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<br />Meeting of the Elk River Joint Finance Committee <br />Held at Elk River City Hall <br />Tuesday, August 27, 2019 <br /> <br /> <br />Members Present: Dan Tveite, Larry Toth, Ryan Hardin, Nate Ovall, and Rhonda Magnussen <br /> <br />Members Absent: Jim Gromberg, Chad Vitzthum, and Michelle Eder <br /> <br />Staff Present: Amanda Othoudt, Economic Development and Colleen Eddy, Economic <br />Development Specialist <br /> <br />Others Present: Cindy Hemmer, Distinctive Iron <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 7:43 a.m. <br /> <br />2. Consider Agenda <br /> <br />Motion by Ovall and seconded by Hardin to approve the August 27, 2019, Joint <br />Finance Committee agenda. <br /> <br />Motion carried 5-0. <br /> <br />3. Consent Agenda <br /> <br />Motion by Ovall and seconded by Magnussen to approve the August 27, 2019 Joint <br />Finance Committee consent agenda: <br /> 3.1. June 25, 2019 Joint Finance Committee meeting minutes <br /> 3.2. Revolving Loan Fund Balance report <br /> <br />Motion carried 5-0. <br /> <br />4.1 Microloan Application for Distinctive Iron <br /> <br />Ms. Othoudt presented the staff report. Mr. Ovall announced that he is a representative at <br />the Bank of Elk River, but is not the bank representative for Ms. Hemmer and Distinctive <br />Iron. This announcement does not prevent him from voting on this application. <br /> <br />The Committee discussed several items on the application; is the applicant rolling their <br />previous microloan into this request, are the jobs proposed new ones, the Initiative <br />Foundation will also be providing gap financing for this project in the amount of $90,000. <br />