8.0. EDSR 12-10-2001 - Laserfiche WebLink

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City of Elk*� River MEMORANDUM TO: EDA Finance Committee Members CC: Lori Johnson, Finance Director FROM: Catherine Mehelich, Director of Economic Development DATE: November 29, 2001 SUBJECT: Micro Loan Application: MN Fabrication & Machine, Inc. The EDA Finance Committee will meet Monday, December 3, 2001 at 4:00 PM at Elk River City Hall to discuss the revised application from MN Fabrication&Machine, Inc. Please refer and bring the Micro Loan Application materials that were sent for the earlier November 5th meeting. If you need another copy of the materials,please contact me at • 441-4905 and I will have delivered or faxed to you. Background Attached is the revised application from MN Fabrication&Machine, Inc., as well as correspondence in regard to the earlier requested postponement and revised application. MF&M's earlier micro loan request included remodeling costs to allow for leasing out a portion of the building. According to the City's Micro Loan policy, the publicly financed remodeling would have required the company to bring the former Industrial Hardfacing building into conformance with city code, including upgrading the mechanical systems, installing sprinkler system, and connecting to city services. The company has found that such an expense is not feasible and not within the company's long-term plan for the property, as stated in the letter from Donald DeVoe,November 5, 2001. Rather the company has revised their micro loan application to delete the remodeling from the project and requests the City's Micro Loan for machinery&equipment purchase. As in past Micro Loan meetings, the applicant will be given an opportunity to present the project and application. Following the presentation the Finance Committee may ask questions of the applicant. The applicant will then be excused from the meeting, allowing the committee to discuss the application and determine a recommendation for EDA Board consideration. Attachments • • Correspondence from Donald DeVoe,Management Consultant,November 5,2001 • Revised Application &Cover Letter—MN Fabrication &Machine, Inc.