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Item. 8. <br /> • <br /> iik <br /> -,--, <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: December 10, 2001 <br /> SUBJECT: Consider Micro Loan Application — MN Fabrication & Machine <br /> Issue <br /> On December 3, 2001 the Finance Committee, after reviewing the application,unanimously <br /> recommended to award Minnesota Fabrication &Machine, Inc. (MF&M) a $50,000 <br /> Supplemental Micro Loan. The loan will be used to purchase machinery and equipment <br /> • necessary for MF&F (formerly Industrial Hardfacing) to maintain an operation in Elk River. <br /> Don DeVoe, Management Consultant for MF&M,will be available to discuss the proposed <br /> project and answer questions on behalf of MF&M. <br /> Action Requested <br /> Staff requests that the EDA consider approval of the application for Minnesota Fabrication <br /> and Machine, Inc. for a $50,000 Supplemental Micro Loan per the recommendation of the <br /> Finance Committee. <br /> Attachments <br /> • Finance Committee Meeting Minutes—December 3, 2001 <br /> • Staff Memos to Finance Committee dated November 2, 2001 &November 29, 2001 <br /> • Micro Loan Application—MN Fabrication&Machine, Inc. <br /> • Micro Loan Policy& Guidelines <br /> • <br />