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�J <br /> etyof <br /> ElkRequest for Action <br /> River <br /> To Item Number <br /> Economic Development Authority 7.2 <br /> Agenda Section Meeting Date Prepared by <br /> General Business April 19, 2021 Colleen Eddy, Economic Development Specialist <br /> Item Description Reviewed by <br /> COVID-19 Small Business Emergency Microloan Cal Portner, City Administrator <br /> Application Reviewed by <br /> Action Requested <br /> Approve,by motion,the COVID-19 Small Business Emergency Microloan Application for Azitala Yoga. <br /> Background/Discussion <br /> At the March 20, 2021, meeting,the Joint Finance Committee recommended approval of the Azitala Yoga <br /> COVID-19 Small Business Emergency Microloan Application.Azitala Yoga is requesting$5,000 for property <br /> tax relief. <br /> Azitala Yoga was closed in the Spring of 2020 for 89 days,November 20, 2020, and January—March 15,2021. <br /> They propose to utilize the $5,000 for property tax relief. A complete application and all supporting <br /> documentation was submitted and they are an eligible business type noted in Executive Orders 20-04 and 20- <br /> 08. <br /> Financial Impact <br /> The EDA allocated funding of up to $200,000 for this program from the general microloan fund account. <br /> Currently, the total forgivable loans disbursed for this program is $113,374,leaving an available balance of <br /> $86,626. The Microloan fund balance is about$829,000. <br /> Attachments <br /> ■ Azitala Yoga Application Documents <br /> The Elk River Vision <br /> A Y�elcoming community nvith revolutionary and spirited resourcefulness, exceptional P U W E H E o s r <br /> service, and community engagement that encourages and inspires prosperity ,g /` UR <br />