9.0. EDSR 05-08-2000 90
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.lkRiver MEMORANDUM
TO: Economic Development Authority
FROM: Pat Klaers, City Admi is#,rator
DATE: May 8, 2000
SUBJECT: Northstar Die Casting
The EDA has initiated legal action in order to collect the balance due on a
micro loan from Northstar Die Casting. Subsequently, Northstar Die Casting
has initiated legal action against the city, which essentially claims that our
action, or inaction, played a role in the company going out of business. Past
direction from the EDA has been to pursue full payment, and in an executive
session, I would like to discuss some settlement options.
III
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ID
13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD&Phone: (612) 441-7420 • Fax: (612) 441-7425