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MEETING OF THE EDA FINANCE COMMITTEE <br />HELD AT THE ELK RIVER CITY HALL <br />TUESDAY, JUNE I, 2004 <br /> <br />Members Present: <br /> <br />Chris Carlson, Steve I~d.ng, Ch fl Lundberg, Tom McNaiz (excused at 5:20 <br />for discussion on Badger Ventyn:es recommendation), Paul Motto (excused <br />at 5:15 p.m.) and Jim Simpson (excused at 5:20 for discussion on Badger <br />Ventures recommendation) <br /> <br />Members Absent: <br /> <br />D~n Tveite <br /> <br />$[aff Present: <br /> <br />Assistant Director of Economic Development Heidi Steinmetz <br /> <br />Presentation by Duane Goetsch of Badger Ventures LLC (Gradient Technology) <br />M_r. Goetsch provided an overview of the project. <br /> <br />The Finance Committee asked questions re~rdmg the following issues: <br />· Company ownership <br />· Details regarding a [eg~l tie between Badger Ventures and Gradient Technology <br />· Proposed Iease structure between Badger Ventures and Gradient Technology <br />· Conf'u:mation that Badger Ventures requested the $100,000 yet won't be providing the <br /> proposed 5 jobs. Gradient Technology would actually provide the jobs. <br />· Status.of the company's MaN Technology, Inc. grant <br />· The company's forbearance issue <br />· Expansion needs beyond the proposed project <br />· Experience with government contracts <br />· Aftermarket for the company's macb_inery and equipment <br />· '¢Yhether the jobs located at Gradient Technology's B[aine location will be moved to Elk <br /> River <br /> <br />· Amount of truck deliveries per day <br />· Need for outside storage <br />· Confzrmation that the potential tiny explosions during testing are indoor only <br />· Details on the 35% Minority, Interest l.me item on Table 2.1 of' Gradient TechnologT's <br /> Past Financial Performance <br />· tkelationsh/p with Ali/ant Tech <br /> <br />M_r. Goetsch was excused from the meeting to allow the corrumttee to diSCUSS the <br />application and determine a recommendation for EDA consideration. <br /> <br />M/cro Loan Poticv Discussion <br />M_rs. Steinmetz stated that the Badger Ventures request for $100,000 does not meet d~e <br />Industrial Incenr/ve Program criter/a, which stares that the applicant must locate in the aX/est <br />Business Park. <br /> <br />Mr. McNair stated that when the Industrial Incentive Program criteria were established that <br />SoftPac and the Allina clinic were not located out west at the r-tree. <br /> <br />Mr. Motto scared that a discussion took place at the recent Economic Development Srrate~c <br />Planning Sessions regarding the need for industrial development out west. <br /> <br /> <br />