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Employment <br /> According to the. Micro Loan application, the Vault Hearth Bakery would <br /> create five (5) jobs with a total payroll of$75,000 per year. <br /> Action Requested <br /> Following its review of the Vault Hearth Bakery loan request, the EDA <br /> Finance Committee is asked to present a recommendation to the EDA <br /> Commissioners. The EDA will consider the loan request and <br /> recommendation at its meeting on November 13, 1995. <br /> This loan will be secured by a second real estate mortgage on the property at <br /> 315 Jackson Avenue, a UCC filing on the equipment, plus a promissory note <br /> and personal guaranty signed by Frank and Jody Galli. <br /> Availability of Funds <br /> The EDA Micro Loan had a cash balance (that is, funds available to eligible <br /> projects) of$122,046 as of September 30, 1995. <br /> • Presentation <br /> Frank Galli will be in attendance to make a presentation to the Finance <br /> Committee regarding the Vault Hearth Bakery loan request. <br />