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7.0.EDSR 06-14-2004
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7.0.EDSR 06-14-2004
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City Government
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EDSR
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6/14/2004
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1111 City of <br /> Elk -�-1 <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Heidi Steinmetz, Assistant Director of Economic Development 45 <br /> DATE: June 14, 2004 <br /> SUBJECT: Consider Micro Loan Fund Policy Amendments and Micro Loan <br /> Application: Badger Ventures, LLC (Gradient Technology) <br /> Attachments <br /> • City of Elk River Micro Loan Fund Policy <br /> • Finance Committee Minutes &Staff Memos <br /> o June 1, 2004 <br /> o June 9, 2004 <br /> • • Application—Badger Ventures,LLC (Gradient Technology) <br /> Issue <br /> On June 1 and June 9, 2004, the Finance Committee reviewed the attached Micro Loan <br /> Fund Policy regarding the criteria for the Industrial Incentive Program. <br /> Suggested Micro Loan Policy Amendments <br /> • Eliminate the Supplemental Micro Loan Program <br /> • All Micro Loans be consummated via a bank participation loan <br /> • Add to the bank participation loan agreement and the Business Subsidy Agreement <br /> o "If Borrower defaults on the loan, the City will collect based on a pro-rata <br /> basis with the participating bank" <br /> o "If Borrower does not meet the job and wage goals specified in the Subsidy <br /> Agreement, the interest rate will change to 2 points above the participating <br /> bank's rate, effective from the two year anniversary of the loan closing. <br /> Upon subsequent achievement of the jobs and wage goals, the interest rate <br /> will revert back to the rate when the loan was originated, effective from the <br /> date of attainment of the job and wage goals" <br /> • Amend the following Industrial Incentive Program Criteria: <br /> o Amount: Eliminate"Up to $100,000 of secondary financing not to exceed <br /> 40% of the project cost" and change to "up to $100,000 of secondary <br /> financing not to exceed 20% of the project cost" <br /> o Rate: Eliminate "4 points below the lowest prime rate published..."and <br /> change to "2 points below the lowest prime rate published in the Wall Street <br /> Journal the day the loan is closed, or 3 %whichever is greater" <br />
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