12-30-2015 JFC MIN - Laserfiche WebLink

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ElkMeeting of the Elk River EDA Finance Committee River Held at the Elk River City Hall Wednesday, December 30, 2015 • Members Present: Paul Motin, Nate Ovall,Larry Toth, Dan Tveite,Jennifer Wagner, Ryan Hardin, and Chad Vitzhum (7:36 am) Members Absent: None Staff Present: Economic Development Director Amanda Othoudt and Economic Development Specialist Colleen Eddy Also Present: Mikaela Huot, Springsted Inc. and Michael Stilwell with Patriot Converting Inc. (via conference call) 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 7:34 a.m. 2. Consider Agenda Motion by Motin and seconded by,Wagner to approve the agenda as presented. Motion carried.,7-0. 3.0 Consent Agenda Motion by Toth and seconded by Motin to approve the Consent Agenda including the December 8, 2015 meeting minutes. Motion carried 7-0. 4.1 Patriot Converting Jobs Incentive Microloan Application Financial Review Ms. Othoudt presented the staff report. Member Wagner asked if Patriot was retaining current jobs or creating new jobs. Ms. Othoudt responded with yes, Patriot is retaining their current jobs. Member Tveite stated that the loan was to add new equipment with the intent of creating new jobs. • Member Vitzhum requested an explanation of the two microloan funds. Ms. Othoudt explained the options; one is local and one is a state program and the,general loan fund is easier to manage. Member Tveite asked about the payback terms. Ms. Huot stated that there is a term of 5 years on equipment purchases. Mr. Stilwell, the representative from Patriot stated that the tight time frame between purchasing the building and opening the business lead to the gap financing,which is being requested to purchase equipment needed in their new building.