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MEETING OF THE EDA FINANCE COMMITTEE <br /> HELD AT THE ELK RIVER CITY HALL <br /> THURSDAY, JUNE 20, 2013 <br /> Members Present: Paul Motin, Cliff Lundberg,Dan Tveite, Chad Vitzham <br /> Members Absent: Larry Toth,Nate Ova11 <br /> Staff Present: Assistant Director of Economic Development, Clay Wilfahrt,Tom Sagstetter, ERMU <br /> Others Present: Annie Deckert,Decklan Group <br /> 1. Call Meeting to Order ��� ` vA� <br /> Assistant Director of Economic Development Clay Wilfahrt cod the .• to order at <br /> 7:30am <br /> 2. Consider Industrial Incentive Microloan for Preferred;t'owder Coating,' <br /> Mr. Wilfahrt reviewed the staff report. ,���� ����� <br /> Mr. Lundberg asked if the jobs required as part of the on ce l dy projects would overlap with the jobs <br /> required for the microloan. Mr. Wilfahrt explained that Pre .. Powder would be required to create a <br /> certain amount of jobs for each that way covered by the • .er they plan to create. Mr. Lundberg <br /> also asked if our subsidy policy requires 44\4 ,business have a 1h s shearing at Council,but Mr. <br /> Wilfahrt stated that it was tied to statute. �� �\ �'� <br /> k <br /> MOVED BY LUNDBERG AND SEGO 4EISY vr0 RECOMMEND APPROVAL <br /> OF THE APPLICAT R AN INDiTRIAL INCTTIVE MICROLOAN FOR <br /> PREFERRED POD C v` ING MOTICIN FAILE13-0 COMMISSIONER VITZHAM <br /> ABSTAINED. A �\ <br /> 3. Discuss the Microloan an nimend Changes <br /> p rt �:`\\\\ . � \ <br /> Mr. Wilfa . 4�wed the S ,� e ort.� �, <br /> \\ `\ <br /> The mmittee discu\ how m`C kof the energy efficiency microloan should have to be used for <br /> eii r efficiency impro ; ,tents. Thh 'oi sensus of the committee was that 50% of the loan should be <br /> used f` nergy efficiency The defix on of energy efficiency is to be the same as what ERMU and <br /> � <br /> other aree. ties use. <br /> The committee •',.cussed ng microloan funds for working capital, and the consensus of the committee <br /> was to not fund i ng�capital. The committee also came to a consensus that non-profits should not <br /> be excluded as long s ey meet the other requirements of the policy. <br /> The committee requested that staff compare the current downtown area with the downtown area as <br /> defined by the Downtown Plan. <br /> Staff will draft revisions to the policy and bring to the next Finance Committee meeting for review. <br /> 4. Closing <br /> The EDA Finance Committee meeting ended at 8:17 a.m. <br />