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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> a <br /> TO: ECONOMIC DEVELOPMENT AUTHORITY <br /> FROM: WILLIAM RUBIN, ED COORDINATO <br /> DATE: OCTOBER 6, 1993 <br /> SUBJECT: AGENDA MEMO FOR OCTOBER 11, 1993, EDA MEETING <br /> 5 . FINANCIAL UPDATE <br /> The following is a summary from Finance Director Lori <br /> Johnson: <br /> Revolving Loan Fund: <br /> The Revolving Loan Fund had a cash balance of <br /> $187,719 . 15 on September 30, 1993 . The EDA <br /> authorized three loans in September totalling <br /> $82,500, bringing the balance available to just over <br /> $105,000. In addition, the Indy Lube loan of $24,700 , <br /> will likely close in October - further reducing the <br /> balance to approximately $80,300 . All September loan <br /> • payments are current and all October payments are <br /> current with the exception of Roma Tool, Alltool, and <br /> PureSteam. <br /> ACTION REQUESTED <br /> This is an informational item only and no action is <br /> requested. <br /> Economic Development Authority <br /> The Economic Development Authority had a cash balance <br /> of $70,521 .52 as of September 30, 1993, and expenses <br /> payable in the amount of $11,261 . 03 . A Statement of <br /> Expenses Payable detailing the items included in the <br /> reimbursement is attached. <br /> ACTION REQUESTED <br /> The EDA is asked to approve payment of $11,261 . 03 to <br /> the. City of Elk River. <br /> 6 . TAX INCREMENT FINANCING ASSISTANCE KJELLBERG'S CARPET <br /> gik The writer of this memo is expecting an application for <br /> Tax Increment Financing assistance from Kjellberg's Carpet <br /> and Interiors . This TIF request relates to the EDA Main <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 />