06-23-2015 JFC MIN .(4011 ,
City of
Elk Meeting of the Elk River EDA Finance Committee
River Held at the Elk River City Hall
Tuesday,June 23,2015
Members Present: Paul Motin,Nate Ovall,Larry Toth,Dan Tveite,Ryan Hardin,Jennifer
Wagner,and Chad Vitzhum
Members Absent: None
• Staff Present: Economic Development Director Amanda Othoudt, and Economic
Development Specialist Colleen Eddy ,
Also.Present: Springsted-Consultant Mikaela Huot,Tim Dolan and Annie Deckert from
the Decklan Group, a representative from Sportech,Tim Simon, Finance
Director,Dan Weber,Assistant County Administrator with Sherburne
County,Leonard Kirscht, First National Bank of Elk River, and Andy Isle,-
- "Promo--Products
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 7:34 a.m.
• 2. Consider Agenda
Motion by Motin and seconded by Toth to approve the April 28, 2015 Finance
Committee agenda. Motion carried 7-0.
3.0 Consent Agenda '
Motion by Toth and seconded by Motin to approve the Consent Agenda.
Motion carried 7-0.
• 4.1 Envision Companies (Sportech) Property Tax Abatement Financial Review
Ms. Othoudt presented the staff report.
,. - Ms. Huot reviewed the analysis and clarified the county's contribution information in the
chart on page 3 of the consultant's report.
Motion by Member Motin to recommend to the EDA Envision's tax abatement
application of$1,288,590 over a 20 year period. Motion was seconded by Member
Ovall. Motion carried 7-0.
4.2 Morrell Trucking Property Tax Abatement Financial Review
Ms. Othoudt presented the staff report.
Ms. Huot presented the financial review report.
Motion by Member Vitzhum to recommend to the EDA approval on Morrell
Trucking property tax abatement application. Motion was seconded by Member
Toth.Motion carried 7-0.
4.3 Morrell Trucking Job Incentive Program Micoloan Review
,Ms. Othoudt presented the staff report.
Member Motin asked if the pay rate would be lower for the new jobs and what the terms are
for the loan. Member Tveite state the loan would be amortized over 15 years.
Motion by Member Wagner to recommend to the EDA approval of the Morrell
Trucking jobs incentive microloan application with the inclusion to require personal
guarantees from Morrell Trucking. Motion was seconded by Member Motin. Motion
carried 7-0.
4.4 Promo Products Industrial Incentive Microloan Extension Review
Ms. Othoudt presented the staff report.
Motion by Member Motin to recommend to the EDA approval of Promo Products
two year extension request. Motion was seconded by Member Toth. Motion carried
7-0. •
5. Announcements
Member Vitzhum asked if the committee was taking the correct procedure when discussing
the different applications. Member Vitzhum asked if the correct approach was to have the
clients leave during the application discussions. Ms Othoudt will check on this and report
back to the committee at the next meeting.
6. Adjournment
There being no further business Member Tveite moved to adjourn the meeting.
The meeting adjourned at 8:32 a.m.
•
Minutes prepared by Colleen Eddy.
a Alla d, City Clerk
manda Othoudt, Economic II evelopment Director