOANS\Nicole's Salon\1.12.09 EDA Action Requested.doc <br />