7.1 EDSR 11-18-2013 - Laserfiche WebLink

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met since the agreement was signed in 2006. The committee will be determining the pay back amount of the unmet goals going back to 2006.It is anticipated that the committee will have a recommendation ready for the EDA at its December 16,2013 or January 20,2013 regular meeting. Forgivable Loan EDD staff has received an application for the Forgivable loan program. Staff has requested and is waiting for additional information. Once received, staff will be reviewing the application and submitting it to the EDA Finance Committee for review in December. Staff has contacted DEED and they are aware of the application. From recent conversations,DEED is cooperative in allowing the City to close on the loan in 2014.As long as the City continues an open dialog,and they are aware that the City is using the money, they are flexible on the 2013 deadline. MNCAR Expo EDD staff attended the Minnesota Commercial Association of Realtors (MNCAR) Expo October 24, 2013 in Minneapolis as a sponsor to promote the City and network with potential developers. Chanda Knoof,EDD Marketing Intern and Debbi Rydberg,Elk River Area Chamber of Commerce Director was in attendance. They were successful in networking and obtaining developer contacts. The contacts will be included in the update to the city's developer contact list. Realtors Day EDD staff participated in the 2' annual Realtors Day held in Elk River November 13,2013 from 9:00 a.m.to Noon at City Hall.Various members of the City staff made presentations to a group of realtors in order to inform them of Elk River city services for processing their development projects.Mayor John J. Dietz kicked off the event with a short welcome presentation. The event was well received. Ethanol Technology Ethanol Technology is bankrupt and therefore has defaulted on its microloan. The bank has written off this loan and EDD staff has presented the situation to the EDA Finance Committee for review. The Committee requested that staff determine if there are any personal guarantees to go after. Originally, when staff had contacted the attorney, it was assumed that there were no assets to recover. Staff will be taking this issue back to the committee in December. Originally,Ethanol Technology was loaned$74,000 and the unpaid balance is $66,729.66. The EDA would have to make formal approval to write off the loan as uncollectible. Financial Impact N/A Attachments • Bank of Elk River letter N:\Departments\Community Development\Economic Development\EDA\Adminstrative\Agenda\EDA Agenda\Year2013\11-18-2013\7.1 sr Project Updates.docx