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Economic Development Authority Minutes July 10, 2006 Page 2 Assistant Director of Economic Development Heidi Steinmetz explained that ENSA is a high tech data analysis tool for using industry statistics to better recruit potential manufacturing industries. She noted there are four ENSA regions, and that Elk River is included in the "Metro Fringe" region along with the communities within Sherbtune and Wright counties. Ms. Steinmetz stated that the Initiative Foundation will contribute $7,500 toward the cost of the $10,000 proposal to complete the comprehensive research on the selected set of potential targeted manufacturing industries as part of the Metro Fringe ENSA project. The Metro Fringe group is hoping to raise the remaining $2,500 ($1,250 from Wright County and $1,250 from Sherburne County). Staff recommends that the EDA consider a contribution of $500 to betaken from its 2006 marketing budget for this project. President Gongoll asked if the study will detemvne which community a particular industry would be best suited for. Ms. Steinmetz stated that it would not be that specific, but would be region-specific. Ms. Mehelich explained that ENSA is a database tool designed for industry retention and recruitment, and that further research could follow on defined target industries, such as location criteria, wages, where are they located now, etc. Commissioner Tveite asked if specific names would be given for prospect recruitment. Ms. Mehelich slated yes, and that the goal is successfully locate at least one company per county as result of the data. Commissioner Dwyer asked if labor resources are taken into consideration, and, what happens if the analysis identifies a specific industry in another city; could potential conflicts arise by competing for businesses between the different regions? President Gongoll suggested that each of the cites contribute half the amount, and the County could match it. Commissioner Motin questioned having a goal of locating one new business for all of Sherburne County. He stated that he had questions with the process and would like more time to consider it. It was the consensus of the Commission to continue discussion of this issue at the next regular meeting. 6. Consider Loan Extension Request Lake Assault Custom Boats, LLC Ms. Steinmetz provided background information regarding the $50,000 3.25% Micro Loan to Lake Assault Custom Boats, LLC. The company has requested atwo-year extension on the loan. She noted that the company has fulfilled the goals of their job performance agreement and has made consis[ent loan payments. Staff recommends approval of the two- year extension per the Finance Committee's recommended terms. MOTION BY COMMISSIONER MOTIN, SECONDED BY COMMISSIONER TVEITE TO APPROVE ATWO-YEAR EXTENSION OF THE LAKE ASSAULT CUSTOM BOATS, LLC MICRO LOAN WITH THE FOLLOWING TERMS: • PRIME RATE OF INTEREST AT 8 PERCENT • LOAN REPAYMENT SCHEDULE BE ADJUSTED RETROACTIVE AS OF THE COMPANY'S JUNE 5, 2006 BALLOON PAYMENT DUE DATE.