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City of <br /> Elk Meeting of the Elk River EDA Finance Committee <br /> - , River Held at the Elk River City Hall , <br /> Tuesday,August 30,2016 <br /> Members Present: Nate Ovall, Paul Motiri,Larry Toth (7:40 am),Ryan Hardin and Chad <br /> Vitzthum <br /> Members Absent: Dan Tveite and Jennifer Wagner <br /> Staff Present: Amanda Othoudt, Economic Development Director and Colleen Eddy, <br /> Economic Development Specialist <br /> • <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 7:37 a.m. <br /> 2. .Consider Agenda <br /> Motion by Ovall and seconded by Hardin to approve the agenda.'Motion carried 5- <br /> 0. <br /> 3.0 - Consent Agenda <br /> Staff distributed a revised Revolving Loan document. Motion by Ovall and seconded <br /> by Vitzthum to approve the Consent Agenda including the revised Revolving Loan <br /> I document. Motion carried 5-0. <br /> 4.1 EDA Financial Policy Review <br /> Ms. Othoudt presented the staffreport and highlighted some of the revisions that were <br /> made to the Tax Abatement Financing Policy and Application. Commissioners discussed a <br /> couple items including removal of the minimum assessment requirement, the increased' <br /> application,fee'•and the minimum office facility needing to be 25,000 sq. ft. At the.next <br /> meeting the commission will review the Microloan Policy. <br /> 5.0 Announcements <br /> 5.1 Ethanol Technology Verbal Update <br /> Ms. Othoudt stated that there were no issues or concerns with the statute of limitations. The <br /> statute of limitations is 6 years from the date of the breach. Ethanol Technology's last <br /> payment was 9/12/11, so six years from when the next payment was due. Since we have <br /> served Ethanol Technology and the other Defendants,we have commenced the lawsuit and <br /> I the statute of limitations has been tolled. <br /> 6. Adjournment <br /> t <br />