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Micro Loan Extension Request—M&A Investments <br /> May 12,2003 EDA <br /> Page 2 of 2 <br /> • the move is due to a lack of space in his Elk River building for equipment necessary to the <br /> business operation. Mr. Rothfork currently leases out 5,000 square feet to light industrial <br /> tenants. His intentions are to continue to own the building and to lease out the space that <br /> Ultra Image will be vacating. <br /> It was the consensus of the Finance Committee to recommend that the EDA approve a <br /> 2-year extension of the Micro Loan to M&A Investments,L.L.C. with the following <br /> conditions: <br /> • M&A Investments,L.L.C. to guarantee, on behalf of tenants, that the original Micro <br /> Loan job creations goals of 8 full-time equivalent positions at a minimum wage of <br /> $9.00 per hour, exclusive of benefits, are maintained over the 2-year extension <br /> period. Job and wage status would be certified annually upon request by the <br /> Economic Development Department staff. <br /> • Interest rate of 7.75%be continued and EDA staff to consider an increase <br /> adjustment to the monthly repayment schedule. <br /> Action Requested <br /> Staff requests that the EDA consider approval of a 2-year extension of the Micro Loan to <br /> M&A Investments,L.L.C. with the conditions recommended by the Finance Committee. <br /> • <br />