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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 ert,Decklan Group,Peter <br /> Orluck, Orluck Industries, Dan Bosshart and Lloyd Peterson,Preferred Powder Coating <br /> 1. Call Meeting to Order e \� <br /> Assistant Director of Economic Development Clay Wilfahrt cated 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 o V.lue x' existing build g. Tim Dolan of <br /> the Decklan Group who was working with the applicant s *c 8 at they would be okay with that. <br /> Bruce DeWitt introduced himself and explained about Blue E .leery. They just celebrated their first <br /> anniversary. He explained that high end'1.te\axtskikd cakes have be . ling well which led them to the <br /> idea of expanding. <br /> The committee discussed the fact that the loan wasay10 year�te*and direct loan. Mr. Oval stated that <br /> the baker equipment laste ® time. The co mttee was okay with the term and the fact that the loan <br /> committee direct. The comttee like e fact that the` oan was fully amortized. <br /> Several members of the�com mittee,mentioned that it:w �a s good to see the applicants had extensive <br /> experience in management d business t. vneership <br /> MOVED BY MOTIv,AND`S ONDED BY TVEITE TO RECOMMEND APPROVAL OF <br /> THE APPLICATION FOR A ® !WNTOWN REVITALIZATION MICROLOAN FOR BLUE <br /> EGGvBAKERY. MOTI CAR 6-0. <br /> \' <br /> 3. Consider e Loan Apphcat s for the Forgivable Loan Program—Affiance Machine, Orluck Industries, <br /> Preferred P°"'tier Coating <br /> Lloyd Petersc4\*nd Dan Bosshart of Preferred Powder Coating introduced themselves and explained <br /> their business ands their plans 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 />