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fiver <br />MEMORANDUM <br />TO: EDA Finance Committee <br />Tim Simon, Finance Director <br />FROM: Annie Deckert, Economic Development Assistant <br />DATE: July 8, 2009 <br />SUBJECT: Consider Micro Loan Application <br />- Sweet P's Ice Cream & Candies, Inc. <br />Attachment <br />Sweet P's Ice Cream & Candies Micro Loan Application and related attachments <br />dated July 18, 2008. <br />Attached is the Micro Loan application submitted by Tun Jeannetta, owner of Sweet P's Ice <br />Cream & Candies, Inc. Sweet P's is a start-up business looking to open in downtown Elk <br />River, in the old Bead Bag location, 707 Main Street. The business is an ice cream, candy <br />and taffy parlor; the ice cream would be made on-site, the candy and taffy would be retail <br />sales. <br />The application includes background information about the owner and Sweet P's business. <br />In short, Mr. Jeanetta would like to provide Elk River residents homemade ice cream, taffy <br />and candies in downtown Elk River. Sweet P's will be upgrading the exterior of the <br />building; including tables, chairs, awnings, signage, paint and flower boxes. Mr. Jeanetta will <br />be in attendance at the Committee meeting to further describe the project and financing <br />request. <br />Sweet P's is requesting an EDA Downtown Rehabilitation Micro Loan of $20,000 to assist <br />in financing equipment and exterior revitalization necessary in starting up the business. The <br />EDA would obtain a 1st position lien on the equipment. <br />Sweet P's has submitted an application for a Conditional Use Permit (CUP; required to <br />operate a restaurant downtown). The application will be reviewed by the Planning <br />Commission on July 14`'' and the City Council July 20`'' <br />