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EDA Agenda Memo Page 2 <br /> November 13, 1995 <br /> • Action Requested <br /> The EDA is asked to approve a $50,000 loan to Frank and Jody Galli <br /> doing business as The Vault Hearth Bakery, subject to the conditions <br /> listed above. The Micro Loan will be broken out as follows: <br /> $17,500 Real Estate 6% Fixed 15 Years* <br /> $32,500 Equipment 6% Fixed 7 Years** <br /> The loan would be further secured by a promissory note and personal <br /> guaranty. <br /> *Secured by a second real estate mortgage <br /> **Secured by UCC Filing <br /> 9. Loan Request from Internet 5 <br /> Following its review of the Micro Loan request from Internet 5, the <br /> Finance Committee voted to table action on this matter until <br /> additional information can be obtained and until the Central <br /> • Minnesota Initiative Fund considers its portion of the Internet 5 <br /> financing request. <br /> Action Requested <br /> The EDA is asked to deleteItem 9 fromm its November 13 agenda. <br /> 10. Neos, Inc., Contract for Private Development (TIF District No. <br /> 12) <br /> Following a public hearing on June 12, EDA Commissioners approved <br /> a request for tax increment financing assistance from Jack T. <br /> Mowry/Neos, Inc., to assist with the vInstruction of a 12,000 square <br /> foot precision machining facilit 4XeMcChesney Industrial Park. <br /> On June 19, the Elk Rive Ay uncil finalized the request for TIF <br /> assistance by also appri6li the TIF Plan. Based on the TIF policy <br /> guidelines, the maximum TIF grant for the Neos project is limited to <br /> 15 percent of the project's finished market value (for tax purposes). <br /> Utilizing the 15 percent maximum TIF grant, the following <br /> illustrations are offered: <br />