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<br /> <br /> <br />To expedite the process, the committee did not suggest requiring the applicant to provide a <br />letter from a bank regarding a traditional refinancing. <br />The committee was in favor of reconvening for a tentative special meeting on August 15th at <br />7:30 a.m. to make any final recommendations prior to the EDA meeting on August 21st. <br /> <br />Mr. O’Neil advised that the city is looking at upgrading their financial management software <br />and that he requested them to look into a revolving loan fund module to assist with <br />managing EDAs loans. <br /> <br />Ovall suggested that staff look into CEE being responsible for housing the loan and <br />monthly payment tracking. <br /> <br />4.2 Orluck Loan Update <br /> <br />Mr. O’Neil advised that an assignment and assumption agreement was approved with Twin <br />City Metal Works and Orluck Industries in late fall of 2022, however, at this time, the <br />agreement has not been received by the city. It was reported that payments are current. <br /> <br />5. Motion to Adjourn <br /> <br /> Moved by Ovall and seconded by Blesener to adjourn the meeting of the Joint <br />Finance Committee. <br /> <br /> Motion carried 6-0. <br /> <br />The meeting adjourned at 8:17 a.m. <br /> <br /> <br />Minutes prepared by Brent O’Neil and Joshua Mollan. <br /> <br /> <br /> <br />___________________ <br />Brent O’Neil <br />Economic Development Director <br /> <br /> <br />_____________________ <br />Tina Allard <br />City Clerk <br /> <br /> <br /> <br />