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Elk River Joint Finance Committee <br />Held at Elk River City Hall <br />Tuesday, July 25, 2023 <br />Members Present: Jill Larson-Vito, Charlie Blesener, Nate Ovall, Ryan Hardin, and Jim <br />Gromberg <br />Members Absent: Dan Tveite, Rhonda Magnussen and Chad Vitzthum <br />Staff Present: Economic Development Director Brent O’Neil and Economic Development <br />Specialist Joshua Mollan <br />1.Call Meeting to Order <br />Pursuant to due call and notice thereof, the meeting of the Elk River Joint Finance <br />Committee was called to order at 7:37 a.m. by Vice Chair Blesener. <br />2.Consider Agenda <br />Moved by Gromberg and seconded by Larson-Vito to approve the agenda. <br />Motion carried 5-0. <br />3.Consent Agenda <br />Moved by Larson-Vito and seconded by Gromberg to approve: <br />3.1 July 25, 2023, meeting minutes <br />Motion carried 5-0. <br />4.1 Discuss EDA’s Loan to Die Concepts <br />Mr. O’Neil presented the staff report. <br />Mr. O’Neil also shared that communication has been limited by Die Concepts but was <br />advised that their accountants are currently working on providing the requested information. <br />Mr. O’Neil asked the committee how much more time do we allow this at status quo, and <br />what if any escalatory steps need to be taken and when. <br />The committee discussed possible communication methods and loan restructuring. They <br />also agreed to increase the interest rate. <br />Mr. O’Neil shared that documents are drafted that reflect an increase in interest rate and a <br />discounted interest rate if auto pay is set up.