10.0 EDSR 08-14-2000 r--(,/ ---\
J{ Item 10.
¶1k
/ River MEMORANDUM
TO: Economic Development Authority
FROM: Pat Klaers, City Administrator t`
1.10,9
DATE: August 14, 2000 -----
SUBJECT: Northstar Die Casting Settlement
At the May EDA meeting, an executive session was held to consider options
regarding settlement of the Northstar Die Casting lawsuit. As you know, the
EDA initiated legal action to collect on the balance on a micro loan.
• Subsequently, Northstar Die Casting counter-sued the city.
I believe that the attorneys for the city and Northstar Die Casting have
reached a settlement that is consistent with the direction I received from the
EDA in May. If everything is agreed to and signed by Northstar Die Casting
representatives, then I will have something to present to the EDA at its
meeting on Monday evening. If not, then this issue will need to be brought
back to the EDA in September.
s:\eda\meetings\northstr.doc
•
13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD &Phone: (612) 441-7420 • Fax: (612)441-7425