07-13-2009 EDA MINMEETING OF THE ELK RIVER
ECONOMIC DEVELOPMENT AUTHORITY
HELD AT THE ELK RIVER CITY HALL
MONDAY, JULY 13, 2009
Members Present: Vice President Tveite, Commissioners Touchette, Westgaard, Motin, and
Zerwas
Members Absent: President Dwyer and Comnvssioner Klinzing
Staff Present: Director of Economic Development Catherine Mehelich, Economic
Development Assistant Annie Deckert, and City Clerk Tina Allard
1. Call Meeting To Order
Pursuant to due call and notice thereof, the meeting of the Economic Development
Authority was called to order at 5:30 p.m. by Vice President Tveite.
2. Consider Agenda
MOVED BY COMMISSIONER MOTIN AND SECONDED BY
COMMISSIONER WESTGAARD TO APPROVE THE JULY 13, 2009 EDA
AGENDA. MOTION CARRIED 5-0.
3. Consider Consent Agenda
MOVED BY COMMISSIONER TOUCHETTE AND SECONDED BY
COMMISSIONER MOTIN TO APPROVE THE CONSENT AGENDA AS
FOLLOWS:
3.1. JUNE 8, 2009 REGULAR MEETING MINUTES
3.2. CHECK REGISTERS
3.3. BALANCE SHEET
3.4. REVENUE/EXPENDITURE REPORT
MOTION CARRIED 5-0.
4. Open Mike
No one appeared for Open Mike.
Consider Micro Loan Request for Sweet P's Ice Cream & Candies
Ms. Deckert presented the staff report. She noted the loan should be contingent upon
conditional use permit approval bythe City Council.
Tim Jeanetta, applicant -Provided his business experience background at the request of
Commissioner Touchette.
Commission Tveite noted that a verycomprehensive business plan was presented to the
Finance Committee.
Economic Development Authority Minutes
July 13, 2009
Page 2
MOVED BY COMMISSIONER MOTIN AND SECONDED BY
COMMISSIONER ZERWAS TO APPROVE A $20,000 MICRO LOAN TO SWEET
P'S ICE CREAM & CANDIES CONTINGENT UPON CONDITIONAL USE
PERMIT APPROVAL BY THE CITY COUNCIL WITH THE FOLLOWING
TERMS:
1. TWO PERCENT INTEREST, FIVE YEAR AMORTIZATION.
2. SECURITY AS A SUBORDINATE POSITION ON ALL BUSINESS
ASSETS.
MOTION CARRIED 5-0.
Consider Micro Loan Extension for Waterfall Salon
Ms. Deckert presented the staff repon. She noted the balloon payment would be due on July
8, 2011.
Commissioners Tveite and Motin concurred that the amendment should be re-adjusted due
to current economic conditions.
MOVED BY COMMISSIONER WESTGAARD AND SECONDED BY
COMMISSIONER TOUCHETTE TO APPROVE A ONE YEAR EXTENSION
FOR THE WATERFALL SALON MICRO LOAN AT A 3% INTEREST RATE
WITH A REDUCTION OF THE MONTHLY PAYMENT OF $1,074.53 TO
$537.27 WITH A BALLOON PAYMENT DUE ON JULY 8, 2011. MOTION
CARRIED 5-0.
7. Other Business
There was no Other Business.
8. Adjournment
There being no other business, Vice President Tveite adjourned the meeting of the Elk River
Economic Development Authority at 5:40 p.m.
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Tina Allard, City Clerk
vim` 1.
Patrick Dwyer, President