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Item # 5 <br />of <br />.ver <br />MEMORANDUM <br />TO: Economic Development Authority <br />CC: Tim Simon, Finance Director <br />FROM: Heidi Steinmetz, Assistant Director of Economic Development ~ ~J <br />DATE: August 13, 2007 <br />SUBJECT: Consider Micro Loan Extension Request: Badger Ventures, <br />LLC <br />Attachments <br />• Staff report to Finance Committee dated July 25, 2007 <br />• Draft Finance Committee Minutes dated July 25, 2007 <br />• City of Elk River Micro Loan Fund Policy (last amended in November 2006) <br />Issue <br />On July 25`", the Finance Committee reviewed a Micro Loan extension request from Eric <br />Haehn of Badger Ventures, LLC. See the attached staff report to the Finance Committee. <br />The Committee recommends, as detailed in the attached draft July 25`" minutes, that the <br />EDA consider approval of extending the May 2005 loan to Apri12010. The request meets <br />the requirements of the attached Micro Loan Policy. <br />Action Requested <br />Staff requests that the EDA consider approval of the Micro Loan extension request to <br />Badger Ventures, LLC per the recommendation of the Finance Committee with the <br />following terms: <br />Rate 6.25% fixed <br />Term Until A ril 1010 <br />Security Personal Guarantee & 2"`~ <br />osition on the real estate <br />Structure Participation loan with The <br />Bank of Elk River <br />