5.0.-11.3. EDSR 07-12-1993 - Laserfiche WebLink

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7/12/93 EDA AGENDA MEMO Page 3 July 7, 1993 • understand that Pat will be prepared to provide the EDA with and update on the status of the Business Park Task Force. 9 . FINANCIAL UPDATE The following comments are offered from Lori Johnson, City Finance Director, regarding the status of the Revolving Loan Fund and a request for the EDA to approve a Statement of Expenses Payable. Revolving Loan Fund The Revolving Loan fund had a cash balance of $166,552 . 76 as of June 30, 1993. On July 7, all July payments had been received with the exception of Roma Tool, Alltool and Pure Steam. Economic Development Authority Attached is a Statement of Expenses Payable for the period ended June 30, 1993, in the amount of $15,772 .04 . After payment of these expenses, the EDA will have a cash balance of approximately $45,000 . 00. The first half tax settlement and state aids will be received in July. The EDA is asked to approve a payment of $15,772 . 04 to the City. 10 . PROSPECT STATUS REPORT The prospect status report has been sent under separate cover. 11 . OTHER BUSINESS 11 . 1 . Targeted Marketing Project Attached for the EDA is the Targeted Marketing puzzle. Approximately 475 mailings were made with 75 of these mailings being local . The other 400 mailings went to industrial companies in the northwestern area of the Twin Cities . The total cost of the project was about $750 or about $1 .50 per item plus the mailing expenses . Industries targeted in the northwest area included plastic injunction mold makers, medal fabricators, the electronic industry, medical products companies, and the print industry. Bill has already received a number of very pleasant phone • calls from companies that have received the marketing puzzle and we at staff level are encouraged by the positive response and publicity that the City receives from this economical marketing tool .