Laserfiche WebLink
• Financing <br /> Projected use of funds as identified in the application are as follows: <br /> • Land $210,000 <br /> • Buildings $365,000 <br /> • Other $209,000 <br /> • Total Costs $784,000 <br /> Projected sources of funds as identified in the application are as follows: <br /> • Bank Loan 1st mortgage position on all assets $332,000 <br /> • SBA $275,000 <br /> • Cash $ 67,000 <br /> • Bank $ 60,000 <br /> • Elk River Micro Loan Fund $ 50,000 <br /> • Total Funding Sources $784,000 <br /> Action Requested <br /> Staff is recommending that the EDA deny the $50,000 loan request from <br /> . Jimichaeleen Mufflers, Inc. The recommendation is based upon the EDA <br /> Finance Committee's action and the following issues regarding compliance <br /> with the city's loan fund policy guidelines: <br /> • Applicant's "need" for this micro loan. <br /> • Retail uses are third priority. <br /> • Limited funds at this time $125,000 after the LeFebvre loan is <br /> processed. <br /> After very serious consideration of the applicant's request, the Finance <br /> Committee voted to deny based upon the aforementioned items. The decision <br /> was made primarily based upon the fact that the Finance Committee felt the <br /> project would proceed without the use of the micro loan fund. <br /> The EDA Finance Committee minutes are attached to this memo and include <br /> a full discussion of the details of this issue. <br /> s:eda\meetings\jimiloan.doc <br /> • <br />