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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Economic Development Authority 3. <br />Agenda Section Meeting Date Prepared by <br />Work Session August 7, 2023 Brent O’Neil, Economic Development Director <br />Item Description Reviewed by <br />Die Concepts Loan Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Item presented for information and discussion purposes. <br /> <br />Background/Discussion <br />The EDA’s loan to Die Concepts has come to maturity and Die Concepts is requesting an extension of the term <br />to spread out the balloon payment. This has been preliminarily discussed with the Joint Finance Committee and is <br />scheduled for a formal review with the committee on August 15. <br /> <br />It is anticipated an extension will be presented to the EDA for adoption at its August 21 meeting. Staff will brief <br />the EDA on the loan and likely terms of the extension. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />EDA programs support existing businesses within Elk River. <br /> <br />Attachments <br /> None <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br />Updated: January 2023 <br /> <br />