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Economic Development Authority Minutes Page 2 <br /> December 16,2013 <br /> 6.2 Bank of Elk River Default • <br /> Mr. Barnhart presented the staff report. <br /> Commissioners Wilson and Dwyer recused themselves from this discussion. <br /> Commissioner Motin provided an update from the Finance Committee's discussion <br /> on this item. <br /> Commissioner Provo questioned if the Bank could be given more time to meet the <br /> goals. Commissioner Motin explained that the time period has already been extended <br /> and no further extensions are allowed by law. <br /> It was noted this item will come back for formal approval in January. <br /> Moved by Commissioner Motin and seconded by Commissioner Westgaard <br /> to develop an amendment to the Business Subsidy Agreement to reduce the <br /> number of jobs required to the 13 achieved by the Bank in December 2010, <br /> allow tax abatement payments to continue as contemplated under the <br /> Agreement up to a maximum of$195,000 within the 12 year period provided <br /> under the Agreement, and to consult with the Bank on how they would like <br /> the remainder of the abatement paid out. Motion carried 5-0. Commissioners <br /> Wilson and Dwyer abstained. • <br /> 6.3 Sportech Forgivable Loan Application <br /> Mr. Barnhart presented the staff report. <br /> Moved by Commissioner Dwyer and seconded by Commissioner Provo to <br /> prepare a loan agreement for Sportech as recommended by the Economic <br /> Development Authority Finance Committee to be formally approved in <br /> January. Motion carried 7-0. <br /> 6.4 Nature's Edge Business Center Phase II <br /> Mr. Barnhart presented the staff report. <br /> Commissioner Wilson questioned if there is enough interest in the project to warrant <br /> the expenditure. Mr. Barnhart and Mr. Beeman explained that staff receives two to <br /> three calls a day from all types of industries but many times they are looking for land <br /> available soon and are turned away. Mr. Beeman commented that moving up Phase <br /> II will help the city be prepared for future development inquiries. <br /> Commissioner Westgaard questioned the construction timeline. Mr. Barnhart <br /> indicated that assuming all funding comes together and appropriate plans are <br /> • <br /> P WEfE . er <br /> INATUREJ <br />