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Economic Development Agenda Memo <br /> June 7, 1999 <br /> P.age 2 <br /> • A new Guaranty will also be executed as part of the amended <br /> paperwork for this micro loan. <br /> Staff has discussed the new terms of this note with the owner of <br /> Badger Die Casting, Steve Whiting, and he has agreed verbally to the <br /> terms as stated. <br /> The city attorney's office is currently undertaking a UCC search on <br /> Badger Die Casting, LLC to determine what, if any, value there would <br /> be in obtaining a blanket Security Agreement from the company as <br /> part of this package. If there is no opportunity for additional security <br /> for this loan, staff, and the city attorney's office, suggest dropping the <br /> Security Agreement from the required paperwork for this transaction. <br /> Recommendation <br /> Staff recommends approval of the attached amended and restated <br /> Promissory Note and Guaranty for the assumption of the Northstar <br /> Die Casting micro loan by Badger.Die Casting, LLC. <br /> Attachments <br /> • Amended and Restated Promissory Note <br /> • Guaranty <br /> • Security Agreement <br /> 7. Discuss Business Retention Expansion Program <br /> Attachedis a memo from Marc Nevinski, assistant economic <br /> development director, regarding undertaking a business retention <br /> expansion program. Marc will review this information with the EDA <br /> at the meeting. <br /> i <br />