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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 Deckert,Decklan Group,Peter <br /> Orluck,Orluck Industries,Dan Bosshart and Lloyd Peterson,Preferred Powder Coating <br /> 1. Call Meeting to Order <br /> Assistant Director of Economic Development Clay Wilfahrt called the meeting to order at 7:30am <br /> 2. Consider Downtown Revitalization Loan for Blue Egg Market <br /> Mr.Wilfahrt reviewed the staff report. <br /> Mr. Lundberg asked if the EDA should seek a position on Blue Egg's existing building. Tim Dolan of <br /> the Decklan Group who was working with the applicant stated that they would be okay with that. <br /> Bruce DeWitt introduced himself and explained about Blue Egg Bakery. They just celebrated their first <br /> anniversary. He explained that high end breads and cakes have been selling well which led them to the <br /> idea of expanding. <br /> The committee discussed the fact that the loan was a 10 year term and direct loan. Mr. Oval stated that <br /> the baker equipment lasted a long time The committee was okay with the term and the fact that the loan <br /> was direct. The committee liked the fact that the loan was fully amortized. <br /> Several members of the committee mentioned that it was good to see the applicants had extensive <br /> experience in management and business ownership. <br /> MOVED BY MOTIN AND SECONDED BY TVEITE TO RECOMMEND APPROVAL OF <br /> THE APPLICATION FOR A DOWNTOWN REVITALIZATION MICROLOAN FOR BLUE <br /> EGG BAKERY. MOTION CARRIED 6-0. <br /> 3. Consider the Loan Applications for the Forgivable Loan Program—Alliance Machine, Orluck Industries, <br /> Preferred Powder Coating <br /> Lloyd Peterson and Dan Bosshart of Preferred Powder Coating introduced themselves and explained <br /> their business and their plans 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 />