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City of <br /> Elk River <br /> MEMORANDUM <br /> TO: Nicole Fox, Nicole's Finishing Touch Salon <br /> FROM: Annie Deckert, Economic Development Assistant <br /> DATE:January 28, 2009 <br /> SUBJECT: EDA Micro Loan Payments <br /> Attached you will find the new amortization schedule and promissory note for <br /> the $25,000 EDA Micro Loan issued to you on February 8, 2008. Please note that <br /> the first payment will be due February 8, 2009 in the amount of $687.61, and on <br /> the eighth day of each month thereafter up to and including January 8, 2011. <br /> Please note that if any payment is paid more than ten (10) days after the due <br /> date, there will be a late payment charge of 8% of the payment to cover the <br /> expenses of collection. Any payment received after the 18th of each month will <br /> total $742.62. <br /> Payments should be made payable to: <br /> City of Elk River <br /> 13065 Orono Parkway <br /> Elk River, MN 55330 <br /> Or feel free to contact your bank to arrange automatic payment options from <br /> your account. <br /> Any questions can be directed to me at 763.635.1042 or the City Finance <br /> Department at 763.635.1000. <br />