08-30-2016 JFC MIN City of
Elk Meeting of the Elk River EDA Finance Committee
- , River Held at the Elk River City Hall ,
Tuesday,August 30,2016
Members Present: Nate Ovall, Paul Motiri,Larry Toth (7:40 am),Ryan Hardin and Chad
Vitzthum
Members Absent: Dan Tveite and Jennifer Wagner
Staff Present: Amanda Othoudt, Economic Development Director and Colleen Eddy,
Economic Development Specialist
•
1. Call Meeting to Order -
Pursuant to due call and notice thereof, the meeting of the Elk River Finance Committee •
was called to order at 7:37 a.m.
2. .Consider Agenda
Motion by Ovall and seconded by Hardin to approve the agenda.'Motion carried 5-
0.
3.0 - Consent Agenda
Staff distributed a revised Revolving Loan document. Motion by Ovall and seconded
by Vitzthum to approve the Consent Agenda including the revised Revolving Loan
I document. Motion carried 5-0.
4.1 EDA Financial Policy Review
Ms. Othoudt presented the staffreport and highlighted some of the revisions that were
made to the Tax Abatement Financing Policy and Application. Commissioners discussed a
couple items including removal of the minimum assessment requirement, the increased'
application,fee'•and the minimum office facility needing to be 25,000 sq. ft. At the.next
meeting the commission will review the Microloan Policy.
5.0 Announcements
5.1 Ethanol Technology Verbal Update
Ms. Othoudt stated that there were no issues or concerns with the statute of limitations. The
statute of limitations is 6 years from the date of the breach. Ethanol Technology's last
payment was 9/12/11, so six years from when the next payment was due. Since we have
served Ethanol Technology and the other Defendants,we have commenced the lawsuit and
I the statute of limitations has been tolled.
6. Adjournment
t
There being no further business, motion by Vitzthum and seconded by Hardin to adjourn
the meeting at 8:08 a.m.
Minutes prepared by Colleen Eddy.
•
Tin rd, City Clerk
•
a Othoudt, Economic Development Director