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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> i <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: February 4, 1997 <br /> SUBJECT: Micro Loan Request -Eastey and <br /> Johnson, Inc. <br /> Introduction <br /> On January 23, 1997, the EDA Finance Committee met and discussed the <br /> Eastey and Johnson, Inc., loan request of$50,000. This request is made in <br /> • <br /> order to fund fixed improvements to a building which Eastey and Johnson <br /> recently purchased in Rail 10 Industrial Park. <br /> The EDA Finance Committee approved this loan request for a term of five <br /> years at a fixed interest rate of 8.25 percent. Committee member Jim <br /> Simpson was not present at this meeting. <br /> Background <br /> Eastey and Johnson own and operate Eastey Enterprises currently located in <br /> Rogers. They are intending to relocate certain portions of their business to <br /> the new Elk River location. <br /> Sally Johnson and Jeff Eastey will be available at this EDA meeting to <br /> provide a brief description of their manufacturing operation and answer <br /> questions of the EDA. <br /> Attached to this memo is the application form from Eastey and Johnson, Inc., <br /> and also an EDA Statement of Financial Activity which indicates our current <br /> micro loan fund amount. <br /> 13065 Orono Parkway • P. O. Box 490 • Elk River, MN 55330-1743• (612) 441-7420 • Fax (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />