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Economic Development Authority Minutes Page 2 <br />September 16, 2019 <br />----------------------------- <br />6. Public Hearings <br /> <br /> There were no public hearing items. <br /> <br />7.1 Industrial Incentive Microloan Application for Distinctive Iron, LLC <br /> <br /> Ms. Othoudt presented the staff report. <br /> <br /> Cindy Hemmer, owner of Distinctive Iron, thanked the city for helping a local <br /> business grow by providing financial support. <br /> <br />Councilmember Ovall questioned if the existing $89,338.20 loan will be secured by <br />the property on Industrial Boulevard. Ms. Othoudt stated the existing loan will be <br />secured by the new property on Jarvis Street. Councilmember Ovall had some <br />concerns about the new property on Jarvis serving as collateral for both loans. He <br />stated his understanding was the first loan would remain with the Industrial <br />Boulevard property to be paid off when the property is sold. <br /> <br />Ms. Othoudt stated she can work with the applicant to restructure the loan to keep <br />the loans separate if the EDA desires. <br /> <br />Councilmember Westgaard indicated this is a great use of the microloan program. <br />He questioned if the first loan is secured to the Jarvis property, if a stipulation could <br />be included for the loan to be paid off when the Industrial Boulevard property is <br />sold. Councilmember Ovall explained that would be cumbersome and easier handled <br />if left with the Industrial Boulevard property as part of the mortgage. He added he is <br />comfortable structuring the loan either way. <br /> <br />President Tveite indicated he was also under the impression the first loan would be <br />secured with the Industrial Boulevard property but after hearing the proposal he is <br />comfortable securing the loans on the Jarvis property. <br /> <br />Moved by Commissioner Westgaard and seconded by Commissioner <br />Blesener to adopt resolution 19-05 approving an amended and restated loan <br />agreement and related documents for Distinctive Iron. <br /> <br />Motion carried 7-0. <br /> <br />7.2 FAM Tour Update <br /> <br />Ms. Eddy provided an update on the Familiarization (FAM) tour she recently <br />attended in Chicago. <br /> <br />7.3 Director Report <br /> <br /> Ms. Othoudt presented her staff report. <br /> <br /> <br />