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S ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> w�O <br /> MEMORANDUM ®ww,, IN_ <br /> TO: EDA Finance Committee <br /> 04,4_ r <br /> FROM: Paul T. Steinman, Director of Economic 04, <br /> Development <br /> DATE: August 5, 1997 <br /> SUBJECT: Review Modifications to Micro Loan <br /> Fund <br /> A meeting of the EDA Finance Committee has been scheduled for 4 p.m., <br /> Thursday, August 14, 1997, here at City Hall to review proposed <br /> modifications to the EDA Micro Loan Fund Guidelines. In addition to <br /> reviewing the modifications which are being proposed and are attached to <br /> this memo, staff would like to discuss with the Finance Committee a creative <br /> • loan package to finance improvements to the former Snyder Drug building at <br /> the corner of Jackson Avenue and Main Street. Such proposal has not yet <br /> come forward, but staff has been discussing a number of different options <br /> with the buildings owner, including the use of the EDA Micro Loan Fund. <br /> Staff feels it would be appropriate at this time to discuss these conceptual <br /> ideas with the Finance Committee. <br /> Attached to this memo are the modified Micro Loan Fund Guidelines as <br /> proposed for discussion by staff. Those areas that contain an asterisk and are <br /> underlined represent the major modifications which staff would like to <br /> discuss with the Finance Committee. Please call me with your comments on <br /> the attached material if you are unable to make the meeting. I can be <br /> reached at 441-4905. <br /> Thanks, and we'll see you on Thursday, August 14, at 4 p.m. here at City <br /> Hall. <br /> 0 \eda\meetings\mmfincom.doc <br /> 13065 Orono Parkway • R. O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 • Fax (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />