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<br /> <br />MEMORANDUM <br /> <br />TO: EDA Finance Committee <br /> <br />CC: Patrick Klaers, City Administrator <br />Lori Johnson, Finance Director <br /> <br />FROM: Heidi Steinmetz, Assistant Director of Economic Development <br /> <br />DATE: August 17, 2005 <br /> <br />SUBJECT: Consider Micro Loan Application: Alliance Machine, Inc. <br /> <br />Attachments <br />. .L\lliance I\lacIllne, Inc. :r~v1icro Loan .L~pplication including attachments <br />. TRF Projection \\1orksIleet <br />. E-mail message from Sid Inman of EWers & .L~ssociates, .L~ugust 11, 2005 <br />. City of Elk Riv~er Business Subsidies Policy <br /> <br />Issue <br />The o\vners of Alliance 1vIacIllne, Inc. (patrick and Bryan Prov~o, fatller and son) l1a've <br />sublnitted tile attacl1ed application for an Industrial Incenti\Te Program I\!Iicro Loan in tlle <br />amount of $100,000 to be used for tlle constluction of a ne\v industrial/business park <br />building in Elk Ri,Ter. TIle loan is proposed to be suuctured as a participation loan \vitll TIle <br />Bank of Elk Ri\rer. <br /> <br />Background <br />Staff Ilas been assisting .L~lliance IvIaclllne since last fall to find a suitable site for the <br />relocation and expansion of tlle company's precision machining facility from I\!faple Gro\Te <br />to Elk Ri\rer. <br /> <br />Use of Tax Rebate Financing (TRF) or "Abatement" for the Project <br />Tile company has accepted tlle ED.L~'s proposal of a 1000/0 land \vrite-do\vn using City and <br />County TRF in the amount of $207,956 ($138,470 from tlle City and tlle same from tlle <br />County). Tile City Council \vill hold a public llearing and consider final appro.val of tlle use <br />ofTRF for tlus project on .L~ugust 15th. <br />