3.1. CHECK REGISTER EDSR 10-14-1997 BRC FINANCIAL SYSTEM CITY OF ELK RIVER
09/08/97 09:16 Check Register GL540R-VO4.40 PAGE 5
• BANK VENDOR CHECK# DATE AMOUNT
EDA BANK OF ELK RIVER *020407
010142 A T & T WIRELESS SERVICE 1412 09/08/97 25.77
015565 GENESIS BUSINESS CENTERS 1413 09/08/97 500.00
016240 HICKMAN/LARRY 1414 09/08/97 4,081.70
019565 METRO SALES CORP 1415 09/08/97 18.09
.09113 PROF BINDING PRODUCTS 1416 09/08/97 17.83
023800 SPECTRUM PHOTOGRAPHIC SE 1417 09/08/97 10.54
024925 U S WEST COMMUNICATIONS 1418 09/08/97 67.40
BANK OF ELK RIVER #020407 4,721.33 ***
BRC FINANCIAL SYSTEM CITY OF ELK RIVER
09/12/97 09:25 Check Register GL540R-VO4.40 PAGE 3
• BANK VENDOR CHECK# DATE AMOUNT
EDA BANK OF ELK RIVER #020407
022225 POSTMASTER 1411 09/15/97 48.78
013500 DEHN OIL CO 1419 09/15/97 31.89
016545 HOUSE 'B' CLEAN 37939 09/15/97 42.60
BANK OF ELK RIVER #020407 123.27 ***
BRC FINANCIAL SYSTEM CITY OF ELK RIVER
09/22/97 13:05 Check Register GL540R-VO4.40 PAGE 4
BANK VENDOR CHECK# DATE AMOUNT
EDA BANK OF ELK RIVER #020407
010140 ATIT 1420 09/22/97 10.44
• 020575 MN REAL ESTATE JOURNAL 1421 09/22/97 300.00
022658 RELIABLE 1422 09/22/97 20.45
025595 WEDELL/GRETA 1423 09/22/97 658.00
BANK OF ELK RIVER #020407 988.89 ftt
BRC FINANCIAL SYSTEM CITY OF ELK RIVER
• 10/03/97 12:00 Check Register GL540R-VO4.40 PAGE 4
BANK VENDOR CHECKS DATE AMOUNT
EDA BANK OF ELK RIVER 1020407
010142 A T # T WIRELESS SERVICE 1425 10/06/97 36.11
.09145 COVEY/FRANKLIN 1426 10/06/97 89.17
013625 DIVERSIFIED MARKETING RE 1427 10/06/97 1,294.19
015565 GENESIS BUSINESS CENTERS 1428 10/06/97 500.00
016205 HERTEL, TREAS/KAREN A 1429 10/06/97 773.00
016240 HICKMAN/LARRY 1430 10/06/97 4,081.70
016545 HOUSE 'B' CLEAN 1431 10/06/97 42.60
018462 LEAGUE OF MN CITIES, INS 1432 10/06/97 264.25
022970 S & T OFFICE PRODUCTS IN 1433 10/06/97 23.65
023800 SPECTRUM PHOTOGRAPHIC SE 1434 10/06/97 203.42
024925 U S WEST COMMUNICATIONS 1435 10/06/97 56.57
BANK OF ELK RIVER 1020407 7,364.66 ***
•
BRC FINANCIAL SYSTEM CITY OF ELK RIVER
in/03/97 11:59 Check Register GL540R-VO4.40 PAGE 2
BANK VENDOR CHECK# DATE AMOUNT
EDA BANK OF ELK RIVER #020407
014041 ELK RIVER/CITY OF 1424 09/30/97 18.50
BANK OF ELK RIVER #020407 18.50 ***
INFORMATION ONLY
STATEMENT OF FINANCIAL ACTIVITY
S FOR THE EDA,MICRO AND DTED LOAN FUNDS
FOR THE PERIOD SEPTEMBER 30,1997
ECONOMIC DEVELOPMENT AUTHORITY
1997 Month to Year to
Budget Date Date
Cash Balance $ 115,946
Revenues
Property Tax $ 82,440 $ - $ 45,217
HACA 12,060 - 6,033
Refunds&Reimb. - - -
Interest Income - 330 1,920
Total Revenues 94,500 330 53,170
Expenditures
Personal Services 46,600 19 23,322
Supplies 800 99 694
Other Services&Charges 45,350 1,110 29,014
Transfers 1,000 - 1,000
Total Expenditures 93,750 1,228 54,030
******************************************************************** ******************************************************
• MICRO LOAN FUND DTED LOAN FUND
Month to Year to Month to Year to
Date Date Date Date
Cash Balance $ 320,844 $ 20,495
Revenues
Application Fees $ - $ 1,000 $ - $ -
Interest Income 1,509 6,885 97 1,104
Loan Payments 10,483 83,863 2,591 23,319
Total Revenues 11,992 91,748 2,688 24,423
Expenditures
Loans - 50,000 - -
Transfer - - - 89,502
1 Total Expenditures - 50,000 - 89,502
Status of Micro Loans as of September 30:
Business Current Business Current
Alltool Grant Y Pomeroy Tool Y
Roma Tool Grant Y Designing Women Y
Second Generation Y Tescom Y
Indy Lube Y Larose Y
Beaudry Y Water Laboratories Y
• R&D Sales Y E R Automall Y
Carpe Kairos LLC Y T J Properties Y
Internet 5 Y Diamond City Bread Y
Lefebvre Leasing Y
• ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
MICRO LOANS
Current Current Aug. 31, 1997
Loan Loan Interest Term Monthly Principal
Borrower Date Amount Rate (Months) Payment Outstanding
Alltool (1) 6/1/89 $200,000 9.00% 120 $2,533.52 $49,055.31
Beaudry Convenience * 12/28/93 $50,000 8.50% 120 $618.58 $36,615.58
Carpe Kairos * 8/10/95 $50,000 8.25% 180 $486.97 $46,519.05
Designing Women * 2/18/93 $21,500 8.25% 180 $137.96 $8,330.72
Elk River Automall * 11/24/94 $50,000 8.50% 180 $492.19 $45,211.27
Galli Equipment * 12/29/95 $32,500 6.00% 180 $474.78 $26,633.57
Galli Real Estate * 12/28/95 $17,500 6.00% 180 $147.67 $16,369.66
Indy Lube * 10/28/93 $24,700 8.50% 180 $241.31 $20,929.95
Internet 5 1/30/96 $37,500 8.75% 60 $773.90 $32,327.93
LaRose Enterprises • 3/29/94 $25,000 6.00% 84 $365.21 $14,684.39
LeFebvre Leasing * 5/8/97 $50,000 8.25% 60 $1,019.81 $47,623.42
Pomeroy Tool 7/1/92 $25,000 6.50% 180 $217.78 $18,951.11
1110
R &D Sales * 12/8/93 $17,500 8.50% 180 $106.25 $8,726.84
Roma Tool (2) 7/1/91 $500,000 10.00% 240 $2,000.00 $423,392.55
Second Generation Properties * 11/23/92 $50,000 8.50% 240 $428.38 $43,974.79
T J Properties * 3/31/95 $48,000 8.50% 180 $473.03 $43,987.58
Tescom* 5/18/93 $50,000 8.50% 120 $595.48 $32,775.76
(3) 4/22/94 $250,000 4.50% 120 $2,590.98 $180,699.81
Water Laboratories, Inc. * 5/5/94 $15.000 8.50% 180 $147.24 $13,105.58
TOTAL $1,514,200 $13,851.04 $1,109,914.87
(1)The City retains the first $100,000 of principal plus interest. The remainder is payable
to the State.
(2)The terms of this loan were renegotiated in 1991;the renegotiated terms are as listed.
Monthly payments increase to $2,000.00 on January 1, 1996. The City retains the first
$100,000 of principal plus interest. The remainder is payable to the State.
(3)The City retains all principal and interest payments from this Block Grant.
The payments are credited to the Block Grant Micro Loan Fund for use
under the guidelines of the Block Grant program.
410 *Variable Interest Rate.
MICROLNS.XLW 9/10/97
INFORMATION ONLY
STATEMENT OF FINANCIAL ACTIVITY
FOR THE ELK RIVER BUSINESS INCUBATOR
• FOR THE PERIOD SEPTEMBER 30, 1997
Month to Year to
Budget Date Date
Cash Balance $ 37,637
Revenues
Rent $ 7,000 $ 473 $ 2,837
Transfer - - 89,502
Total Revenues 7,000 473 92,339
Expenditures
Lease with Private Party 14,100 1,648 9,888
Leasehold Improvements 45,700 2,434 39,603
Signage 3,000 - 2,075
Genesis Business Centers 4,500 500 3,000
Contingency 5,000 42 136
• Total Expenditures 72,300 4,624 54,702