EDSR MEMORANDUM 12-13-1994 - Laserfiche WebLink

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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY TO: ECONOMIC DEVELOPMENT AUTHORITY FROM: WILLIAM RUBIN, ECONOMIC DEVELOPMENT COORDINATOtc/ DATE: DECEMBER 8, 1993 SUBJECT: AGENDA MEMO FOR DECEMBER 13, 1993, EDA MEETING 5 . Financial Update The following is a summary from Finance Director Lori Johnson: Revolving Loan Fund - The Revolving Loan Fund had a cash balance of $177,002 . 63 on November 30. Of this amount, $101,250 has been authorized for loans to R & D Sales, Water Labs, Beaudry Convenience, Inc. , and Woodsmen Quality Products . The loan to R & D Sales was closed in December and it is anticipated that the loan to Beaudry will also be closed in December. The amount available for loans is currently just over $80,000 . As of December 9, all loans are current with the exception of Alltool, • PureSteam, and Indy Lube. ACTION REQUESTED This is an informational item only and no action is requested. EDA Statement of Expenses - A Statement of Expenses Payable to the City of Elk River in the amount of $25,226 .90 is included in the agenda packet. This covers expenses from October 1, to December 9, 1993 . Additional 1993 expenditures will be presented to the EDA for reimbursement in February. ACTION REQUESTED The EDA is asked to approve payment to the City in the amount of $25,226 .90 . 6 . Subordination Agreements At its meeting on September 13th, EDA Commissioners approved a $50,000 loan request from Ken and Carrie Beaudry (Beaudry Convenience, Inc. ) and a $17,500 loan request from Richard and Dawn Schulz (R & D Sales) . As 0 with other EDA loans, it is appropriate to authorize and execute a subordination agreement. Put simply, the EDA' s interests are subordinated to the mortgage from the P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 Equal Opportunity Housing and Equal Opportunity Employment