03-30-2021 JOINT FINANCE COMMITTEE PACKET

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The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity Request for Action To Joint Finance Committee Item Number 4.2 Agenda Section General Business Meeting Date March 30, 2021 Prepared by Colleen Eddy, Economic Development Specialist Item Description COVID-19 Small Business Emergency Microloan Application Reviewed by Cal Portner, City Administrator Reviewed by Action Requested Review the COVID-19 Small Business Emergency Microloan Application for Azitala Yoga and approve or deny. Background/Discussion Azitala Yoga submitted a COVID-19 Small Business Emergency Microloan Application. They are requesting $5,000 for property tax relief. The EDA approved the program in response to the COVID-19 pandemic and provides for a $20,000 forgivable loan for those affected by the executive orders. Azitala Yoga was closed in the Spring of 2020 for 89 days, November 20, 2020, and January – March 15, 2021. They propose to utilize the $5,000 for property tax relief. A complete application and all supporting documentation were submitted and they are an eligible business type noted in Executive Orders 20-04 and 20- 08. The applicant is not in violation of any city codes, ordinances, licensing requirements or delinquent taxes, bills, or charges due to the city Financial Impact The EDA allocated funding of up to $200,000 for this program from the general microloan fund account. The total funds disbursed as of December 16, 2020, were $97,374.00, of which $37,374 is currently forgivable. The Microloan fund balance is about $828,000. Attachments  Azitala Yoga Application Documents  COVID-19 Small Business Emergency Microloan Program