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)) ,ert,Decklan Group,Peter <br /> Orluck,Orluck Industries,Dan Bosshart and Lloyd Peson,Preferred Powder Coating <br /> 1. Call Meeting to Order <br /> Assistant Director of Economic Development Clay Wilfahrt ciiIed the me to order at 7:30am <br /> 2. Consider Downtown Revitalization Loan for Blue EggMarket <br /> Mr.Wilfahrt reviewed the staff report. <br /> Mr.Lundberg asked if the EDA should seek a position}'- *lue `y,:`'. existing building. Tun Dolan of <br /> the Decklan Group who was working with the applicant s�t. iat they would be okay with that. <br /> Bruce DeWitt introduced himself and e ed about Blue ery. They just celebrated their first <br /> anniversary. He explained that high end . , �; • cakes have b ``eig well which led them to the <br /> idea of expanding. <br /> The committee discussed the fact that the loaf:was 41'40 year rm nd direct loan. Mr. Oval stated that <br /> the baker equipment 14,:: .ti time. The conittee was okay with the term and the fact that the loan <br /> was direct. The committee - fact that the loan was fully amortized. <br /> Several members of the tt ,., •entioned that as good to see the applicants had extensive <br /> experience in managemenP � <br /> MOV BY MOT AND .ONDED BY TVEITE TO RECOMMEND APPROVAL OF <br /> T APPLICATIOF,OR A OWN REVITALIZATION MICROLOAN FOR BLUE <br /> E BAKERY. MOTION "4 6-0. <br /> 3. Conside •an Applications for the Forgivable Loan Program—Alliance Machine,Orluck Industries, <br /> Preferred ' `� Coating <br /> Lloyd Peterson and Dan Bosshart of Preferred Powder Coating introduced themselves and explained <br /> their business and 4-eir ns 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 />