04-12-2004 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes April 12, 2003 Page 4 Commissioner Motin stated that it appears that the EDA will need to look at this issue again. Ms. Mehelich suggested the Finance Committee look at the potential Micro Loan application. Commissioner Dwyer suggested having a special EDA meeting to consider approval if necessary earlier. Ms. Mehelich stated that she did not think that Gradient Technology would apply for the Micro Loan. Commissioner Tveite feels the EDA should review the application prior to council and asked about the timeframe. He felt completing everything in 4 weeks could be difficult. Gradient Technology Vice President/CFO Eric Haehn stated that he would be hearing from two banks at the end of this week. He stated that they need to begin construction in May if they are going to do this project this year. Commissioner Tveite asked how long it would take for completion of the but-for analysis. Ms. Mehelich estimated that it could be done in approximately 24 hours. Commission Klinzing asked if the company is asking for tax abatement from the County. Ms. Mehelich stated that the company hasn't received an application as of yet. She stated that the County Board would have to hold a public hearing also. She suggested that the EDA meet again to expedite this process but she has concerns with the County's lack of response on the issue. Ms. Mehelich stated that the County's process on Tax Rebate Financing is a review by the Sherburne County Economic Development Alliance for recommendation to the County Board. Upon the recommendation they would publish a public hearing notice for the Sherburne County Board of Commissioners, which does require a 10-day publication period before they can hold the public hearing. So without receiving the application it will delay the process. The County's approval is also contingent upon the City's approval. 8. Other Business There was no other business. Adjournment The meeting of the Elk River Economic Development Authority adjourned at 6:29 p.m. m.~r~ Joan Schmidt City Clerk