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/ \� <br /> liltyof TO: ECONOMIC DEVELOPMENT AUTHORITY <br /> lkRiver FROM: WILLIAM RUBIN, ED COORDINATOR <br /> DATE: APRIL 6, 1993 <br /> SUBJECT: AGENDA MEMO FOR APRIL 12, 1993 <br /> EDA MEETING <br /> 5. FINANCIAL UPDATE <br /> The following is a summary from Finance Director, Lori <br /> Johnson: <br /> Economic Development Authority <br /> As of March 31, 1993, the EDA had a cash balance of <br /> $63,974 . 94 . However, the EDA owes the City $3,213.01 <br /> for 1992 expenses which will bring the balance down <br /> to $60,761 .90. Attached is a Statement of Expenses <br /> Payable detailing the reimbursement request. In <br /> April, the EDA will once again be on schedule to <br /> approve quarterly expense reimbursements to the City. <br /> Action Requested: The EDA is asked to approve <br /> payment to the City in the amount of $3,213 . 01. <br /> Revolving Loan Fund <br /> The Revolving Loan Fund had a cash balance of <br /> $195,585 . 60 as of March 31, 1993; this balance <br /> excludes 1993 interest income which has not yet been <br /> allocated. All March payments are current, and as of <br /> April 8, all April payments have been received except <br /> for payments from Puresteam and Second Generation <br /> Properties (NAPA) . <br /> This is an informational item only and no action is <br /> requested. <br /> 6 . MINNESOTA HOUSING FINANCE AGENCY (MHFA) HOME MORTGAGE <br /> PROGRAM <br /> At the March EDA meeting, Commissioners and staff <br /> discussed the 1993 MHFA first time homebuyer program. <br /> This program enables municipalities or Economic <br /> Development Authorities to reserve an allocation of <br /> mortgage funds through the MHFA. These funds are <br /> 110 ultimately used exclusively in the respective community <br /> for first time homebuyers. <br /> 720 Dodge Avenue N.W., Elk River, Minnesota 55330 (612) 441-7420 <br />