Laserfiche WebLink
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)cckert, Decklan Group,Peter <br /> Orluck, Orluck Industries, Dan Bosshart and Lloyd Pterson, Preferred Powder Coating <br /> 1. Call Meeting to Order y rc <br /> Assistant Director of Economic Development Clay Wilfahrt cad the m`e long 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 \�.lue 's xisting building. Tim Dolan of <br /> the Decklan Group who was working with the applicant s V that they would be okay with that. <br /> Bruce DeWitt introduced himself and e ed about Blue Et e�kery. They just celebrated their first <br /> anniversary. He explained that high end breads cakes have be�';verring well which led them to the <br /> idea of expanding. <br /> � t <br /> The committee discussed the fact that the loan was 4t 0 yea and direct loan. Mr. Oval stated that <br /> the baker equipment lasted aoo time. The committee was okay with the term and the fact that the loan <br /> was direct. The committee like 6, fact that the ,oan was fully amortized. <br /> Several members of the commit mentioned that it was good to see the applicants had extensive <br /> experience in management bu- .. `off ership.�� <br /> MOVED BY MOTINANDv SECONDED BY TVEITE TO RECOMMEND APPROVAL OF <br /> THE APPLICATION FOR A DOWNTOWN REVITALIZATION MICROLOAN FOR BLUE <br /> EGG BAKERY. MOTION CARRIED 6-0. <br /> 3. Conside s oan Applica s for the Forgivable Loan Program—Alliance Machine, Orluck Industries, <br /> Preferred P s,.&®:r Coating <br /> Lloyd Petersonand Dan Bosshart of Preferred Powder Coating introduced themselves and explained <br /> their business and their pIans 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 />