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Consider Micro Loan Application for Provo Enterprises,LLC <br /> September 12,2004 EDA Meeting <br /> Page 2 of 2 <br /> Rate Fixed, 2 points below prime with a 3% floor <br /> Term 15-year amortization,up to 5-year balloon payment <br /> Security Secured by 2nd position on the real estate,personal <br /> guarantee from owners and spouses <br /> Structure Participation loan with The Bank of Elk River <br /> Job performance agreement 9 new full-time jobs in Elk River with a$15.00 <br /> (subsidy agreement) minimum hourly wage <br /> The Micro Loan Policy is attached. <br /> Additional Information <br /> In the past, the City Council has held public hearings prior to approving$100,000 Micro <br /> Loans. The public hearing for the Provo Enterprises,LLC loan is scheduled for October 3, <br /> 2005. The Business Subsidy law requires that the City Council approve the loan but only <br /> requires a public heating if the loan exceeds $100,000. <br /> • <br /> . <br />