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<br />Request for Action <br /> <br /> <br />To <br />Economic Development Authority Finance Committee <br />Item Number <br />4.2 <br />Agenda Section <br />General Business <br />Meeting Date <br />September 22, 2015 <br />Prepared by <br />Amanda Othoudt, EDD <br />Item Description <br />Uncollectable Microloans <br />Reviewed by <br />Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Hear update regarding uncollectable microloans. <br /> <br />Background/Discussion <br />Staff has identified two uncollectable microloans, Ethanol Technology and Sweet P's that are still <br />reflected on the financial statements. <br /> <br />There has been no activity to Ethanol Technology since September of 2011 and with Sweet P's since <br />April of 2014. During the audit each year, we are questioned as to the validity of these microloans and <br />whether they should remain on the financial statements. <br /> <br />Staff is looking for direction from the EDA finance committee on the interest to continue pursuing <br />collection of these loans. <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> EDA Finance staff memo dated June 23, 2014 <br />