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r <br /> City of <br /> Elk Meeting of the Elk River EDA Finance Committee <br /> River . Held at the Elk River City Hall <br /> Tuesday, November 29,2016 <br /> Members Present: Larry Toth, Ryan Hardin,Dan Tveite,Jennifer Wagner, Nate Ovall,and <br /> Chad Vitzthum <br /> Members Absent: None <br /> i <br /> Staff Present: Amanda Othoudt, Economic Development Director and Colleen Eddy, <br /> Economic Development Specialist <br /> Also Present: Annie Deckert,Decklan Group;Dave from Heritage Millwork Inc. <br /> 1. Call Meeting to Order <br /> Pursuant to due call and notice thereof, the meeting of the Elk River Finance Committee <br /> was called to order at 7:35 a.m. <br /> 2. Consider Agenda <br /> Motion by Wagner and seconded by Toth to approve the agenda. Motion carried 6- <br /> 0. <br /> 3.0 Consent Agenda <br /> Member Wagner stated she would like to see the September 29, 2016 meeting minutes <br /> revised to better reflect the discussion during the September 29, 2016 meeting. Motion to <br /> approve.the September 29, 2016 meeting minutes was moved to the January 31, 2017 <br /> meeting. . <br /> 4.1 Heritage Millwork Industrial Incentive Microloan Application <br /> • <br /> Member Vitzhum abstained from the discussion and vote as he is the applicant's loan <br /> officer. Ms. Othoudt presented the staff report"Members discussed the terms of the loan, <br /> the SBA guidelines,number of jobs being created,is it an equipment loan vs. real estate loan, <br /> etc. <br /> Motion by Wagner and seconded by'Ovall to approve the request in accordance with <br /> the terms of the EDA'spolicy (10 year Am, 5 Year Balloon) and holding a 3rd lien <br /> position on the equipment in addition to requiring the applicant to provide personal <br /> and corporate guarantees. Motion carried 5-0. Vitzhum abstained from the vote. <br /> Motion by Ovall and seconded by Toth to recommended approval of the loan request <br /> in accordance with the SBA terms'specifically for this loan. The SBA's policy does <br /> not allow any lender to have preferential terms. The applicant has submitted a <br /> request to the SBA to make an exception to their policy,which would allow the EDA <br /> to follow the terms of their existing microloan policy. Motion carried 5-0.Vitzhum <br /> abstained from the vote. <br />