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<br />. <br /> <br />through ten, inclusive, the loan is adjusted to 6 percent on the remaining <br />balance. The City has collected an accrued interest payment and three <br />principal and interest payments on the loan. Payments are credited to a <br />block grant micro-loan fund. With Tescom's August payment, this fund has a <br />cash balance of $8,054.19. Subsequent loans that are made with these funds <br />must meet one of the three federal objectives outlined earlier. Unlike <br />previous DTED grants/loans, the City of Elk River retains 100 percent of <br />Tescom's principal and interest payments throughout the life of this loan. <br />Tescom's total principal and interest payments will provide $316,947.96 to <br />help capitalize the block grant micro-loan fund. <br /> <br />The $50,000 micro-loan to Tescom was disbursed III May of 1993. It is <br />performing satisfactorily. <br /> <br />ACTION REQUESTED <br /> <br />The City Council is asked to open the public hearing on the DTED Tescom <br />expansion project and solicit comments from persons attending the August <br />22, 1994, meeting. <br /> <br />. <br /> <br />. <br />