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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 Ovall <br /> Staff Present: Assistant Director of Economic Development,Clay Wilfahrt,Tom Sagstetter,ERMU <br /> Others Present: Annie Deckert,Decklan Group <br /> Call Meeting to Order ,_ <br /> Assistant Director of Economic Development Clay Wilfahrt cad the . D g to order at <br /> 7:30am <br /> 2. Consider Industrial Incentive Microloan for PreferredPowder Coating %/ <br /> Mr.Wilfahrt reviewed the staff report. <br /> Mr. Lundberg asked if the jobs required as part of the oth$ ubsidy 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 was easily covered by the •er they plan to create. Mr. Lundberg <br /> also asked if our subsidy policy requires that the business have a • lic hearing at Council,but Mr. <br /> `,��� <br /> Wilfahrt stated that it was tied to statute. 4„ <br /> MOVED BY LUNDBERG AND SECONDED BY TVEF 'I TO RECOMMEND APPROVAL <br /> OF THE APPLICATI ' AN INDUSTRIAL INCENTIVE MICROLOAN FOR <br /> PREFERRED POWDER ING MOTION FAILED 3-0, COMMISSIONER VITZHAM <br /> ABSTAINED. ��� <br /> 3. Discuss the Microloan Miry and 'commend Changes <br /> Mr.Wilfahrt ��r <br /> ��r � ed the staff report ' , <br /> iz <br /> The committee discus"sCd how much of the energy efficiency microloan should have to be used for <br /> energy/efficiency improve nts. The consensus of the committee was that 50% of the loan should be <br /> used foti� ergyefficienc ! e definition of energy efficiency i /o s to be the same as what ERMU and <br /> other area ties use. 4%%%% <br /> The committe-;• ussed using microloan funds for working capital, and the consensus of the committee <br /> was to not fund vi i i capital. The committee also came to a consensus that non-profits should not <br /> be excluded as long adiey 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 />