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Economic Development Agenda Memo <br /> February 8, 1999 <br /> Page 2 <br /> 110 complete electrical work, and other duties necessary to complete the <br /> project. Staff will select one of these general contractors to complete <br /> the project should the EDA provide approval for funding. <br /> Timing for the completion of the project includes starting early spring, <br /> 1999 with final completion guaranteed by July 4, 1999. Staff proposes <br /> that the city and chamber schedule an unveiling ceremony during the <br /> 4th of July chamber activities. <br /> Due to the uncertainty of the dollar amount of donations toward this <br /> project, staff is requesting that the EDA agree to fund $10,000 - <br /> $15,000 toward construction of the monument sign. These funds can <br /> be drawn from the EDA reserve which has a balance of approximately <br /> $85,000. <br /> Attachments <br /> • Preliminary cost estimates <br /> • Sign design <br /> • Entrance monument task outline <br /> 40 Recommendation <br /> Staff recommends the EDA agree to fund $10,000 - $15,000 toward the <br /> cost of constructing an entrance monument sign near Lake Orono. <br /> 6. Consider Request for $50,000 Micro Loan - Cairns Cupboards & <br /> Design <br /> The EDA Micro Loan Committee met Thursday, February 4, at 4 p.m., <br /> to discuss the request from Cairns Cupboards & Design. The <br /> committee did not make a specific recommendation for the EDA to <br /> consider due to the preliminary nature of the request. <br /> The direction provided by the committee was for staff to work with the <br /> applicant to refine their request, including securing a commitment for <br /> bank financing for the project. If the application proceeds as planned, <br /> staff will bring the request back to the loan committee for a <br /> recommendation and then to the EDA in March/April. <br />