08-27-2019 JFC MIN ...aN.\ V
City of
Elk
River Meeting of the Elk River Joint Finance Committee
Held at Elk River City Hall
Tuesday, August 27, 2019
Members Present: Dan Tveite,Larry Toth,Ryan Hardin,Nate Ovall,and Rhonda Magnussen
Members Absent: Jim Gromberg, Chad Vitzthum,and Michelle Eder
Staff Present: Amanda Othoudt,Economic Development and Colleen Eddy,Economic
Development Specialist
Others Present: Cindy Hemmer,Distinctive Iron
I. Call Meeting to Order
Pursuant to due call and notice thereof, the meeting of the Elk River Joint Finance
Committee was called to order by Dan Tveite at 7:43,a.m.
2. Consider Agenda
Motion by Ovall and seconded by Hardin to approve the August 27, 2019,Joint
Finance Committee agenda. •
Motion carried 5-0.
3. Consent Agenda
Motion by Ovall and seconded by Magnussen to approve the August 27, 2019 Joint
Finance Committee consent agenda:
3.1. June 25,2019 Joint Finance Committee meeting minutes
3.2. Revolving Loan Fund Balance report
Motion carried 5-0.
4.1 Microloan Application for Distinctive Iron
Ms. Othoudt presented the staff report. Mr. Ovall announced that he is a representative at
the Bank of Elk River,but is not the bank representative for Ms. Hemmer and Distinctive
Iron. This announcement does not prevent him from voting on this application.
The Committee discussed several items on the application;is the applicant rolling their
previous microloan into this request,are the jobs proposed new ones, the Initiative
Foundation will also be providing gap financing for this project in the amount of$90,000.
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Ms. Hemmer stated that they will be leasing a portion of their old building and Will sell it if
the price is right.
Motion by Toth to recommend approval of the Jobs Incentive Microloan application
for Distinctive Iron to the EDA and seconded by Magnussen. Motion carried 5-0.,
5.I Announcements
Ms. Othoudt notified the committee that there is a vacancy on the committee and if
members know anyone they should send Ms. Othoudt their names.
6. Adjournment
There being no further business,Mr. Tveite adjourned the meeting at 8:08 a.m.
Minutes prepared by Colleen Eddy.
Tina Allard
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nda Othoudt
Economic Development Director
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