04-18-2016 EDA MIN City of
L Elk . Meeting of the Elk River
River Economic Development Authority
Held at the Elk River City Hall
Monday, April 18, 2016
Members Present: President Tveite, Commissioners Burandt,Dwyer,Westgaard,Provo,
Olsen,and Wagner
Members Absent: None
Staff Present: Economic Development Director Amanda Othoudt,Economic
Development Specialist Colleen Eddy, and Recording Secretary
Jennifer Johnson
I. Call Meeting to Order
Pursuant to due call and notice thereof,the meeting of the Elk River Economic
Development Authority was called to order at 5:30 p.m. by President Tveite.
2. Consider 04/18 /2016 Agenda
Moved by Commissioner Wagner and seconded by Commissioner Olsen to
approve the April 18,2016,agenda. Motion carried 6-0.
3. Consider Consent Agenda
Moved by Commissioner Wagner and seconded by Commissioner Olsen to
approve the following consent agenda:
3.1 February 16,2016,Minutes
3.2 Check register
3.3 Balance sheet
3.4 Revenue/Expenditure Report
3.5 Administrative correction to the certificate of completion for 18025
Zane Street NW.
Motion carried 6-0.
4. Open Forum
No one appeared for Open Forum.
5. Public Hearings
There were no public hearing items scheduled for this agenda.
Economic Development Authority Minutes Page 2
April 18,2016
6.1 Die Concepts Microloan Application
Ms. Othoudt presented the staff report.
It was noted the EDA Finance Committee supported the loan request.
Moved by Commissioner Wagner and seconded by Commissioner Burandt to
approve Resolution No. 16-01, a Resolution Approving Loan Agreement and
Related Documents (Die Concepts Project), which includes a Jobs Incentive
Microloan and authorizing execution of the loan documents for Die
Concepts, Inc. Motion carried 6-0.
President Tveite welcomed the business to Elk River.
6.2 Preferred Powder Coating Forgivable Loan Satisfaction Agreement
Ms. Othoudt presented the staff report.
Moved by Commissioner Westgaard and seconded by Commissioner Olsen to
adopt Resolution 16-02 approving issuance of a certificate of forgiveness and
release of mortgage. Motion carried 6-0.
6.3 Directors Report
Ms. Othoudt presented the staff report.
7. Announcements
Ms. Othoudt announced Sportech is having a ribbon cutting at 10:00 a.m. on Friday,
April 29, 2016.
8. Adjournment
There being no further business, Chair Tveite adjourned the meeting of the Elk
River Economic Development Authority at 5:37 p.m.
Dan Tveite,EDA Presi• ,t
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Tina Allard,City Clerk
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