07-20-2015 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes Page 2 July 20, 2015 President Tveite opened the public hearing. There being no one to speak to this issue, President Tveite closed the public hearing. Ms. Othoudt noted Finance Committee reviewed this request and recommended approval. Moved by Commissioner Westgaard and seconded by Commissioner Provo to adopt resolution 15-04 authorizing a two-year extension to the maturity date of the note and loan agreement to 1922$ LLC (Promo Products Project). Motion carried 5-0. 6.1. Sportech, Inc. Property Tax Abatement Financing Application Ms. Othoudt presented the staff report. Mikaela Huot, Springsted — explained the abatement structure. Moved by Commissioner Westgaard and seconded by Commissioner Wagner to recommend City Council approval of the tax abatement application for Envision Companies, LLC. (Sportech Inc). Motion carried 5-0. 6.2 Morrell Companies, Inc. Property Tax Abatement Financing Ms. Othoudt presented the staff report. Moved by Commissioner Provo and seconded by Commissioner Olsen to recommend City Council approval of the property tax abatement assistance for Scott Morrell, LLC/Morrell Oversize (Morrell Companies). Motion carried 5-0. 6.3 Morrell Companies, Inc. Industrial Incentive Microloan Application Ms. Othoudt presented the staff report. Coinrnissioner Provo thanked staff for working with Morrell Companies. President Tveite concurred. Moved by Commissioner Wagner and seconded by Commissioner Westgaard to recommend City Council approval of the Jobs Incentive Microloan application for Scott Morrell, LLC/Morrell Oversize (Morrell Companies). Motion carried 5-0. 6.S Director's Report Ms. Othoudt presented the director's report. > l URE.