Laserfiche WebLink
City of <br />Elk. <br />River <br />REQUEST FOR ACTION <br />To Item Number <br />Economic Development Authority <br />Agenda Section Meeting Date Prepared by <br /> January 12, 2009 Annie Deckert, Economic <br /> Development Assistant <br />Item Description Reviewed by <br />Consider EDA Micro Loan Extension Catherine Mehelich, Director of <br />-Nicole's Finishing Touch Salon, Inc. Economic Development <br /> Reviewed by <br />Action Requested <br />The EDA is asked to consider the EDA Finance Committee's recommendation for approval of a I -year <br />extension on the Nicole's Finishing Touch Salon, Inc. micro loan at a 3.0% interest rate with the following <br />conditions: <br />• a waiver of pending late fees <br />• a Micro Loan Extension fee to be I % of the loan balance <br />• fixed monthly payments to begin February 8, 2009 <br />Background/Discussion <br />The attached staff report to the EDA Finance Committee and December 19, 2008 committee meeting <br />minutes provide background regarding the extension request. In addition, EDA Commissioners Motin and <br />Tveite both serve on the EDA Finance Committee and may provide additional comments regarding the <br />committee's review and recommendation. <br />Financial Impact <br />The EDA Micro Loan Fund has a current cash balance of approximately $748,953.28. The principal balance <br />due on the Nicole's Finishing Touch Salon, Inc. micro loan is $ 15,702.68. <br />Attachments <br />• EDA Finance Committee Meeting Minutes dated December 19, 2008. <br />• EDA Micro Loan Fund Policy and Guidelines <br />Staff report to EDA Finance Committee re: Nicole's Finishing Touch Salon, Inc. Micro Loan Extension <br />Request, December 19, 2008. <br />Action Motion by Second by Vote <br />Follow Up <br />S:\EDA\Micro Loan Fund\LOANS\Nicole's Salon\1.12.09 EDA Action Requested.doc <br />