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EDA Finance Committee Minutes <br />August 6, 2008 <br />Page2of2 <br />Page 2 <br />available to attend the meeting due to a family funeral out of country. The Committee discussed <br />questions for clarification from the applicant included the form of business entity proposed (S- <br />core owned by C-core?), availability of collateral fox the EDA loan portion, and structure as <br />participation loan with Alliance Bank. <br />MOVED BY DAN TVEITE AND SECONDED BY TOM MCNAIR, THE FINANCE <br />COMMITTEE RECOMMENDS THAT THE EDA CONSIDER APPROVING THE <br />$100,000 LOAN REQUEST TO POMEROY TOOL, INC. (LONG & QUYEN,-INC.) <br />WITH THE FOLLOWING TERMS: <br />RATE 3% FIXED <br />TERM 10 YEAR AMORT./5 YEAR BALLOON <br /> PAYMENT <br />SECURITY PRIORITY POSITION ACCOUNTS <br /> RECEIVABLE, A PERSONAL <br /> GUARANTEE AND OWNERS LIFE <br /> INSURANCE <br />STRUCTURE PARTICIPATION LOAN ~ ITH <br /> ALLIANCE BANK <br />JOB/WAGE GOALS RETAIN 4 EXISTING FULL-TIME <br /> POSITIONS AND CREATE 2 FULL-TIME <br /> POSITIONS AT $15+/HR WITHIN 2 <br /> YEARS <br />THE MOTION CARRIED 7-0. <br />4. Other Business- <br />Director of Economic De~relopment Catherine 1~2ehelich distributed a copy of the Micro Loan <br />Fund Balance Sheet and Loan Summary_Report. She reported that the fund has an unaudited cash <br />balancein the amount of ~~~-(i, ~60.9i !and there axe currently nine micro loans that remain active <br />and receivable. <br />5. ...Closing <br />The EDA Finance Cor7unittee meeting ended at 8:00 a.m. <br />Respectfully submitted by, <br />Catherine Mehelich <br />Director of Economic Development <br />S:\EDA\Micro Loan Fund\Finance Committee\2008\8.6.08 minutes.doc <br />