3.2. CHECK REGISTER EDSR 07-13-2009City of
Elk -~-_~
River
REQUEST FOR ACTION
To Item Number
Economic Development Authority 5.
Agenda Section Meeting Date Prepared by
July 13, 2009 Annie Deckert, Economic
Develo ment Assistant
Item Description Reviewed by
Consider EDA Micro Loan Applications Lori ohnson, Ci Administrator
- Sweet P's Ice Cream & Candies Reviewed by
Action Requested
The EDA is asked to consider the EDA Finance Committee's recommendation for approval with
conditions on the following Micro Loan application:
• $20,000 Micro Loan to Sweet P's Ice Cream & Candies (Tim Jeanetta)
Background/Discussion
The attached staff reports to the EDA Finance Committee and July 8, 2009 committee meeting minutes
provide background regarding the Micro Loan request. The applicant is anticipated to be at the EDA
meeting to respond to any questions about the proposed project.
Financial Impact
The Micro Loan Fund has a current cash balance of approximately $813,378.
The Finance Committee is recommending EDA approval of the following Micro Loan and term:
Applicant: Sweet P's Ice Cream & Candies (Tim Jeanetta)
Loan Terms: $20,000 at 2% interest, 5-year amortization
Purpose: Assist in purchasing equipment and exterior revitalization necessary in starting up the
business
Security: Subordinate position on all business assets
Attachments
• EDA Finance Committee Meeting Minutes dated July 8, 2009.
• EDA Micro Loan Fund Policy and Guidelines
• Staff report to EDA Finance Committee re: Sweet P's Ice Cream & Candies Micro Loan Application,
July 8, 2009.
Action Motion by Second by Vote
Follow Up
S:\F.DA\Micro Loan Fund\I,OANS\Sweet P's Ice Cream & Candies, Inc\7.13.09 1;DA Action Reyuested.doc