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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> MEMORANDUM <br /> TO: ECONOMIC DEVELOPMENT <br /> AUTHORITY <br /> FROM: WILLIAM RUBIN <br /> ECONOMIC DEVELOPMEhji I yt— <br /> COORDINATOR U �� <br /> DATE: FEBRUARY 9, 1994 <br /> SUBJECT: AGENDA MEMO FOR <br /> FEBRUARY 14, 1994 <br /> EDA MEETING <br /> 5.FINANCIAL UPDATE <br /> The following is a summary from Finance Director Lori Johnson: <br /> ill MICRO LOAN FIND <br /> The Micro Loan Fund had a cash balance of $107,206.30 on January 31, 1994 <br /> (excluding 1993 interest income). The loan to Woodsmen Quality Products in the <br /> amount of$18,750.00 was closed in January. Also, a loan to James and Marlene <br /> LaRose for$25,000 was approved;the funds have not yet been disbursed. <br /> As of February 9, 1994, all loans are current with the exception of Puresteam, <br /> ACTION REQUESTED <br /> This is an informational item only and no action is requested. <br /> 6. ICE ARENA FINANCIAL FEASIBILITY STUDY <br /> The concept of a second ice arena in Elk River has received a great deal of attention in <br /> recent months. An ice arena committee has formed and has met diligently to explore the <br /> siting and the financing of this arena. Most recently, the ice arena committee appeared <br /> before the January 17th City Council Capital Improvement Work Session and the January <br /> • 31st joint meeting between the City and the School District. This information is included <br /> in the EDA agenda packet as is a related summary from the City's newsletter The Current. <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 />