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.''~ ~i <br />City of <br />Elk. ~ REQUEST FO R ACTIO N <br />River <br />ITEM # 5. <br />To Item Number <br />Economic Development Authority <br />Agenda Section Meeting Date Prepared by <br /> November 10, 2008 Catherine Mehelich, Director of <br /> Economic Develo ment <br />Item Description Reviewed by <br />Consider EDA Micro Loan Extension <br /> <br />- Lake Assault Custom Boats, LLC Reviewed by <br />Action Requested <br />The EDA is asked to consider the EDA Finance Committee's recommendation fox approval of a 2-year <br />extension on the Lake Assault micro loan at a 6.5% market interest rate. <br />Background/Discussion <br />The attached staff report to the EDA Finance Committee and November 3, 2008 committee meeting <br />minutes provide background regarding the extension request. In addition, EDA Commissioners Motin <br />and Tveite both serve on the EDA Finance Committee and may provide additional comments regarding <br />the committee's review and recommendation. <br />Financial Impact <br />The EDA Micro Loan Fund has a current cash balance of approximately $712,477. The principal balance <br />due on the Lake Assault Custom Boats micro loan is $26,810.97. <br />Attachments <br />• EDA Finance Committee Meeting Minutes dated November 3, 2008. <br />• EDA Micro Loan Fund Policy and Guidelines <br />• Staff report to EDA Finance Committee re: Lake Assault Custom Boats Micro Loan Extension <br />Request, November 3, 2008. <br />Action Motion by Second by Vote <br />Follow Up <br />S:\EDA\Micro Loan Fund\LOANS\Lake Assault Custom Boats\11.10.08 BDA Action Requested.doc <br />