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MEETING OF THE EDA FINANCE COMMITTEE <br /> HELD AT THE ELK RIVER CITY HALL <br /> TUESDAY, MARCH 5, 2013 <br /> Members Present: Chad Vitzthum,Larry Toth,Paul Motin, Nate Ovall, <br /> Members Absent: Cliff Lundberg,Dan Tveite <br /> Staff Present: Assistant Director of Economic Development,Clay Wilfahrt,Tom Sagstetter, ERMU <br /> Others Present: :yv <br /> vvv -N <br /> 1. Call Meeting to Order <br /> Assistant Director of Economic Development Clay Wilfahrt call th v�.eting to order at 7:30am <br /> 2. Consider Enerti Efficienc Im.rovement Pro'ram Micr. oL A.'.lication ,Coffee Shop and <br /> Fitness Studio � ��\ <br /> Mr. Wilfahrt reviewed the staff report. Kacey Botti :%u submitted an applicationy ' n Energy <br /> Efficiency Microloan. She requested a loan amo le's„�,, 2,304 at 3% fixed rate w4(.',...-°ven-year <br /> amortization. \\ \" <br /> Ms. Bottineau informed the committee of her business plat. .J.en a coffee shop and fitness studio. <br /> She stated that she has spoken with areap.pa� 'zations to start-•Wing classes. <br /> Ms. Bottineau left the meeting. \� �`v,��,, <br /> The Committee discussed the application. Bo.. Mrs va • 6.Vitzthum expressed concerns about <br /> the business plan and thvl o' experience of applicant. r. Vitzthum also expressed concern about <br /> getting away from tl gap final, and moving`t ward a direct loan. <br /> '` <br /> Mr. Motin asked if the .. •tte would be interest .'in working with Ms. Bottineau on just the energy <br /> efficiency improvements o‘.,,, s,...,. .av _ . cludv that the applicant should seek to strengthen the <br /> business pun . c re-ap 4,;a._:. The co :.• also suggested that the applicant seek private <br /> fman \\� ` \` <br /> '�\s.mmittee further �.ssed tl .'e Finance Committee policy should define what constitutes <br /> ener flciency improve , \',„t in the`Microloan Policy and whether or not the loans can cover just the <br /> cost of t1 .fficiency impr.'e' ents or if the entire project can be funded by a microloan. <br /> MOVED BY ; H D SECONDED BY OVALL TO RECOMMEND DENIAL OF THE <br /> REQUEST O, ' ' ER EFFECIENCY LOAN FOR SOUL COFFEE SHOP AND <br /> FITNESS STUDIO;MOTION CARRIED 4-0. <br /> 3. Executive Director's Update <br /> Mr.Wilfahrt outlined the status of outstanding microloans. Mr. Wilfahrt also reviewed plans to <br /> reconsider the Microloan policy and application. <br /> 4. Closing <br /> The EDA Finance Committee meeting ended at 9:00 a.m. <br /> Respectfully submitted by, <br />