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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> • TO: ECONOMIC DEVELOPMENT AUTHORITY <br /> FROM: WILLIAM RUBIN, ED COORDINATO Vf^ <br /> Y� <br /> DATE: JANUARY 12, 1994 <br /> SUBJECT: LOAN REQUEST FROM JAMES AND <br /> MARLENE LAROSE (JIMBOB'S PIZZA AND <br /> PASTA) <br /> BACKGROUND <br /> Commissioners should refer to a copy of a memo that was sent to <br /> the EDA Finance Committee on this matter. The Committee' s <br /> recommendation will be forwarded to the EDA for its <br /> consideration. <br /> ACTION REQUESTED <br /> The EDA is asked to approve a Micro Loan in the amount of <br /> $25,000 to James and Marlene LaRose (Jimbob' s Pizza and <br /> Pasta) . Itis intended that this loan will be used to assist <br /> with the purchase of restaurant equipment. <br /> 411 The proposed structure of the EDA Micro Loan is as follows : <br /> - Amount: $25,000 <br /> Term: Seven years <br /> - Interest Rate: 6% fixed rate <br /> Repayment of the loan will be secured by: <br /> - A blanket UCC Filing on the equipment <br /> - Personal Guaranty - Promissory Note <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 />