Laserfiche WebLink
City Council Minutes Page 16 <br />June 21, 2004 <br /> <br /> Mayor Kdinzing opened the public hearing on the proposed business subsidy involving the <br /> $100,000 micro loan for Badger Ventures, LLC (Gradient Technology). There being no one <br /> to speak to this issue, Mayor I~dinzing closed the public hearing. <br /> <br />Ms. Mehelich also reviewed the tax rebate financing request by Badger Ventures, LLC along <br />with the recommendations of the EDA. <br /> <br />MOVED BY COUNCILMEMBER MOTIN AND SECONDED BY <br />COUNCILMEMBER TVEITE TO ADOPT THE AMENDMENTS TO THE <br />MICRO LOAN POLICY AS OUTLINED IN THE STAFF REPORT WITH THE <br />FOLLOWING CHANGE TO BULLET POINT 3A: <br /> <br />IF BORROWER DEFAULTS ON THE LOAN, THE CITY WILL <br />COLLECT ALL FURTHER PAYMENTS DURING THE DEFAULT <br />BASED ON A PRO RATA BASIS WITH THE PARTICIPATING BANK <br />EXCLUDING THE DISTRIBUTION OF PROCEEDS RESULTING <br />FROM THE FORECLOSURE ON COLLATERAL. <br /> <br />MOTION CARRIED 5-0. <br /> <br />MOVED BY COUNCILMEMBER TVEITE AND SECONDED BY <br />COUNCILMEMBER KUESTER TO APPROVE THE $100,000 MICRO LOAN <br />REQUEST FOR BADGER VENTURES, LLC WITH THE TERMS OUTLINED <br />IN THE STAFF REPORT. MOTION CARRIED 5-0. <br /> <br />MOVED BY COUNCILMEMBER MOTIN AND SECONDED BY <br />COUNCILMEMBER KUESTER TO ADOPT RESOLUTION 04-53 APPROVING <br />PROPERTY TAX ABATEMENTS FOR BADGER VENTURES LLC. MOTION <br />CARRIED 5-0. <br /> <br />MOVED BY COUNCILMEMBER TVEITE AND SECONDED BY <br />COUNCILMEMBER MOTIN TO ADOPT RESOLUTION 04-54 <br />AUTHORIZING EXECUTION OF A TAX ABATEMENT AND BUSINESS <br />SUBSIDY AGREEMENT FOR BADGER VENTURES LLC. MOTION CARRIED <br />5-0. <br /> <br />6.4. <br /> <br />Presentation of Comprehensive Annual Financial Report for Period Ended December 31, <br />2003 <br /> <br />Finance Director Lori Johnson and Steve McDonald of Abdo, Eick, and Meyers presented <br />the 2003 Comprehensive Annual Financial Report (CAFR). <br /> <br />Mr. McDonald stated that this is the first year the city's report was written under GASB34. <br />Ms. Johnson and Mr. McDonald discussed the changes in the reporting format and <br />presented the highlights of the city's financial condition. He stated that there were no <br />reportable conditions or instances of non-compliance. He stated that the general fund is <br />within the range recommended by the Office of the State Auditor. <br /> <br />Ms. Johnson reviewed the special funds and the fire rel/ef association annual report. <br /> <br />MOVED BY COUNCILMEMBER DIETZ AND SECONDED BY <br />COUNCILMEMBER KUESTER TO ACCEPT THE COMPREHENSIVE <br /> <br /> <br />