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of Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority Finance Committee 4.2 <br /> Agenda Section Meeting Date Prepared by <br /> General Business June 23,2014 Brian Beeman,Directory of Economic <br /> Development <br /> Item Description Reviewed by <br /> Ethanol Technology Default Jeremy Barnhart,Deputy Director,CODD <br /> Reviewed by <br /> Action Requested <br /> Hear update regarding Ethanol Technology. <br /> Background/Discussion <br /> As directed by the EDA in December,staff has been pursuing collection of$66,729.66,the unpaid <br /> balance of a microloan given to Ethanol Technology August 25,2008. <br /> Staff has been attempting to solicit a response from the bank to formally agree on the assignment of the <br /> loan and to receive an accurate principal balance due from the borrower,including the last date any <br /> interest was paid.The$66,729.66 may increase due to accrued interest. <br /> On June 9,2014 Chad Vitzhum,a representative of First National Bank of Elk River and the lender, <br /> reported that an answer is expected by June 16th.To date,no response has been received. If a response is <br /> not heard from the bank by the end of the meeting,the attorney will write a letter to the bank requesting <br /> a response to the documents sent to them. <br /> Financial Impact <br /> None. <br /> Attachments <br /> • EDA Finance Committee Packet dated June 9, 2014 <br /> IUIEIEI It <br /> NATURE <br />