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ITEM # 7. <br /> • City of <br /> Elk -�-1 <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> CC: Lori Johnson, Finance Director <br /> FROM: Heidi Steinmetz, Assistant Director of Economic Development <br /> DATE: September 12, 2005 <br /> SUBJECT: Consider Micro Loan for Provo Enterprises, LLC (Alliance <br /> Machine, Inc. Project) <br /> Attachments <br /> • Staff report to Finance Committee,August 17, 2005 <br /> • Finance Committee Minutes,August 17, 2005 <br /> • • City of Elk River Micro Loan Fund Policy <br /> Issue <br /> On August 17, 2005, the Finance Committee reviewed a Micro Loan application from Pat <br /> and Bryan Provo of Affiance Machine. The attached staff report to the Finance Committee <br /> summarizes the application. Affiance conducts light,precision machining of plastic and <br /> metal components for national and international clients in the aerospace, medical, defense <br /> and computer industries. <br /> See the August 17`" Finance Committee minutes for details on the Committee's <br /> recommendation that the EDA consider awarding Provo Enterprises,LLC (Affiance <br /> Machine) a $100,000 Industrial Incentive Program Micro Loan. The loan will be used <br /> towards the construction of an 18,000 SF manufacturing facility in Northstar Business Park <br /> in Elk River. <br /> A representative from Affiance Machine will be available at the EDA meeting to answer <br /> questions. <br /> Action Requested <br /> Staff requests that the EDA consider approval of the application from Affiance Machine for <br /> a$100,000 Industrial Incentive Program Micro Loan to Provo Enterprises, LLC per the <br /> recommendation of the Finance Committee with the following terms: <br />