7. EDSR 03-11-2013 - Laserfiche WebLink

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J El REQUEST FOR ACTION River To ITEM NUMBER Economic Development Authority 7. AGENDA SECTION MEETING DATE PREPARED BY March 11, 2013 Clay Wilfahrt,Assistant Director of Economic Development ITEM DESCRIPTION REVIEWED By Energy Efficiency Improvement Program Microloan Suzanne Fischer, Community Application, Soul Coffee Shop and Fitness Studio Operations &Development Director REVIEWED BY ACTION REQUESTED Energy Efficiency Improvement Program Micro Loan Application, Soul Coffee Shop and Fitness Studio BACKGROUND/DISCUSSION The attached staff report to the EDA Finance Committee dated March 5,2013, and committee meeting minutes provide background regarding the Microloan request from Kacey Bottineau, owner of Soul, a proposed coffee shop and fitness center in downtown Elk River. The Energy Efficiency Improvement Microloan Program is available to property owners of commercial or industrial buildings in Elk River wishing to invest in energy efficient modifications that reduce energy costs,improve profitability and increase their ability to retain and create jobs. The program also supports the City using energy conservation as an economic development tool. The EDA Finance Committee recommends the EDA deny the Energy Efficiency Microloan request for Soul due to the level of risk associated with the business plan and the limited experience of the owner. The committee also expressed concerns with an inequitable amount being spent on energy efficiency improvements compared to the total project cost. The Finance Committee further recommended the applicant solidify a client-base, build experience, and seek private financing from a source such as the SBA. Staff will assist with Ms. Bottineau to move her project forward in this direction. ATTACHMENTS • EDA Finance Committee Meeting Minutes dated March 5, 2013 • Staff report to EDA Finance Committee re: Soul Microloan Application dated March 5, 2013 Action Motion by Second by Vote Follow Up r Ir r E B E 1 I Y NATURE