08-13-2007 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes August 13, 2007 Page 2 Reworded following sentence: "As a councilmember, Mr. Motin knows that the ert4y rip macy objection the Council had to the dca€e plan previouslypresented to the Council was keeping Highway 10 at grade." 4. n Mik No one appeared for open mike. 5. Consider Micro Loan Extension Request -Badger Ventures, LLC Assistant Director of Economic Development Heidi Steinmetz indicated a Micro Loan was granted to Badger Ventures in May 2005, which matured July 10, 2007. She stated that typically, Micro Loan terms last for five yeazs; however, the May 2005 loan was meant to match the company's financing with The Bank of Elk Rivet She indicated that on July 25, 2007, the Finance Committee reviewed a Micro Loan request from Exic Haehn of Badger Ventures, LLC to extend the loan to the full five years. The Finance Committee recommended approval of the extension. Eric Haehn, Badger Ventures, LLC -asked the EDA to consider waiving the $500 loan processing fee because this is an extension of a previous loan. Director of Economic Development Catherine Mehelich indicated that the $500 fee is used for document processing fees incurred by the attorney preparing the loan documents. She stated that staff has not reviewed the necessary paperwork modifications yet but would not be opposed to waiving the fee if the EDA feels it appropriate. MOVED BY COMMISSIONER TVEITE AND SECONDED BY COMMISSIONER MOTIN TO APPROVE THE REQUEST FROM ERIC HAEHN OF BADGER VENTURES, LLC FOR A MICRO LOAN EXTENSION WITH TERMS AS RECOMMENDED BY THE FINANCE COMMITTEE AND TO COLLECT ACTUAL COSTS INCURRED IN LIEU OF THE $500 PROCESSING FEE. MOTION CARRIED 7-0. 6. Consider Year 2008 EDA Budeet and Resolution Regarding Tax Lew Director of Economic Development Catherine Mehelich reviewed details of the 2008 proposed EDA budget. MOVED BY COMMISSIONER MOTIN AND SECONDED BY COMMISSIONER FARBER TO APPROVE THE PROPOSED 2008 EDA BUDGET AS PRESENTED BY STAFF IN THE EDA MEMO DATED AUGUST 13, 2007. MOTION CARRIED 7-0. MOVED BY COMMISSIONER KLINZING AND SECONDED BY COMMISSIONER DWYER TO ADOPT RESOLUTION 07-04 ESTABLISHING THE TAX LEVY FOR THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELK RIVER, MINNESOTA. MOTION CARRIED 7-0.