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MEETING OF THE EDA FINANCE COMMITTEE <br />HELD AT THE ELK RIVER CITY HALL <br />WEDNESDAY, JUNE 14, 2006 <br />Members Present: Chris Carlson, Cliff Lundberg, Tom McNair, Paul Motin, Dave <br />Rymanowski and Dan Tveite <br />Staff Present: Director of Economic Development Catherine Mehelich and <br />Assistant Director of Economic Development Heidi Steinmetz <br />Accept September 28. 2005 EDA Finance Committee Minutes <br />The September 28, 2005 EDA Finance Committee Minutes were accepted. <br />2. Consider Micro Loan Extension Request: Lake Assault Custom Boats. LLC <br />Assistant Director of Economic Development Heidi Steinmetz provided a summary <br />(terms, job performance goals achieved, payment history, etc.) of the $50,000 EDA <br />Micro Loan provided to Lake Assault Custom Boats, LLC in 2003. She indicated <br />that the company has requested atwo-year extension. <br />Lake Assault president, Jexxy Atherton, summarized the current status of the <br />company and distributed company brochures. Mx. Atherton indicated his need to <br />lease more square footage but that he likes his current location in the Decker <br />building on East Hwy 10. <br />Committee member Dan Tveite inquired about current sales. Mx. Atherton <br />indicated that sales have typically doubled each year and that he expects the same fox <br />this year. Mx. Tveite mentioned that it's good that Lake Assault is modifying their <br />product line to meet market needs. <br />Mx. Atherton mentioned that the company has seen difficult times, especially each <br />November, but that his outlook remains positive. He added that his niche is not <br />boat dealers who sell in large volumes. <br />Committee member Tom McNair asked Mx. Atherton if the Rogers Cabelas has <br />impacted Lake Assault. Mx. Atherton stated that its nearby location is a good thing <br />and that Cabelas may carry Lake Assault's duck boat. <br />Committee member Chris Carlson asked if Mx. Atherton is seeing Lake Assault's <br />margins improve now that the company has txansitioned to manufacturing <br />commodity boats. Mx. Atherton stated "yes." <br />Finance Committee member Cliff Lundberg inquired about the negative notes <br />receivable line on the company's 2005 year end fmancial reports. Mr. Atherton <br />indicated that the company's software indicates deposits vs. sales, which relates to <br />