Laserfiche WebLink
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: William Rubin, Executive Direct <br /> DATE: November 13, 1995 <br /> SUBJECT: Agenda Memo for November 13, 1995, <br /> EDA Meeting <br /> 6. November Financial Update <br /> Please refer to the financial summary prepared by Assistant City <br /> Administrator Lori Johnson. <br /> Action Requested <br /> The November financial update is an informational item only and no <br /> Aft action is requested. <br /> 8. Micro Loan Request:Frank and Jody Galli (The Vault Hearth <br /> Bakery) <br /> Commissioners should refer to a copy of a memo that was sent to the <br /> EDA Finance Committee on this matter. The Finance Committee met <br /> on November 8 to review this request. Committee members Simpson, <br /> Brutlag, Birrenkott, McNair, and Houlton were present at this <br /> meeting. Following a presentation by Mr. Frank Galli of The Vault <br /> Hearth Bakery, the Finance Committee voted 4-0 (Bud Houlton left <br /> the meeting before the vote) to recommend that the EDA approve this <br /> loan. <br /> The Committee's motion recommended that the EDA deviate from the <br /> Micro Loan policy guidelines and approve this loan at an interest rato <br /> of 6% (fixed) instead of the usual rate at prime (currently 8.75%). The <br /> rationale here is that a lower interest rate will likely help attract <br /> investment or reinvestment into the central business district. <br /> • <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 />