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1644,4 <br /> 441 <br /> • MEETING OF THE ELK RIVER EDA FINANCE COMMITE <br /> 111 <br /> HELD AT THE ELK RIVER CITY HALL <br /> TUESDAY, MARCH 17, 1998 <br /> Members Present: Tom McNair, Tom Bender, Jeff Gongoll <br /> Members Absent: Jim Simpson, Lloyd Brutlag <br /> Also Present: Staff- Paul Steinman, Laurie Mezera-Kerr <br /> Applicants Present: Jim and Wanda Storie; Glen Hardin, First National <br /> Bank of Elk River <br /> A short presentation was made by Jim Storie regarding his business, the Ink <br /> Wizards. The Ink Wizards is a custom screen printing and embroidery <br /> business which was started in the owners garage several years ago. They are <br /> currently leasing approximately 2,500 square feet in the Gar-San building, <br /> adjacent to the Elk River Post Office. Their plan, as indicated by Jim Storie, <br /> is to construct an approximately 5,000 square foot building on east Highway <br /> 10 adjacent to the Dave Decker project. This project would allow the Ink <br /> Wizards to grow and occupy a space which is twice as large as their current <br /> location. Mr. Storie indicated his desire has been to own his own facility for <br /> quite some time, which allows him to build equity in an asset. <br /> Mr. Storie's request is for a $50,000 micro loan at an 8.5 percent interest for <br /> a 20 year period. Finance Committee member Tom Bender asked a question <br /> of Mr. Storie regarding his balance sheet which shows the Ink Wizards has a <br /> negative equity. The Storie's answer to this issue was that this was due to <br /> the way which their accountant depreciates assets of the company. <br /> The Finance Committee members continued their discussion after the <br /> applicants completed their presentation. Committee member Tom Bender <br /> indicated concerns that the business might be taking on too much debt at <br /> this early stage. He indicated a desire to direct the Ink Wizards to <br /> potentially lease space in the Decker project. Paul Steinman indicated that <br /> he has attempted to influence the Storie's to pursue this idea since the initial <br /> discussions of this project more than six months ago. Mr. Storie indicated <br /> several times that his desire is to own and occupy his own facility rather than <br /> enter into another leasing situation. The Finance Committee discussed that <br /> the positive aspect of the project was that the project is intended to be an <br /> owner occupied building, and the fact that this is a relocation of a local <br /> business also adds to the projects positive benefit. <br /> . <br />