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i <br /> Elk REQUEST FOR ACTION <br /> River <br /> To Item Number <br /> Economic Development Authority <br /> Agenda Section Meeting Date Prepared by <br /> May 11, 2009 Annie Deckert,Economic <br /> Development Assistant <br /> Item Description Reviewed by <br /> Consider Amendment to Micro Loan Terms—Nicole's Salon Catherine Mehelich,Director of <br /> 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 <br /> 1-year extension on the Nicole's Finishing Touch Salon, Inc. micro loan at a 3.0%interest rate <br /> with the following conditions: <br /> • a reduction of the current monthly payment of$687.61 to $250.00 <br /> • a balloon payment due on January 8, 2012 (at which time an extension can be considered <br /> if necessary) <br /> Background/Discussion <br /> The attached staff report to the EDA Finance Committee and April 27,2009 committee meeting <br /> minutes provide background regarding the amendment to Micro Loan terms request. In addition, <br /> EDA Commissioners Motin and Tveite both serve on the EDA Finance Committee and may <br /> provide additional comments regarding the committee's review and recommendation. <br /> Financial Impact <br /> The EDA Micro Loan Fund has a current cash balance of approximately$787,991. The principal <br /> balance due on the Nicole's Finishing Touch Salon,.Inc. micro loan is $14, 050.19. <br /> Attachments <br /> • EDA Finance Committee Meeting Minutes dated April 27, 2009. <br /> • EDA Micro Loan Fund Policy and Guidelines <br /> • Staff report to EDA Finance Committee re: Nicole's Finishing Touch Salon, Inc. Micro Loan <br /> Extension Request,April 27, 2009 <br /> Action Motion by Second by Vote <br /> Follow Up <br />