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2River <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />CC: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />EDA Finance Committee <br /> <br />Lori johnson, Finance Director <br /> <br />Heidi Steinmetz, Assistant Director of Economic Development <br />June I, 2004 <br /> <br />Micro Loan Application: Badger Ventures, LLC (Gradient <br />Technology) <br /> <br />ISSUe <br />Co-owner of Badger Ventures, LLC, Duane Goetsck, kas submitted ~e axxched appEca6on <br />for an Indusmxl Incenuve Pro.am ~c:o Loan ~ ~e amount of ~100,000 to be used <br />die coas~c~on of a ne~' ~dus~l,/busmess p~k b~g ~ E~ ~vez. The loan is <br /> <br />Background <br />B,qdgez Venmazes, LLC proposes to cozis~l-~c~ a 23,O00-SC]UZLCe Foot b~g for lexse to <br />O:~t Tec~olog7. O:~e~t Technology is cu~e~7 Ie~smg sp~c~ Lc <br />been loo .g to expand mie Noz~west Memo xzex for ie past 1.5 yrs. Since t996, <br />G:l~ent Tec~ology his de~tii~ed mum~ons {o~ vinous b:mches of ~e ~:~'. <br />None of ~e de~i~a~on ~ be performed m B~ ~ver, but z~_ez ~ Cz~e N~ <br />5e~ic'e ~ai~e Center m Czz:¢, ln~nx. The b~ ~1 be used for <br />Tec~olosy's business of 6ce, kb ~or conduce~g zese~ch ~nd devebpmen: <br />pzovi~ che~c~ eag~eem~g desi~ se~c:s ~d e~'~pment ~:bmcauon. <br /> <br />The applicant proposes to use uhe ~{ic:o Loan ~unds :o !~.~nce construcmon costs kemized <br />on ~e ~:tached Proiect Budget Reporz. The applicant has proposed t.h~: ~e lEDA take <br />second position on t_he zeal estate. The project costs ~.ciude: <br /> <br />Proiect Costs: <br /> $1!5,556 <br /> <br />Land-2.05 Acres <br />Const~acmor_ <br /> <br />$1,180,556 <br /> <br /> <br />