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Economic Development Authority Minutes <br />January 14, 2008 <br />Page 2 <br />COMMISSIONER MOTIN TO THE EDA FINANCE COMMITTEE <br />FOR 2008 <br />3.8. PAY ESTIMATES FOR THE YMCA AS OUTLINED IN THE STAFF <br />REPORT <br />MOTION CARRIED 7-0. <br />4. Open Mike <br />No one appeared for open mike. <br />5. Annual Election of Officers <br />MOVED BY COMMISSIONER MOTIN AND SECONDED BY <br />COMMISSIONER DWYER TO ELECT THE FOLLOWING AS OFFICERS FOR <br />2008: <br />PRESIDENT -JEFF GONGOLL <br />VICE PRESIDENT -PAT DWYER <br />TREASURER -DAN TVEITE <br />SECRETARY - PAUL MOTIN <br />ASSISTANT TREASURER - NICg ZERWAS <br />MOTION CARRIED 7-0. <br />6. Consider Micro Loan for Waterfall Salon and Da~pa <br />7. Consider Micro Loan for Nicole's Finishing Touch Salon <br />Director of Economic Development Catherine Mehelich outlined the micro loan requests by <br />Waterfall Salon and Day Spa and Nicole's Finishing Touch Salon. Ms. Mehelich explained <br />that the EDA Finance Committee met and recommended approval for both of the requests <br />with terms as outlined in her staff report. She noted that Waterfall Salon business owner <br />Michael Scheevel and Nicole's Finishing Touch Salon business owner Nicole Fox were in <br />attendance to answer any questions. <br />Commissioner Tveite stated that he believes these requests are good fits for the program. <br />MOVED BY COMMISSIONER TVEITE AND SECONDED BY <br />COMMISSIONER MOTIN TO APPROVE THE REQUEST BY WATERFALL <br />SALON AND DAY SPA WITH THE FOLLOWING TERMS: <br />RATE 3% FIXED <br />TERM 2 YEARS <br />SECURITY PERSONAL GUARANTEE <br />STRUCTURE DIRECT LOAN FROM EDA <br />MOTION CARRIED 7-0. <br />Ms. Mehelich noted that since Nicole's Finishing Touch Salon does not fit the "existing <br />business" criteria, the EDA Finance Committee was asked to consider the business's unique <br />circumstances and hardship as a result of the downtown construction as described in the <br />applicant's letter. <br />