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Economic Development Authority Minutes Page 4 <br /> January 19,2016 <br /> Commissioner.Westgaard felt the list presented contained plenty of priorities and felt • <br /> given the current market trend and achievements of 2015,it was a good list of goals <br /> that would best serve the EDA and bring businesses to the community. <br /> 6.8 Discussion of Bylaws and any Suggested Amendments <br /> Ms. Othoudt presented the staff report.There were no suggestions or amendments <br /> required at this time. <br /> 6.9 Patriot Converting Microloan Application <br /> Ms. Othoudt presented the staff report. Mikaela Huot,Vice President/Consultant <br /> from Springsted Incorporated,was available for any questions. <br /> President Tveite indicated this business would show an increase in the efficiency of <br /> their company by consolidating their locations,not requiring shipping raw materials <br /> daily between locations and thereby reducing handling costs. He asked which fund <br /> the finance director suggested this microloan be funded from. <br /> Ms. Othoudt stated at the recommendation of Finance Director Tim Simon,this <br /> microloan should be funded under the microloan fund. <br /> Commissioner Wagner stated she felt this was a good business to locate to Elk River <br /> and this microloan allowed the business to offer employment opportunities and • <br /> consolidate two locations,thereby decreasing operating costs. <br /> Moved by Commissioner Wagner and seconded by Commissioner Olsen to <br /> approve the jobs incentive microloan fund application submitted by Patriot <br /> Converting, Inc., as outlined in the staff report,with funds to be utilized by <br /> the microloan fund. <br /> Motion carried 6-0. <br /> 6.10 Directors Report <br /> Ms. Othoudt presented the staff report. <br /> 7.1 Other Business <br /> There was no other business. <br /> • <br /> NATURE <br />