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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> 4110 MEMORANDUM <br /> TO: ECONOMIC DEVELOPMENT <br /> AUTHORITY <br /> FROM: WILLIAM RUBIN, EXECUTIVE <br /> DIRECTOR <br /> DATE: MAY 4, 1994 <br /> SUBJECT: AGENDA MEMO FOR MAY 9, 1994, EDA <br /> MEETING <br /> 5. FINANCIAL UPDATE <br /> The following is a summary from Finance Director Lori Johnson: <br /> Micro Loan Fund <br /> The Micro Loan Fund had a cash balance of $125,532.57-on <br /> April 30, 1993. As of today, May 5, all May loans are current <br /> with the exception of Roma Tool and IndyLube. The loan <br /> approved for Water Laboratories has not yet closed. <br /> ACTION REQUESTED <br /> This is an informational item only and no action is requested. <br /> 6. ICE ARENA FEASIBILITY STUDY <br /> At its March 14 meeting, EDA Commissioners received a committee <br /> recommendation to select the firm of Marquette Partners to complete <br /> an independent feasibility study regarding the proposed construction <br /> of a second ice arena in the community. Pursuant to the acceptance <br /> agreement, the cost to complete the study is $10,000 plus out-of-pocket <br /> expenses not to exceed $1,000. <br /> Under separate cover, Marquette's final report was previously <br /> distributed to EDA Commissioners. Mr. Stephen Sherf, Executive Vice <br /> President, Hospitality Consulting Group of Marquette Partners, will <br /> Alk be in attendance to discuss the results of the study. The report is <br /> 11. broken down into three categories: a.) background information, b.) <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />