08-11-2008 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes Page 2 August 11, 2008 ----------------------------- 5. At~boint EDA Representative to Energy City Commission President Dwyer proposed that both he and Commissioner Touchette be appointed as EDA representatives to the Energy City Cormission. Between the two of them, they would determine who would attend each meeting. MOVED BY COMMISSIONER KLINZING AND SECONDED BY COMMISSIONER TVEITE TO APPOINT BOTH PAT DWYER AND RON TOUCHETTE AS EDA REPRESENTATNES TO THE ENERGY CITY COMMISSION. MOTION CARRIED 7-0. 6. Consider EDA Micro Loan Applications 6.1. Pomeroy Tool. Inc. Ms. Mehelich presented the staff report. She introduced the current founder, Dick Pomeroy, and Mr. Long Do, who is proposing to purchase Pomeroy Tool, Inc. The loan would go towards the purchase of existing equipment, of which the EDA would obtain a 2nd lien position. MOVED BY COMMISSIONER MOTIN AND SECONDED BY COMMISSIONER TVEITE TO APPROVE THE MICRO LOAN FOR POMEROY TOOL, INC. MOTION CARRIED 7-0. 6.2. Ethanol Technology of Minnesota LLC Ms. Mehelich presented the staff report. She introduced Bart Wells, CEO of ETom, who presented an overview of his business expansion project, and demonstrated an affordable "plug and play" ethanol conversion system for vehicles. Because of the demand for this type of system, he would need to expand his current operation, which would require him to hire seven full time employees. MOVED BY COMMISSIONER TVEITE AND SECONDED BY COMMISSIONER MOTIN TO APPROVE THE MICRO LOAN FOR ETHANOL TECHNOLOGY OF MINNESOTA, LLC. MOTION CARRIED 7-0. Consider Year 2009 EDA Budget and Resolution Regarding EDA Levy and Resolution Regarding YMCA Levy Ms. Mehelich presented the staff report. MOVED BY COMMISSIONER TVEITE AND SECONDED BY COMMISSIONER ZERWAS TO APPROVE THE 2009 EDA BUDGET AS PRESENTED, AND APPROVE RESOLUTION 08-06 ESTABLISHING THE TAX LEVY FOR THE ELB RIVER ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELg RIVER, MINNESOTA . MOTION CARRIED 7-0. Mr. Simon presented the staff report.