3.1 EDA DRAFT MINUTES 05-21-2018

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Economic Development Authority Minutes Page 3 April 16,2018 ----------------------------- President Tveite clarified that the new plan would be a subsidy rather than a loan. He supported the idea of attracting different types of businesses and, as a side benefit, leasing space if it is available. Commissioner Ovall asked if the EDA would be putting on the classes mentioned in the staff report. Ms. Othoudt stated that these classes were tools available online through the Small Business Administration, the IRS, and others.Applicants can participate in these classes online and produce a certificate of completion to present to staff. Commissioner Westgaard asked if participants needed to take all of the classes and Commissioner Wagner asked if classes could be taken from any source. Ms. Othoudt confirmed. Commissioner Ovall wished that it was a set curriculum from one source. President Tveite would like to see some flexibility in the classes that are required since an accountant or legal professional would have little use for a basic bookkeeping class, for example. Ms. Othoudt agreed that there should be some flexibility. Commissioner Ovall commented that the currently written policy sounded like participants had to take all classes prior to opening but Ms. Othoudt had stated that certificates must be presented within 18 months. President Tveite suggested the commissioners read through the policy again, offer comments to staff by email, and bring it up again at the next EDA meeting. Ms. Othoudt added at the cost of some of the classes may be offset by available grants. President Tveite recommended that a decision be reached before the next year budget is determined. Ms.; thoudt asked if it might be a topic to discuss at their retreat. 9, urn `here being no er bu s,President Tveite adjourned the meeting of the Elk River Economic Development Authority at 6:04 p.m. Minutes prepared by Katie Porath Dan Tveite,EDA President Tina Allard, City Clerk UREJ