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Economic Development Authority Minutes August 9, 2010 Page 3 • President Touchette stated that Energy Ciry is something that can be used support existing businesses, as well as attracting new businesses. 8. Marketing Update Ms. Deckert provided a marketing update as outlined in her staff report. Discussion took place on transit opportunities from the Elk River Rail Station to other parts of Elk River. Ms. Johnson stated she has had conversations with River Rider but this would be a good topic for discussion at the joint Council/County Board meeting scheduled for Tuesday. 9. Other Business Ms. Mehelich provided updates on three micro loans. Kowa Tool She stated that the business moved to Wisconsin in 1998 but continued to make payments on their micro loan. The city was notified in early May that the company was closing. The last payment the city received was in May. She stated staff is working with the city attorney and the State DEED Office to come to a resolution. She noted that the security on this loan is written loosely so there may not be recoverable assets. Ethanol Technologies of M1V She stated the last payment the city received was in November 2009. She explained this . micro loan was structured as a participation loan with First National Bank of Elk River. She stated the bank is working with the applicant trying to restructure the loan and staff is hopeful the restructure documents will be signed soon. Waterfall Salon She stated that the last payment received on this loan was earlier this year. She stated that the Bank of Elk River is working on a settlement with the applicant. Sportech She stated that the Sportech 2003 grant/micro loan has recently been paid off in full. 10. Adjournment There being no other business, President Touchette adjourned the meeting of the Elk River Economic Development Authority at 6:24 p.m. Minutes prepared by Jessica Miller. ~~~ Tina Allard, City Clerk i~~ • Ron Touchette, President