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DRAFT <br /> <br />Joint Finance Committee Minutes <br />September 24, 2024 <br />--------- <br />Page 2 of 2 <br />project. He advised that the microloan could be reduced and Modern Construction's contribution <br />could increase to meet the 10% threshold. <br /> <br />Chair Tveite suggested avoiding deviating from the 10% minimum applicant contribution. <br /> <br />Mr. O'Neil also asked the committee about timing of the project relative to program parameters about <br />a project not commencing prior to program award, including that the building had already been <br />acquired. The committee was in favor of including the purchase price of the building in the overall <br />project cost, and suggested that with timing of government processes that reasonable exceptions to this <br />timing would be acceptable. <br /> <br />Commissioner Ovall left the meeting at 7:54 a.m. <br /> <br />Moved by Committee Member Hardin and seconded by Committee Member Gromberg <br />to recommend approval of Modern Construction's microloan application with the <br />following conditions: <br />1. Adjustment of Modern Construction's contribution, and the EDA's microloan amount <br />to meet the 10% applicant contribution threshold. <br />2. Request a personal guarantee from Modern Construction's owner, Jesse Hartung. <br />3. Staff review of additional financial documents. <br />Motion Carried 4-0. <br /> <br /> 4.2 General Updates <br /> Mr. O'Neil shared that staff will be looking into reviewing all policies with guidance from financial <br />advisor Ehlers. <br /> <br />Mr. O'Neil advised that the Heritage Millwork project is underway. <br /> <br />Mr. O'Neil advised that Distinctive Iron is seeking a two-year extension on their loan and as the loan is <br />current and meets conditions for the extension, staff will be bring the request directly to the EDA. <br /> <br />5. ADJOURNMENT <br /> There being no further business, Chair Tveite adjourned the meeting at 8:08 AM. <br /> <br /> ___________________ <br /> <br />Tina Allard, City Clerk <br /> <br />Page 40 of 124