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<br />Meeting of the Elk River Joint Finance Committee <br />Held at Elk River City Hall <br /> Held in person <br />Wednesday, September 16, 2020 <br /> <br /> <br />Members Present: Dan Tveite, Ryan Hardin, Nate Ovall, Rhonda Magnussen (via phone), <br />Charlie Blesener, Chad Vitzthum (via phone) <br /> <br />Members Absent: Larry Toth and Michelle Eder <br /> <br />Staff Present: Amanda Othoudt, Economic Development and Colleen Eddy, Economic <br />Development Specialist <br /> <br />Others Present: Mikaela Huot, Baker Tilly and applicant Evan Moyer, Shoot Steel <br /> <br /> <br />1. Call Meeting to Order <br /> <br />Pursuant to due call and notice thereof, the meeting of the Elk River Joint Finance <br />Committee was called to order by Dan Tveite at 3:14 p.m. <br /> <br />2. Consider Agenda <br /> <br />Motion by Blesener and seconded by Hardin to approve the September 16, 2020, <br />Joint Finance Committee agenda. <br /> <br />Motion carried 5-0. <br /> <br />3. Consent Agenda <br /> <br />Motion by Blesener and seconded by Hardin to approve the June 30, 2020 Joint <br />Finance Committee meeting minutes. Motion carried 5-0. <br /> <br />4.1 Shoot Steel TIF Application <br /> <br />Ms. Othoudt presented the staff report and policy. Ms. Huot presented the but for analysis. <br />The group discussed the application. CM Vitzhum asked about the amount of TIF, the <br />estimated present value of the land, and asked if the applicant had additional funds to cover <br />the gap of the $210,000 remaining debt/equity which bumps it over the 9%. CM Hardin <br />asked if the applicant closed on the lot yet. Ms. Othoudt responded that the public hearing <br />was set for September 21st. <br /> <br />Motion by Blesener and seconded by Hardin to recommend approval of TIF of $190,000 <br />subject to the creation of the TIF District. <br /> <br />