7.1. SR 06-01-2015 - Laserfiche WebLink

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CITY OF ELK RIVER, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2014 Note 3: DETAILED NOTES ON ALL FUNDS — CONTINUED Cash and investments are presented in the financial statements as follows: B. Notes Receivable The city has made several business subsidy loans to local businesses, some of which were funded with grant proceeds received from the state and federal governments. The terms of repayment vary with each loan and will be repaid over a period of ten years. Under the terms of the grant agreement, the city retains the grant repayments. Notes receivable of $64,732 in the TIE Districts fund and $333,622 in the Revolving Loan fund are outstanding at December 31, 2014. The Federal DEED fund loaned $511,155 to several businesses through the Forgivable Loan Program targeting manufacturing, industrial, and high -tech businesses to stimulate private sector investment. The notes are deferred until the businesses have complied with the note agreements for a minimum of one year, at which time the note is then forgiven. In 2006, the HRA issued a loan to a developer to assist in the financing of a housing development for the benefit of low and moderate income residents which was funded with state grant proceeds. Repayment of the loan is deferred for 30 years, payable in one lump sum at an interest rate of one percent. Notes receivable of $400,000 in the HRA is outstanding at December 31, 2014. 47 Primary Component Government Unit - HRA Statement of Net Position Cash and investments $ 635474,852 $ 1,176,709 Restricted cash and investments 4905500 - Cash with fiscal agent 9,5805144 Statement of Fiduciary Net Assets Cash and investments 91,132 - Total $ 73,636,628 $ 1,176,709 B. Notes Receivable The city has made several business subsidy loans to local businesses, some of which were funded with grant proceeds received from the state and federal governments. The terms of repayment vary with each loan and will be repaid over a period of ten years. Under the terms of the grant agreement, the city retains the grant repayments. Notes receivable of $64,732 in the TIE Districts fund and $333,622 in the Revolving Loan fund are outstanding at December 31, 2014. The Federal DEED fund loaned $511,155 to several businesses through the Forgivable Loan Program targeting manufacturing, industrial, and high -tech businesses to stimulate private sector investment. The notes are deferred until the businesses have complied with the note agreements for a minimum of one year, at which time the note is then forgiven. In 2006, the HRA issued a loan to a developer to assist in the financing of a housing development for the benefit of low and moderate income residents which was funded with state grant proceeds. Repayment of the loan is deferred for 30 years, payable in one lump sum at an interest rate of one percent. Notes receivable of $400,000 in the HRA is outstanding at December 31, 2014. 47