03-29-2016 JFC MIN - Laserfiche WebLink

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---4—Ci::: m 7- —do: .(4*.- Elk Meeting of the Elk River EDA Finance Committee River Held at the Elk River City Hall Tuesday, March 29, 2016 Members Present: Paul Motin, Nate Ovall,Larry Toth, Dan Tveite,Jennifer Wagner, and Ryan Hardin, Chad Vitzhum • Members Absent: None 1- Staff Present: Amanda Othoudt, Economic Development Director;Colleen Eddy, Economic Development Specialist Also Present: Mikaela Huot, Springsted Inc.; Fred and Sheila Trapp, Die Concepts 1. Call Meeting to Order Pursuant to due call and notice thereof, the meeting of the Elk River Finance Committee was called to order at 7:35 a.m. 2. Consider Agenda - . Ms. Othoudt revised'the•general business agenda to 4.1 Die Concepts Microloan . - Review.and 4.2 Annual Microloan Review. Motion by Motin and seconded by Toth ' 1 to approve the revised agenda. Motion carried 7-0. ' 3.0 Consent Agenda ,,ram Motion by Toth and seconded by Ovall to approve the Consent Agenda including the February 23, 2016 meeting minutes. Motion carried 7-0. 4.1 Die Concepts Microloan Review Ms. Othoudt presented the staff report. Die Concepts is requesting a$200,000 Jobs Incentive Microloan and an HRA Blighted Properties Commercial/Industrial Forgivable Loan for$75,000 which will be reviewed by the HRA on April 4, 2016. Motion by Motin, to recommend approval of the Jobs Incentive Microloan in the amount of$185,200 or not to exceed 20% of project costs including land remediation. • Motion was seconded by Toth. Motion'carried 7-0. 4.2 Annual EDA Microloan Review Ms. Othoudt presented the staff report as presented. Commissioners discussed the policy and suggested some revisions. Ms. Othoudt will revise the Microloan policy as needed. I The commission will review the Forgivable Loan Policy at the May meeting. 5.0 Announcements