03-29-2016 JFC MIN ---4—Ci::: m 7- —do:
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Elk Meeting of the Elk River EDA Finance Committee
River Held at the Elk River City Hall
Tuesday, March 29, 2016
Members Present: Paul Motin, Nate Ovall,Larry Toth, Dan Tveite,Jennifer Wagner, and Ryan
Hardin, Chad Vitzhum •
Members Absent: None
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Staff Present: Amanda Othoudt, Economic Development Director;Colleen Eddy,
Economic Development Specialist
Also Present: Mikaela Huot, Springsted Inc.; Fred and Sheila Trapp, Die Concepts
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 7:35 a.m.
2. Consider Agenda - .
Ms. Othoudt revised'the•general business agenda to 4.1 Die Concepts Microloan .
- Review.and 4.2 Annual Microloan Review. Motion by Motin and seconded by Toth '
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to approve the revised agenda. Motion carried 7-0.
' 3.0 Consent Agenda
,,ram Motion by Toth and seconded by Ovall to approve the Consent Agenda including the
February 23, 2016 meeting minutes. Motion carried 7-0.
4.1 Die Concepts Microloan Review
Ms. Othoudt presented the staff report. Die Concepts is requesting a$200,000 Jobs
Incentive Microloan and an HRA Blighted Properties Commercial/Industrial Forgivable
Loan for$75,000 which will be reviewed by the HRA on April 4, 2016.
Motion by Motin, to recommend approval of the Jobs Incentive Microloan in the
amount of$185,200 or not to exceed 20% of project costs including land remediation.
• Motion was seconded by Toth. Motion'carried 7-0.
4.2 Annual EDA Microloan Review
Ms. Othoudt presented the staff report as presented. Commissioners discussed the policy
and suggested some revisions. Ms. Othoudt will revise the Microloan policy as needed. I
The commission will review the Forgivable Loan Policy at the May meeting.
5.0 Announcements
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5.1°Ethanol Technology Verbal Update
Ms. Othoudt gave a verbal update on the Ethanol Technology project. Ms. Othoudt stated
that staff continues to pursue collection of the debt. The client requested an extension to
review the complaint to April 8`h
6. Adjournment
There being no further business Chair Tveite moved to adjourn the meeting at 9:12 a.m.
Minutes prepared by Colleen Eddy.
Tina ' I. ., ity Clerk
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4 a a Othoudt, Economic Development Director