EDA MIN 06-09-2014 - Laserfiche WebLink

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t:itv f'nutnce(:om uttce Minutes Page 2 June o),2014 • In the case where the multiple Sources of public financing are requested (e.g. 1licroloan and Wax Increment Financing) job creation goals shall not be double-counted. • Request a current job list from applicant; • Add a relocation expense component,including allowing discretion if the developer will be decreasing jobs but increasing the tax base. Moved by Motin seconded by Lundberg to direct Springsted to revise the policy per input from the members and to schedule a meeting to review the policy and revisions. Motion carried 4-0. 2.2 Ethanol Technology Default Director Reeman provided an update for the members as it has been several months since the default process was initiated. .1t the December 10, 2013 Iil).\ Finance Committee meeting, the committee directed staff work with the 11),\ attorney to collect on 1.thanol 'Technology's microloan default for the remaining balance of S66,729.66. It was noted that late last year the bank had written off this loan and did not intend to go after the borrower. The 1:.I).1 concurred with the F1):1 Finance Committee's recommendation to pursue a payback from the borrower. Since that time, the F1):1's attorney has been attempting to solicit a response from the bank to sign off on the assignment of the loan and to receive an accurate principal balance due from the borrower, including the last date any interest was paid. Because it has been several months since the process was initiated, staff felt the need to update the committee. The 1;.I).\ attorney provided a memo updating the committee on the process of requesting that the bank sign over its interests so that the 1::l) 1 can pursue collection. Chad 1'itzhum, a representative from First National Bank of I'.lk River, apologized for the bank's slow response and indicated that they would have an answer within a week. I f a response is not provided by the bank within one a cek from the date of this meeting, the attorney will be writing a letter to the hank requesting that they respond to the documents sent to them. 4. Adjournment There being no further business, Director Beeman adjourned the meeting of the Finance Committee at 9:02 a.m. Minutes {txfepaf-xtl v Colleen I.ddy. "Tina .Allard, City Clerk A,74,24...1..._ Brian Beeman, Economic Development Director P O W E R ED 11 NATURE