08-29-2023 JFC MIN
Elk River Joint Finance Committee
Held at Elk River City Hall
Tuesday, August 29, 2023
Members Present: Jill Larson-Vito, Charlie Blesener, Nate Ovall, Ryan Hardin, and Jim
Gromberg
Members Absent: Dan Tveite, Rhonda Magnussen and Chad Vitzthum
Staff Present: Economic Development Director Brent O’Neil and Economic Development
Specialist Joshua Mollan
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 at 7:37 a.m. by Vice Chair Blesener.
2. Consider Agenda
Moved by Gromberg and seconded by Larson-Vito to approve the agenda.
Motion carried 5-0.
3. Consent Agenda
Moved by Larson-Vito and seconded by Gromberg to approve:
3.1 July 25, 2023, meeting minutes
Motion carried 5-0.
4.1 Discuss EDA’s Loan to Die Concepts
Mr. O’Neil presented the staff report.
Mr. O’Neil also shared that communication has been limited by Die Concepts but was
advised that their accountants are currently working on providing the requested information.
Mr. O’Neil asked the committee how much more time do we allow this at status quo, and
what if any escalatory steps need to be taken and when.
The committee discussed possible communication methods and loan restructuring. They
also agreed to increase the interest rate.
Mr. O’Neil shared that documents are drafted that reflect an increase in interest rate and a
discounted interest rate if auto pay is set up.
4.2 General Updates
Mr. O’Neil advised that there is room on the roster for an additional member. He plans to
bring a suggested candidate to the next meeting for approval.
Mr. O’Neil shared that there was a modification to the open meeting statute. He said that
virtual meetings may be easier to hold with the updated law. He asked the committee their
preference for future meetings.
The committee was in favor of continuing to meet in person.
5. Motion to Adjourn
There being no further business, Blesener adjourned the meeting of the Joint
Finance Committee.
The meeting adjourned at 8:06 a.m.
Minutes prepared by Brent O’Neil and Joshua Mollan.
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Brent O’Neil
Economic Development Director
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Tina Allard
City Clerk