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ITEM 4 <br /> ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> 11, <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> ROM: Paul T. Steinman, Director of <br /> Economic Development <br /> DATE: July 8, 1996 <br /> SUBJECT: LeFebvre Trucking Micro Loan Request <br /> Introduction <br /> On July 1, 1996, the EDA Finance Committee met and discussed the <br /> LeFebvre Trucking micro loan request of$50,000. Such a request is to fund <br /> working capital as part of their project to construct approximately 16,300 <br /> square feet of shop/office space. <br /> ID <br /> Two of the four members present at the EDA Finance Committee meeting <br /> voted in favor of approving the loan request. The other two members present <br /> abstained due to their association as employees of the applicant's bank. <br /> Background <br /> Attached for your review is a packet of information including the following <br /> items: <br /> • Letter from First National Bank regarding financing for the project <br /> • Letter from LeFebvre Companies and loan fund application <br /> The terms of the loan would be as follows, based upon review and <br /> recommendation of the EDA Finance Committee: <br /> • $50,000 principal <br /> • 5 year term <br /> • Interest rate equal to prime rate and adjustable semi-annually based <br /> upon fluctuations in the prime rate <br /> 410 <br /> P.O.Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425. <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />