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Economic Development Authority Minutes <br />January 12, 2009 <br />Page 2 <br />^ USBANK <br />^ RIVERVIEW COMMUNITY BANK (IN OTSEGO) <br />^ TCF BANG <br />3.8. APPOINTING COMMISSIONER TVEITE TO THE EDA FINANCE <br />AND MARKRTING COMMITTEE FOR 2009 AND APPOINTING <br />COMMISSIONER MOTIN TO THE EDA FINANCE COMMITTEE <br />FOR 2009 <br />MOTION CARRIED 5-0. <br />4. n Mik <br />No one was present for open mike. <br />5. Election of Officers <br />MOVED BY COMMISSIONER TOUCHETTE AND SECONDED BY <br />COMMISSIONER WESTGAARD TO ELECT THE FOLLOWING AS OFFICERS <br />FOR 2009: <br />PRESIDENT -PAT DWYER <br />VICE PRESIDENT - DAN TVEITE <br />TREASURER - RON TOUCHETTE <br />SECRETARY - PAUL MOTIN <br />ASSISTANT TREASURER - NICK ZERWAS <br />MOTION CARRIED 5-0. <br />6. Consider Micro Loan Extension for Nicole's Finishing Touch Salon <br />Mr. Gongoll presented the staff report. <br />Commissioner Touchette stated he will abstain from discussion on this item as he represents <br />the applicant's landlord. <br />Commissioner Motin explained that the Finance Committee discussed the inconsistency of <br />assessing late fees on Micro Loans and recommended that all pending to date late fees on all <br />Micro Loans be waived. <br />MOVED BY COMMISSIONER MOTIN AND SECONDED BY <br />COMMISSIONER ZERWAS TO APPROVE A ONE-YEAR EXTENSION ON <br />THE NICOLE'S FINISHING TOUCH SALON, INC. MICRO LOAN AT A 3 <br />INTEREST RATE WITH THE FOLLOWING CONDITIONS: <br />^ A WAIVER OF PENDING TO DATE LATE FEES <br />^ A MICRO LOAN EXTENSION FEE TO BE 1% OF THE LOAN <br />BALANCE <br />^ FIXED MONTHLY PAYMENTS TO BEGIN FEBRUARY 8, 2009 <br />MOTION CARRIED 4-0. Commissioner Touchette abstained. <br />