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REQUEST FO R ACTIO N <br />To Item Number <br />Economic Develo ment Authori 6 <br />Agenda Section Meeting Date Prepared by <br /> April 14, 2008 Catherine Mehelich, Director of <br /> Economic Develo ment <br />Item Description Reviewed by <br />Consider Industrial Incentive Micro Loan to Pomeroy Tool, Inc. Lori ohnson, Ci Administrator <br /> Reviewed by <br />Action Requested <br />The EDA is asked to consider the EDA Finance Committee's recommendation for action on the <br />Pomeroy Tool, Inc. Micro Loan request in the amount of $100,000. <br />Background/Discussion <br />The attached staff report to the EDA Finance Committee provides background regarding the Micro Loan <br />request. The project involves assisting the financing of Mr. Long Do's purchase and continued operation <br />of the established Pomeroy Tool, Inc. business located in the Elk River Industrial Park. <br />In order to accommodate the applicant's timing needs, the EDA Finance Committee will be meeting the <br />morning of April 14`'' to review the application and provide a recommendation to the EDA. Staff will <br />provide a verbal update on the Finance Committee's recommendation for the EDA's consideration. <br />Financial Impact <br />The Micro Loan request is in the amount of $100,000 at the terms outlined in the staff report. The Micro <br />Loan Fund has a current cash balance of approximately $925,000. <br />Attachments <br />Staff report to EDA Finance Committee re: Pomeroy Tool, Inc. Micro Loan Application, April 14, <br />2008. <br />Action Motion by Second by Vote <br />Follow Up <br />S:\EDA\Micro Loan Fund\Finance Committee\2008\Pomeroy Tool\Action Requested 4.14.08 Pomeroy.doc <br />