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'~ MEETING OF THE EDA FINANCE COMMITTEE <br />HELD AT THE ELK RIVER CITY HALL <br />TUESDAY, JANUARY 8, 2008 <br />Members Present: Chris Carlson, Cliff Lundberg, Paul Motin, Tom McNair, Larry Toth, <br />Dave Rymanowski and Dan Tveite <br />Members Absent None <br />Staff Present: Director of Economic Development Catherine Mehelich, Finance Director Tim <br />Simon <br />1. Accept~uly 25.2007 EDA Finance Committee Minutes <br />The July 25, 2007 EDA Finance Committee Minutes were acccp~ted. <br />2. Micro Loan Fund Balance Sheet and Portfolio Report <br />Director of Economic Development Catherine Mehelich reviewed the Micro Loan Fund Balance <br />Sheet. She reported that the fund has an una~dted cash balance in the amount of X945,982.36 and <br />there are currently eight micro loans that remain actin-c and recci~alale. <br />Consider Micro Loan Application: ~~'atexfall Salon & Day ~t~a <br />Ms. Mehelich snmm~ed the $25,000 I D~1 Micro Loan application from Michael Scheeval of <br />Waterfall Salon & Dap Spa that was recei~-ed the last week in Dece.nabe;= 2007. This application is <br />the second Downtown Business Revitalizarion Lo<<n Program application received in the past pear <br />the program has been available. She provided an o.-er~-icw of hc~w the program was developed and <br />approved by the EDA and City Council in ?~~ o~-cmber of ~~)i~6. The primary purpose of the <br />program is to offer esisring do~.~ntown business owners in the Downtown District ashoxt-term, <br />low interest operating loan that could be used to~ti-ard working capital, cash flow, business <br />sustainability and capital e~.penditures. <br />Applieant'.lhchael Schee~Tal was in attendance and provided a brief history and answered questions <br />from the Committee. He stated that he mo~-ed to Elk River with his business in 2001 prior to the <br />nct~- downtown construction. <br />MOVED BY DAN T~'EITE AND SECONDED BY CLIFF LUNDBERG, THE <br />FINANCE COMMITTEE RECOMMENDS THAT THE EDA CONSIDER <br />APPROVING THE LOAN REQUEST TO WATERFALL SALON & DAY SPA WITH <br />THE FOLLOWING TERMS: <br />RATE 3% FIXED <br />TERM 2 YEARS <br />SECURITY PERSONAL GUARANTEE <br />STRUCTURE DIRECT LOAN FROM EDA <br />THE MOTION CARRIED 7-0. <br />4. Consider Micro Loan A~plication• Nicole's Finishing Touch Salon <br />Ms. Mehelich s»mrnari7ed the $25,000 EDA Micro Loan application from Nicole Fox of Nicole's <br />Finishing Touch Salon that was received the last week of December 2007. She distributed to the <br />