Laserfiche WebLink
ver <br />MEMORANDUM <br />TO: EDA Finance Committee <br />CC: Tim Simon, Finance Director & Lori Stich, Accountant <br />FROM: Heidi Steinmetz, Assistant Director of Economic Development <br />DATE: January 25, 2007 <br />SUBJECT: Consider Micro Loan Request: Daddy-O's Cafe <br />Attachments <br />• Application and related attachment -Daddy-O's Cafe <br />• Pages 3-4 of the September 18, 2006 City Council Minutes <br />• Pages 4-5 of the November 20, 2006 City Council Minutes <br />• City of Elk River Micro Loan Fund Policy (last amended in November 2006) <br />• Proposed amortization schedule <br />Issue <br />Staff has received the attached $25,000 Downtown Business Revitalization Program Micro <br />Loan application from Jeff Krueger, property and business owner of Daddy-O's Cafe located <br />in downtown Elk River. Mr. Krueger would hke to use the funds to refinance existing debt. <br />Mr. Krueger is the first to apply for this program, which is a new Micro Loan program as of <br />November of 2006. See the attached September 18`'' and November 20`'' City Council <br />minutes for background information regarding the intent and approval of the program. <br />Mr. Krueger satisfies the Downtown Business Revitalization Loan Program criteria set forth <br />on page four of the attached Micro Loan Fund Policy. He plans to attend the Finance <br />Committee meeting to answer any questions. <br />Business Background <br />1966 -restaurant established and originally named Taco Town, Brooklyn Center, MN <br />1974 -Jeff Krueger became an employee of Taco Town <br />1980 -Jeff Krueger purchased the business <br />1983 -restaurant name changed to Little Brooklyn <br />1995 -restaurant name changed to Daddy-O's Cafe and Jeff Krueger purchased <br />building/became landlord of tenants occupying 709 Main Street in Elk River <br />1998 -Daddy-O's relocated from Brooklyn Center to 709 Main Street in Elk River <br />