7.0. EDSR 01-14-2008 - Laserfiche WebLink

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Consider Micro Loan Applications January 14, 2008 Page 2 of 2 EDA Commissioners are asked to contact staff if they wish to receive a copy of the application documents for review prior to the EDA meeting. EDA Commissioners Tveite and Motin serve as representatives on the Finance Committee and can provide additional background on the Committee's application review and discussion. Actions Requested I) Consider Micro Loan for Waterfall Salon & Day Spa Waterfall Salon business owner Michael Scheevel was encouraged to attend the EDA meeting to answer any questions of the EDA. The Finance Committee recommends, as indicated in the attached January 8`" minutes, that the EDA consider approval of the Waterfall Salon & Day Spa request fora $25,000 Downtown Business Revitalization Program Micro Loan with the following terms: Rate 3% fixed Term 2 ears Monthl Pa ment $1,074.53 Securi Personal Guarantee Structure Direct loan from EDA 2) Consider Micro Loan for Nicole's Finishing Touch Salon Nicole's Finishing Touch Salon business owner Nicole Fox was encouraged to attend the EDA meeting to answer any questions of the EDA. Since Nicole's Finishing Tough Salon does not fit the "existing business" criteria the Finance Committee was asked to consider the business's unique circumstances and hardship as a result of the downtown construction as described in the applicant's attached letter dated December 29, 2007. Prior to the application submittal, staff provided a brief summary of the request to the City Council at its December 17, 2007 meeting, in which the Council indicated a willingness to consider the request with further review and recommendation by the Finance Committee and EDA (see attached Council minutes). The Finance Committee recommends that the EDA consider recommending the City Council waive the "existing business" criteria for this applicant's specific circumstance and approve the apphcant's request fora $25,000 Downtown Business Revitalization Program Micro Loan, contingent upon the applicant's full payment of the Micro Loan application fee (which has since been received), and with the following terms: Rate 3% fixed Term 2 ears Monthl Pa ment $1,074.53 Securi Personal Guarantee Structure Direct loan from EDA Due to the exception from the policy, the EDA's recommendation on the application from Nicole's Finishing Touch Salon will be forwarded to the City Council for final consideration and action.