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Economic Development Authority Minutes Page 4 <br />January 14, 2002 <br />8. Consider Spoxtech Micro Loan Extension <br />Catherine Mehelich indicated that Spoxtech has requested the EDA to consider reFinancing <br />the balance of their loan for atwo-year extension as allowed by the Micro Loan Policy. She <br />stated that the Carlsons have been timely in their loan payments to the City over the past <br />three years. Catherine recommended the EDA authorize atwo-year extension of the loan at <br />a rate of 7.25%. <br />COMMISSIONER MOTIN MOVED TOAUTHORIZE ATWO-YEAR <br />EXTENSION OF THE MICRO LOAN TO CHRIS & DEBRA CARLSON OF <br />SPORTECH, INC. AT A MARKET RATE OF 7.25%. COMMISSIONER TVEITE <br />SECONDED THE MOTION. THE MOTION CARRIED 6-0. <br />Other Business <br />There was no other business. <br />10. Adjournment <br />There being no other business, COMMISSIONER TVEITE MOVED TO ADJOURN <br />THE MEETING. COMMISSIONER MOTIN SECONDED THE MOTION. <br />THE MOTION CARRIED 6-0. <br />The meeting of the Elk River Economic Development Buthoriry adjourned at 6:45 p.m. <br />c~I-~K~ Q ~~P <br />Sandra Peine <br />City Clerk <br />