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6.6 EDSR 08-21-2017
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6.6 EDSR 08-21-2017
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8/17/2017 1:03:54 PM
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8/21/2017
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Cit of <br /> Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority 6.6 <br /> Agenda Section Meeting Date Prepared by <br /> General Business August 21,2017 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> Director's Report Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Information presented for discussion only in effort to keep the EDA updated on development activity. <br /> Background/Discussion <br /> BUSINESS VISITS <br /> Eleven BR&E visits have been completed this year. Three more retention visits are scheduled with Big <br /> Tex Trailer World,Atlas Staffing and Dolphin Car Wash.Watch for the emails and please RSVP to let us <br /> know if you are able to attend. <br /> BUISINESS INQUIRES <br /> We continue to work with two business expansion inquiries and have responded to one new business <br /> �`' inquiry in the last month. <br /> MISCELLANEOUS <br /> Ethanol Technologies <br /> Staff continues to pursue collection of the Ethanol Technology debt.Amanda will be participating in <br /> mediation for the collection of the debt owed by Ethanol Technology on August 22. The original loan of <br /> $74,000 was issued August 25, 2008.The EDA received a personal guarantee from Bart Wells, owner of <br /> Ethanol Technology and Hi-Tech Motorsports. In addition to the personal guarantee,the EDA also <br /> secured corporate guarantees from both companies. The EDA is owed approximately$78,000 which <br /> includes both principle and interest.Any settlement will have to be approved by the EDA Board. <br /> Revolving Loan Fund Balance Reports <br /> At the request of members,a copy of the Revolving Loan Fund report is attached. <br /> Financial Impact <br /> None <br /> Attachments <br /> • Revolving Loan Fund Balance Report,August 4,2017 <br /> i, E I E <br /> [NArujRE <br />
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