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Economic Development Authority Minutes <br />July 13, 2009 <br />Page 2 <br />MOVED BY COMMISSIONER MOTIN AND SECONDED BY <br />COMMISSIONER ZERWAS TO APPROVE A $20,000 MICRO LOAN TO SWEET <br />P'S ICE CREAM & CANDIES CONTINGENT UPON CONDITIONAL USE <br />PERMIT APPROVAL BY THE CITY COUNCIL WITH THE FOLLOWING <br />TERMS: <br />1. TWO PERCENT INTEREST, FIVE YEAR AMORTIZATION. <br />2. SECURITY AS A SUBORDINATE POSITION ON ALL BUSINESS <br />ASSETS. <br />MOTION CARRIED 5-0. <br />Consider Micro Loan Extension for Waterfall Salon <br />Ms. Deckert presented the staff repon. She noted the balloon payment would be due on July <br />8, 2011. <br />Commissioners Tveite and Motin concurred that the amendment should be re-adjusted due <br />to current economic conditions. <br />MOVED BY COMMISSIONER WESTGAARD AND SECONDED BY <br />COMMISSIONER TOUCHETTE TO APPROVE A ONE YEAR EXTENSION <br />FOR THE WATERFALL SALON MICRO LOAN AT A 3% INTEREST RATE <br />WITH A REDUCTION OF THE MONTHLY PAYMENT OF $1,074.53 TO <br />$537.27 WITH A BALLOON PAYMENT DUE ON JULY 8, 2011. MOTION <br />CARRIED 5-0. <br />7. Other Business <br />There was no Other Business. <br />8. Adjournment <br />There being no other business, Vice President Tveite adjourned the meeting of the Elk River <br />Economic Development Authority at 5:40 p.m. <br />--~-, <br />Tina Allard, City Clerk <br />vim` 1. <br />Patrick Dwyer, President <br />