7.1.C SR 05-06-2013 - Laserfiche WebLink

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Economic Development Authority Minutes Page 2 April 8,2013 MOVED BY COMMISSIONER DWYER AND SECONDED BY COMMISSIONER BURANDT TO APPROVE A DOWNTOWN REVITALIZATION MICROLOAN FOR BLUE EGG MARKET WITH THE FOLLOWING TERMS AND CONDITIONS: ■ $74,500 AT 2%INTEREST,10-YEAR TERM, 10-YEAR AMORITIZATION. ■ EDA TO SECURE PERSONAL GUARANTEE. ■ EDA TO OBTAIN SECOND LIEN POSITION ON 707 MAIN STREET AND 713 MAIN STREET AND FIRST POSITION ON ALL EQUIPMENT. MOTION CARRIED 6-0. 6. Consider Forgivable Loan Apt2tication from Alliance Machi ` Mr. Wilfahrt presented his staff report. MOVED BY COMMISSIONER DWYER AND SECONDED BY COMMISSIONER MOTIN TO RECOMMEND APPROVAL OF THE FORGIVABLE LOAN APPLICATION IN THE AMOUNT OF$200,000 FOR ALLIANCE MACHINE TO THE CITY COUNCIL. MOTION CARRIED 6-0. 7. Consider Forgivable Loan Application from Orluck Industries Mr. Wilfahrt presented his staff report. MOVED BY COMMISSIONER DWYER AND SECONDED BY COMMISSIONER WESTGAARD TO RECOMMEND APPROVAL OF THE FORGIVABLE LOAN APPLICATION IN THE AMOUNT OF $200,000 FOR ORLUCK INDUSTRIES TO THE CITY COUNCIL. MOTION CARRIED 6-0. 8. 40 Consider Forgivable Loan Application from Preferred Powder Coating Mr. Wilfahrt presented his staff report. MOVED BY COMMISSIONER MOTIN AND SECONDED BY COMMISSIONER WILSON TO RECOMMEND APPROVAL OF THE FORGIVABLE LOAN APPLICATION IN THE AMOUNT OF$200,000 FOR PREFERRED POWDER COATING TO THE CITY COUNCIL. MOTION CARRIED 6-0. 9. Authorize Write-off of Nicole's Salon Microloan Mr. Wilfahrt presented his staff report. MOVED BY COMMISSIONER WESTGAARD AND SECONDED BY COMMISSIONER DWYER TO ADOPT RESOLUTION 13-03 AUTHORIZING THE WRITE-OFF OF THE OUTSTANDING LOAN BALANCE OF $6,894.28 OWED BY THE FORMER NICOLE'S FINISHING TOUCH SALON TO THE CITY OF ELK RIVER'S DOWNTOWN BUSINESS REVITALIZATION MICRO LOAN FUND. MOTION CARRIED 6-0.