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EDA Finance Committee Minutes Page 2 April 27,2009 Page 2 of 2 was doing. Ms. Fox stated she has looked at the operation of other salons and is trying to offer services and market herself in ways the others do not,in efforts to set herself apart from the rest. Mr. Brandenburg and Ms. Fox were excused from the meeting following this discussion. Discussion by the committee included working with Nicole's to allow her to stay in business and reducing her monthly payment down to $250.00,with a balloon payment due at the end of the current loan term,January 8, 2011. The committee recommended extending the loan term 1 year, keeping the monthly payments at$250.00,with a balloon payment due January 8, 2012:Itwas the consensus of the committee to extend the term of the loan 1 year, and reduce the current monthly payments of$687.61 to $250.00 with a balloon payment due January 8,2012 in which an extension can be considered if neccessary. The interest would remain the same,at 3%. MOVED BY TVIETE AND SECONDED BY TOTHTE,THE FINANCE COMMITTEE RECOMMENDS THAT THE EDA CONSIDERAPPROVING A 1-YEAR EXTENSION ON NICOLE'S FINISHING TOUCH SALON, INC LOAN AT A 3% INTEREST,A REDUCTION OF THE CURRENT MONTHLY`:PAYMENT OF $687.61 TO $250.00 WITH A BALLOON PAYMENT DUE ON JANUARY 8, 2012. THE MOTION CARRIED 6-0. 3. Other Business Mehelich informed the Committee that Dave Rymanowski was no longer with First National Bank, therefore the committee may want to replace him with a representative from First National Bank. Committee member Motin requested staff to research and report on the City's SAC/WAC rates in comparison to surrounding communities. 4. Closing The EDA Finance Committee meeting ended at 8:20 a.m. Respectfully submitted by, Annie Deckert Economic Development Assistant N:\Departments\Community Development\Economic Development\Micro Loan Fund\Finance Committee\2009\Minutes\4.27.09 minutes.doc