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r--(,/ ---\ <br /> J{ Item 10. <br /> ¶1k <br /> / River MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Pat Klaers, City Administrator t` <br /> 1.10,9 <br /> DATE: August 14, 2000 ----- <br /> SUBJECT: Northstar Die Casting Settlement <br /> At the May EDA meeting, an executive session was held to consider options <br /> regarding settlement of the Northstar Die Casting lawsuit. As you know, the <br /> EDA initiated legal action to collect on the balance on a micro loan. <br /> • Subsequently, Northstar Die Casting counter-sued the city. <br /> I believe that the attorneys for the city and Northstar Die Casting have <br /> reached a settlement that is consistent with the direction I received from the <br /> EDA in May. If everything is agreed to and signed by Northstar Die Casting <br /> representatives, then I will have something to present to the EDA at its <br /> meeting on Monday evening. If not, then this issue will need to be brought <br /> back to the EDA in September. <br /> s:\eda\meetings\northstr.doc <br /> • <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD &Phone: (612) 441-7420 • Fax: (612)441-7425 <br />