Laserfiche WebLink
Economic Development Authority Minutes Page 2 <br />July 16, 2018 <br />5.1 Orluck Industries, Inc., Microloan <br />Ms. Othoudt presented the staff report. <br />Ovall abstained due to possible conflict of interest. <br />President Tveite opened the public hearing. There being no one to speak to this <br />issue, President Tveite closed the public hearing. <br />President Tveite asked if the Finance Committee was in favor of moving the project <br />forward. <br />Ms. Othoudt indicated the Finance Committee felt that the microloan met the <br />fundamental goals of the policy due to the creation of 10 new jobs and the retention <br />of 54 existing jobs with average wages higher then what is required in our subsidy <br />policy. <br />Moved by Commissioner Westgaard and seconded by Commissioner Wagner <br />to adopt Resolution 18-01 approving loan agreement and related documents <br />(Orluck Industries Project) as outlined in the staff report. <br />Motion carried 5-0 with Commissioner Ovall abstaining. <br />6.1 Marketing Update <br />Ms. Eddy presented the staff report. She reviewed the proposed advertising and <br />discussed website usage and statistics. <br />6.2 Directors Report <br />Ms. Othoudt presented the staff report. She reviewed the activity of the EDA over <br />the past month. <br />The Beautification Committee has seen no recent applications. Ms. Othoudt <br />encouraged people to nominated local businesses who are making efforts to improve <br />the appearance of their business for the Beautification Award. She also stated that <br />there have been some requests for energy efficiency microloans, however, the rebate <br />dollars from Elk River Municipal Utilities are depleted. <br />7. Other Business <br />There was no other business <br />IPOEB`EA IT <br />N A 1 UR <br />