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MEETING OF THE EDA FINANCE COMMITTEE <br /> • <br /> HELD AT THE ELK RIVER CITY HALL <br /> TUESDAY,JUNE I, 2004 <br /> Members Present: Chris Carlson,Steve King, Cliff Lundberg,Tom McNair (excused at 5:20 <br /> for discussion on Badger Ventures recommendation),Paul Motin (excused <br /> at 5:15 p.m.) and Jim Simpson (excused at 5:20 for discussion on Badger <br /> Ventures recommendation) <br /> Members Absent: Dan Tveite <br /> Staff Present: Assistant Director of Economic Development Heidi Steinmetz <br /> 1. Presentation by Duane Goetsch of Badger Ventures.LLC (Gradient Technology) <br /> Mr. Goetsch provided an overview of the project. <br /> The Finance Committee asked questions regarding the following issues: <br /> • Company ownership <br /> • Details regarding a legal tie between Badger Ventures and Gradient Technology <br /> • Proposed lease structure between Badger Ventures and Gradient Technology <br /> • Confirmation 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 MN 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 machinery and equipment <br /> • Whether the jobs located at Gradient Technology's Blaine location will be moved to Elk <br /> River <br /> • Amount of truck deliveries per day <br /> • Need for outside storage <br /> • Confirmation that the potential tiny explosions during testing are indoor only <br /> • Details on the 35%Minority Interest line item on Table 2.1 of Gradient Technology's <br /> Past Financial Performance <br /> • Relationship with Alliant Tech <br /> Mr. Goetsch was excused from the meeting to allow the committee to discuss the <br /> application and determine a recommendation for EDA consideration. <br /> 2. Micro Loan Policy Discussion <br /> Mrs. Steinmetz stated that the Badger Ventures request for$100,000 does not meet the <br /> Industrial Incentive Program criteria,which states that the applicant must locate in the West <br /> Business Park. <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 time. <br /> • Mr. Motin stated that a discussion took place at the recent Economic Development Strategic <br /> Planning Sessions regarding the need for industrial development out west. <br />