2. EDSR 08-21-2006 - Laserfiche WebLink

Home Browse Search

MEMORANDUM TO: Economic Development Authority CC: Lori Stich, Accountant FROM: Catherine Mehelich, Director of Economic Development,/ DATE: August 21, 2006 SUBJECT: Consider Micro Loan Application - Olde Main Eatery Attachments • Staff report to EDA Finance Committee, August 11, 2006 • Finance Committee Meeting Minutes, August 17, 2006 Issue Staff recently received a Micro Loan application from Karen and Nagy Attia, doing business as Olde Main Eatery. The EDA Finance Committee reviewed the loan request as sutmnarized in the attached Finance Committee staff report and August 17, 2005 meeting minutes. The Finance Committee approved a recommendation for the EDA's approval of the loan request. Action Requested Staff requests the EDA consider approval of the Olde Main Eatery loan request, per the Finance Committee's recommendation, with the following terms and conditions: • Micro Loan Amount: $50,000 • Interest Rate and Texm: 2% fixed, 15-year amortization with 5-year balloon • Security: 2"`' position on real estate mortgage • Completion of the following proposed improvements: replace rear sidewalk, replace storefront door and windows, sandblast and patch rear exterior wall (estimated at $18,463)