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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> IP <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> ii\IFROM: William Rubin, Executive Direct° ri, <br /> DATE: January 9, 1995 <br /> SUBJECT: Agenda Memo For January 9, 1995, EDA <br /> Meeting <br /> 5. January Financial Update <br /> Finance Director Lori Johnson has provided summaries on the <br /> following topics: <br /> Micro-Loan Fund - The Micro Loan Fund had a cash balance of <br /> $180,680.43 on December 31, 1994. This excludes 1994 interest <br /> . income which has not yet been allocated. - In November, a check <br /> for $50,000 was issued in anticipation of closing on the Auto <br /> Mall loan; because that loan has not yet closed, the check has <br /> been voided and the $50,000 is included in the December 31, <br /> 1994, cash balance. The following January payments have not <br /> been received as of Friday, January 6, 1995; Roma Tool, Alltool, <br /> Americlnn, Indy Lube,and Beaudry. <br /> Block Grant Micro Loan Fund <br /> The Block Grant Micro Loan Fund had a cash balance of <br /> $18,814.11, excluding 1994 interest, on December 31, 1994. <br /> EDA Loan Balances <br /> A list of all Micro Loans outstanding on December 31, 1994, is <br /> included as a separate attachment. <br /> These are informational items only and no action is requested. <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 />