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...aN.\ V <br /> City of <br /> Elk <br /> River Meeting of the Elk River Joint Finance Committee <br /> Held at Elk River City Hall <br /> Tuesday, August 27, 2019 <br /> Members Present: Dan Tveite,Larry Toth,Ryan Hardin,Nate Ovall,and Rhonda Magnussen <br /> Members Absent: Jim Gromberg, Chad Vitzthum,and Michelle Eder <br /> Staff Present: Amanda Othoudt,Economic Development and Colleen Eddy,Economic <br /> Development Specialist <br /> Others Present: Cindy Hemmer,Distinctive Iron <br /> I. Call Meeting to Order <br /> Pursuant to due call and notice thereof, the meeting of the Elk River Joint Finance <br /> Committee was called to order by Dan Tveite at 7:43,a.m. <br /> 2. Consider Agenda <br /> Motion by Ovall and seconded by Hardin to approve the August 27, 2019,Joint <br /> Finance Committee agenda. • <br /> Motion carried 5-0. <br /> 3. Consent Agenda <br /> Motion by Ovall and seconded by Magnussen to approve the August 27, 2019 Joint <br /> Finance Committee consent agenda: <br /> 3.1. June 25,2019 Joint Finance Committee meeting minutes <br /> 3.2. Revolving Loan Fund Balance report <br /> Motion carried 5-0. <br /> 4.1 Microloan Application for Distinctive Iron <br /> Ms. Othoudt presented the staff report. Mr. Ovall announced that he is a representative at <br /> the Bank of Elk River,but is not the bank representative for Ms. Hemmer and Distinctive <br /> Iron. This announcement does not prevent him from voting on this application. <br /> The Committee discussed several items on the application;is the applicant rolling their <br /> previous microloan into this request,are the jobs proposed new ones, the Initiative <br /> Foundation will also be providing gap financing for this project in the amount of$90,000. <br />