5.0 EDSR 02-12-2007 - Laserfiche WebLink

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ITEM# 5. fiver MEMORANDUM TO: Economic Development Authority CC: Tim Simon, Finance Director FROM: Heidi Steinmetz, Assistant Director of Economic Development DATE: February 12, 2007 SUBJECT: Consider Micro Loan for Daddy-O's Cafe Attachments • Staff report to Finance Committee dated January 25, 2007 • Finance Committee Minutes dated January 25, 2007 • City of Elk River Micro Loan Fund Policy (last amended in November 2006) • Applicant's financial statements (EDA Commissioners only) Issue On January 25`h, the Finance Committee reviewed a Micro Loan application from Jeff Krueger of Daddy-O's Cafe. Mr. Krueger would like to use the funds to refinance existing debt. See the attached staff report to the Finance Committee. The Committee recommends, as detailed in the attached January 25~' minutes, that the EDA consider awarding Daddy-O's Cafe a $25,000 Downtown Business Revitalization Program Micro Loan. The attached Micro Loan Policy was amended in November 2006 to include the Downtown Business Revitalization Program. The Committee also asked that the EDA review Daddy-O's financial statements, however since MN State Statute 13.591 does not allow this information to be distributed to the general public, the information cannot be included in the EDA's public meeting packet. Therefore, this information is included for EDA Commissioners only as a separate enclosure. Jeff Krueger was encouraged to attend the EDA meeting.