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ver <br />MEMORANDUM <br />TO: EDA Finance Committee <br />CC: Tim Simon, Finance Director <br />Lori Stich, Accountant <br />FROM: Heidi Steinmetz, Assistant Director of Economic Development <br />DATE: January 25, 2007 <br />SUBJECT: Consider Micro Loan Extension Request: Badger Ventures, LLC <br />(Gradient Technology) <br />Attachments <br />Letter from Eric Haehn of Gradient Technology dated July 18, 2007 <br />Letter from Tom McNair of The Bank of Elk River dated July 5, 2007 <br />City of Elk River Micro Loan Fund Policy <br />Background <br />The EDA granted a Micro Loan to Badger Ventures in May 2005, which matured on July 10, <br />2007. Typically Micro Loan terms last for five years, however the May 2005 loan was meant <br />to match the company's financing with The Bank of Elk River. <br />Issue <br />Staff has received the attached Micro Loan extension request letter from Eric Haehn, Vice <br />President and CFO of Gradient Technology (Badger Ventures, LLC). The request is to <br />extend the May 2005 loan to April 2010, which will again match the company's financing with <br />The Bank of Elk River. See the attached letter from Tom McNair of The Bank of Elk River <br />for more details. <br />Mr. Haehn will attend the Finance Committee meeting to answer any questions. In addition, <br />Finance Committee member Tom McNair may answer questions but will not vote on the <br />Finance Committee's recommendation to the EDA. <br />Staff Recommendation <br />Staff recommends that the Finance Committee consider a recommendation that the EDA <br />approve the Micro Loan extension request to Badger Ventures, LLC with the following terms: <br />