7.2. EDSR 03-15-2021 - Laserfiche WebLink

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�J etyof ElkRequest for Action River To Item Number Economic Development Authority 7.2 Agenda Section Meeting Date Prepared by General Business March 15, 2021 Colleen Eddy, Economic Development Specialist Item Description Reviewed by COVID-19 Small Business Emergency Microloan Cal Portner, City Administrator Application Reviewed by Action Requested 1. Approve,by motion,the COVID-19 Small Business Emergency Microloan Application for Mystery Chambers. 2. Approve,by motion,the resolution approving COVID Loan forgiveness. Background/Discussion At the January 26, 2021, meeting,the Joint Finance Committee recommended approval of the Mystery Chambers COVID-19 Small Business Emergency Microloan Application. Mystery Chambers is requesting $16,000 to offset costs associated with the Governor's Executive Orders 20-04 and 20-08. Mystery Chambers was closed with the original order and were only able to later open with strict limitations. They are projecting to utilize the requested funds to offset lease,utilities, operating and advertising expenses. At the December 21, 2020, EDA meeting, the EDA approved forgiving four COVID loans. Staff recommends loan forgiveness for Mystery Chambers for consistency with similar actions. Financial Impact The EDA allocated funding of up to $200,000 for this program from the general microloan fund account. The total funds disbursed as of December 16, 2020,were $97,374.00, of which$37,374 is currently forgivable. The Microloan fund balance is about$828,000. Attachments ■ Mystery Chambers Application Documents ■ COVID-19 Small Business Emergency Microloan Program ■ Resolution The Elk River Vision A Y�elcoming community nvith revolutionary and spirited resourcefulness, exceptional P U W E H E o s r service, and community engagement that encourages and inspires prosperity ,g /` UR