11-29-2022 JFC MIN
Elk River Joint Finance Committee
Held at Elk River City Hall
Tuesday, November 29, 2022
Members Present: Charlie Blesener, Jim Gromberg, Ryan Hardin, Rhonda Magnussen, Dan
Tveite, and Nate Ovall
Members Absent: Chad Vitzthum and Jill Larson-Vito
Staff Present: Brent O’Neil, Economic Development Director
Joshua Mollan, Economic Development Specialist
Others Present: Mikaela Huot (Baker Tilly)
1. 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 Chair Tveite at 7:40 a.m.
2. Consider Agenda
Motion by Hardin and seconded by Gromberg to approve the Joint Finance
Committee agenda. Motion carried 6-0.
3. Consent Agenda
Motion by Blesener and seconded by Ovall to approve the Consent Agenda, which
consisted of:
The Joint Finance Committee meeting minutes for April 26, 2022.
Motion carried 6-0.
4.1 Proposal on Jackson Place Loan
Mr. O’Neil provided background information on the HRA’s past involvement in facilitating
the construction of the Jackson Place project, which included a loan to the owner, Metro
Plains. The funds used for the loan were from a CDBG grant the city received through the
State, which does not need to be paid back. The loan is for $400,000 over 30 years, with all
payments, including interest, deferred until the maturity date at the 30-year mark. Interest is
one-percent per year, compounded.
Motion by Ovall and seconded by Gromberg to forward a recommendation to the
HRA that any early settlement of the loan should not apply present value discounting
to the $400,000 principal balance. Motion carried 6-0.
4.2 Open Discussion Items
The committee agreed to keep the Joint Finance Committee meetings at the same time: the
fourth Tuesday of every month at 7:30 am. Mr. O’Neil suggested loosening the criteria of
the at-large membership requirements. He also suggested he may look further into allowing
the four commission representatives to be able to appoint the at-large members.
5.1 Announcements
There were no announcements.
6. Adjournment
There being no further business, Mr. Tveite adjourned the meeting at 8:12 a.m.
Minutes prepared by Brent O’Neil and Joshua Mollan.
_____________________
Tina Allard
City Clerk
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Brent O’Neil
Economic Development Director