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MEETING OF THE EDA FINANCE COMMITTEE <br /> HELD AT THE ELK RIVER CITY HALL <br /> FRIDAY, MARCH 29, 2013 <br /> Members Present: Chad Vitzthum,Larry Toth,Paul Motin,Nate Ovall,Cliff Lundberg,Dan Tveite <br /> Members Absent: None <br /> Staff Present: Assistant Director of Economic Development, Clay Wilfahrt, <br /> Others Present: Bruce DeWitt,Blue Egg Bakery,Tim Dolan and Annie I ckert, Decklan Group,Peter <br /> Orluck, Orluck Industries, Dan Bosshart and Lloyd Pson,Preferred Powder Coating <br /> 1. Call Meeting to Order ��� <br /> Assistant Director of Economic Development Clay Wilfahrt cad the meeting to order at 7:30am <br /> 2. Consider Downtown Revitalization Loan for Blue Egg Market <br /> Mr.Wilfahrt reviewed the staff report. <br /> Mr. Lundberg asked if the EDA should seek a position Blue _ existing building. Tim Dolan of <br /> the Decklan Group who was working with the applicant s' : f iat the y would be oka y <br /> with that. <br /> Bruce DeWitt introduced himself and ex�':', ed about Blue E:\:, t4 ery. They just celebrated their first <br /> anniversary. He explained that high end: :. ® ,d cakes have be° ® Ming well which led them to the <br /> idea of expanding. <br /> AV Av <br /> The committee discussed the fact that the loan was a 10 y and direct loan. Mr. Oval stated that <br /> the baker equipment lasted a ' time. The committee was okay with the term and the fact that the loan <br /> was direct. The core ttee lik . e fact that theme'.an was fully amortized. <br /> Several members of the c tt c mentioned that it was good to see the applicants had extensive <br /> experience in management,. <br /> MOVED BY MOTIN AND C�ONDED BY TVEITE TO RECOMMEND APPROVAL OF <br /> TH\,� APPLICATION FORA 1 TOWN REVITALIZATION MICROLOAN FOR BLUE <br /> EGIBAKERY. MOTION CAR . • 6-0. <br /> 3. Consider oan A. Dlicati t s for the For''vable Loan Pro! am—Alliance Machine Orluck Industries <br /> Preferred P f Niti wr Coatin <br /> Lloyd PetersOn4ad Dan Bosshart of Preferred Powder Coating introduced themselves and explained <br /> their business and theirplans to move to Elk River. <br /> Commissioner Vitzham noted that he is working with the applicants, and that he would abstain from <br /> voting. <br /> Mr.Tveite stated that the project fit exactly into what the EDA was looking for when they created the <br /> program. <br /> MOVED BY LUNDBERG AND SECONDED BY TOTH TO RECOMMEND APPROVAL <br /> OF THE APPLICATION BY PREFERRED POWDER COATING FOR A FORGIVABLE <br /> LOAN IN THE AMOUNT OF $200,000. MOTION CARRIED 5-0 WITH COMISSIONER <br /> VITZHAM ABSTAINING. <br />