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Consider M2'q Community; Capital Fund <br />June 10, 2002 <br />Page 2 of 2 <br /> <br />The City of Elk River's Economic Development Micro Loan programs provide for the <br />following: <br /> · Industrial Incendve Program - loan amounts up to $100,000 at 4-points below prime <br /> to industrial businesses for real estate, equipment and infrastructure costs associated <br /> with locating or expanding in the West Business Park. <br /> <br />Supplemental Financing Program - loans up to $50,000 at 1-point below prime to <br />industrial businesses for real estate, equipment and infrastructure costs associated <br />with locating or expanding in ELk River. <br /> <br />· Redevelopment Financing Program - loans up to $50,000 at 2-points below prime <br /> for business development and building renovation in the Central Business District. <br /> <br />The attached balance sheet for the city's Micro Loan fund indicates a cash balance of <br />$591,767.22 as of May 31, 2002. In-~ddit~o.n, the outstanding principal on e.,dsrmg loans is in <br />the amount of $826,558. <br /> <br />Action Requested <br />At this time the EDA is asked only to review the Minnesota Community Capital Fund <br />program and its applicability to the economic development goals of the city via the <br />presentation by Mr. Martin. Issues with the program may be discussed this evening and <br />again at a later date. Formal action on the request may also be considered at a future <br />meeting of the EDA. <br /> <br /> <br />