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Economic Development Authority Minutes Page 2 <br /> October 17,2016 <br /> 3.5 Satisfaction Agreement for Indy Lube,Inc., as outlined in the staff <br /> report. <br /> Motion carried 6-0. <br /> 4. Open Forum <br /> No one appeared for Open Forum. <br /> 5. Public Hearings <br /> There were no public hearing items scheduled for this agenda. <br /> 6.1 Amendment to Loan Documents between Patriot Converting, Inc. <br /> and the Economic Development Authority of the City of Elk River <br /> Ms. Othoudt presented the staff report. <br /> Moved by Commissioner Wagner and seconded by Commissioner Westgaard <br /> to approve Resolution 16-05 approving a first amendment to the loan <br /> agreement and related documents for Patriot Converting, Inc., as outlined in <br /> the staff report. <br /> Motion carried 6-0. <br /> 6.2 Forgivable Loan Application from Apex Embroidery & Design, Inc. <br /> Ms. Othoudt presented the staff report and handed out a revised resolution to the <br /> Authority. She explained the changes to the revised resolution included a change in <br /> the security of the loan from equipment to using the mortgage. <br /> Commissioner Ovall indicated he would abstain from voting due to a conflict of <br /> interest. <br /> President Tveite stated he prefers the mortgage used as security instead of equipment <br /> and felt it was a great use of funds from the EDA's forgivable loan balance. <br /> Moved by Commissioner Westgaard and seconded by Commissioner <br /> Olsen to approve Resolution 16-06 approving a $200,000 forgivable <br /> loan for Apex Embroidery Design, Inc., as outlined in the staff report. <br /> Motion carried 5-0 with Commissioner Ovall abstaining. <br /> F O V E B E I 1 Y <br /> NATURE <br />