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1-� <br /> �i <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Nicole Fox, Nicole's Finishing Touch Salon <br /> FROM: Annie Deckert, Economic Development Assistant <br /> DATE:May 13, 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 next payment is due June 8, 2009 in the amount of $250.00, and on the <br /> eighth day of each month thereafter up to and including January 8, 2012. A <br /> balloon payment will be due on January 8, 2012 (an extension can be considered <br /> if necessary). <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 $270.00. <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 />