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EDA Finance Committee Minutes <br /> May 4,2004 DRAFO:3 Page 2 <br /> • <br /> •i MOVED BY TOM MCNAIR AND SECONDED BY DAN TVEITE,THE <br /> FINANCE COMMITTEE RECOMMEND THAT THE EDA CONSIDER <br /> AWARDING DISPLAY SOLUTIONS A$50,000 SUPPLEMENTAL MICRO <br /> LOAN CONTINGENT UPON THE BANK NOT CHARGING A SERVICING <br /> FEE FOR THE PARTICIPATION LOAN. THE MOTION CARRIED 4-0. <br /> 3. Micro Loan Portfolio Report <br /> The committee reviewed the report. Discussion was held regarding Roma Tool's <br /> delinquency. Staff stated that Roma Tool submits payments each month but is not current. <br /> Staff added that the City submits all Roma Tool payments directly to the Dept. of <br /> Employment and Economic Development(DEED) since the City was able to keep the first <br /> $100,000 of the loan repayment due to the criteria of the state's Small Cities Development <br /> Program grant. <br /> 4. Closing <br /> The EDA Finance Committee meeting ended at 5:20 p.m. <br /> Respectfully submitted by, <br /> Heidi Steinmetz <br /> Assistant Director of Economic Development <br />