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<br />2 <br />December 4, 2002 <br />Adoption of2003 Economic Development Authority (EDA) Budget <br /> <br />31, 2003, The EDA has already established criteria for making business loans from this <br />program. <br /> <br />Interfund Loan Pavmcnts <br />As of December 31, 2003, the EDA will have made significant progress in reducing the amount <br />of debt outstanding to the Permanent Improvement Revolving (FIR) Fund No. 501. Of the <br />original three notes totaling $1,125,000 - the Kem Milling acquisition debt (Attachment B) of <br />$225,000 and the soil correction Welsh Project debt (Attachment C) of $250,000 will both be <br />totally paid off. The Indykiewicz land acquisition debt (Attachment D) of $650,000 will have an <br />unpaid principal and accrued interest balance of $747,141.25, The Commissioners should note <br />that the planned funding source for liquidating the Indykiewicz debt is repayment from Ramsey <br />County in conjunction with the Highway 96 segment one reconstruction project and/or resale of <br />the remnant parcel. <br /> <br />Rccommcndation <br />Staff recommends that the EDA approve the 2003 budget detail contained in Attachment A as <br />part of this memorandum at the December 9,2002 EDA meeting. <br /> <br />. <br /> <br />. <br /> <br />. <br />