6.1 EDSR 11-16-2015 - Laserfiche WebLink

Home Browse Search

El of Request for Action River To item Number Economic Development Authority Finance Committee 2.2 Agenda Section Meeting Date - Prepared by General Business June 9,2014 Brian Beeman,Directory of Economic Development Item Description Reviewed by Ethanol Technology Default Jeremy Barnhart,Deputy Director,CODD Reviewed by Action Requested Hear update regarding Ethanol Technology. Background/Discussion At the December 10,2013 EDA Finance Committee meeting,the Committee directed staff work with the EDA attorney to collect on Ethanol Technology's microloan default for the remaining balance of $66,729.66.It was noted late last year that the bank had written off this loan and did not intend to go after the borrower.The EDA concurred with the EDA Finance Committee's recommendation to pursue a payback from the borrower. Since that time,the EDA'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 EDA attorney has provided a memo updating the Committee on the process by requesting that the bank sign over its interests so that the EDA can pursue collecting. If a response is not heard from the bank within one week from the date of this meeting, the attorney will be writing a letter to the bank requesting that they participate in a response to the documents sent to them. Financial Impact None. Attachments • Memo dated June 3,2014 from Campbell Knutson Law Firm • Draft Assignment Agreement from Campbell Knutson Law Firm • Draft Allonge to Promissory Note from Campbell Knutson Law Firm • EDA Finance Committee November 5,2013 Packet • EDA Finance Committee December 10,2013 Packet ? iauti ft NAM