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Economic Development Authority Minutes <br />April 14, 2008 <br />Page 2 <br />Chris Carlson, CEO of Sportech - Provided an overview of the project and stated business <br />was going very well. <br />Chair Gongoll closed the public hearing. <br />The Commission was glad to see a local company staying and expanding in Elk River and <br />noted that Sportech has worked well with the city. The Commission stated Sportech is a <br />quality company and thanked them for their business. <br />MOVED BY COMMISSIONER TVEITE AND SECONDED BY <br />COMMISSIONER ZERWAS TO ADOPT RESOLUTION 08-04 AUTHORIZING <br />THE SALE OF LAND. MOTION CARRIED 7-0. <br />MOVED BY COMMISSIONER TVEITE AND SECONDED BY <br />COMMISSIONER KI.INZING TO ADOPT RESOLUTION 08-05 <br />AUTHORIZING EXECUTION OF ABATEMENT AGREEMENTS. MOTION <br />CARRIED 7-0. <br />MOVED BY COMMISSIONER KI.INZING AND SECONDED BY <br />COMMISSIONER MOTIN TO APPROVE THE $100,000 MICRO LOAN IN <br />ACCORDANCE WITH THE TERMS OUTLINED IN THE STAFF REPORT. <br />MOTION CARRIED 7-0. <br />6. Consider Industrial Incentive Micro Loan to Pomeroy Tool, Inc <br />Ms. Mehelich provided an overview of the project and stated the Finance Committee <br />recommended denial of the loan request by Pomeroy Tool, Inc. due to concerns on the <br />feasibility of the proposed project and encouraged the applicant to come back with a revised <br />proposal. <br />Finance Committee members Tveite and Motin stated concerns with how tight the financing <br />package was structured and noted it didn't allow for any contingenry issues that may arise. <br />They noted there wasn't any working capital built into the financing. <br />Ms. Mehelich provided information regarding the Sherburne County Development Round <br />Table meeting scheduled Apri130, 2008. <br />7. Ad'ourn <br />There being no other business, President Gongoll adjourned the meeting of the Elk River <br />Economic Development Authority adjourned at 5:45 p.m. <br />Tina Allard <br />City Clerk <br />