10-27-2015 JFC MIN A
City of
Elk Meeting of the Elk River EDA Finance Committee
River Held at the Elk River City Hall
Tuesday, October 27,2015
Members Present: Paul Motin,Nate Ovall,Larry Toth, Dan Tveite, and Chad Vitzhum (7:57
am)
Members Absent: Jennifer Wagner and Ryan Hardin
Staff Present: Economic Development Director Amanda Othoudt and Economic
-'-Development Specialist Colleen Eddy
Also Present: James Montange with Cambell Knutson
1. Call Meeting to Order
Pursuant to du&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 stated that the need to move the Ethanol Technology item from the closed
session to the regular meeting.
Motion by Motin and seconded by Toth to approve moving the item to the regular
session from the closed session. Motion carried 4-0.
3.0 Consent Agenda
Motion by Motin and seconded by Ovall to approve the Consent Agenda including
the September 22, 2015 meeting minutes. Motion carried 4-0.
4.0 General Business
Ms. Othoudt stated that the Ethanol Technology discussion would need to be moved from a
closed session to an open session.
Ms. Othoudt presented the staff report.
Member Motin asked why there was a delay between when the EDA Finance Committee
first discussed and approved this item until now.
Ms. Othoudt reported that the reason for the delay was that there were two different
Economic Development Directors.
Mr. Montange from Campbell Knutson stated that there would be fees to file the needed
documents and that there seemed to be assets that could be collected.
Members asked the question if there was anything to collect on.
Member Ovall did state that Hytech Motorsports was still in business.
Member Toth-asked if there were any personal guarantees.
Mr. Montange stated that yes there were personal guarantees from the borrower and-Hytech
Motorsports.
Members discussed that they owed it to the tax payers to pursue collections.
Motion by Member Motin to recommend the EDA proceed with the collection of the
debt. Motion was seconded by Member Toth.-Motion carried 4-0.
5. Announcements
Verbal update on Sweet Peas Microloan
Ms. Othoudt contacted the bank (Klein Bank) and that a collection letter will be sent out this
week and will be sent to the applicant's home and place of business.
• Ms. Othoudt also discussed there are several projects coming.down the pipeline. She has
projected a busy spring and discussed a need to acquire more land to accommodate
upcoming industrial projects. •
6. . Adjournment
There being nolurther business Member Tveite moved to adjourn the meeting.
The meeting adjourned at 8:03 a.m.
Minutes prepared by Colleen Eddy.
OF
ina A►'ard, City Clerk
16..
Amanda Othoudt, Economic Development Director
•
,. I