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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Economic Development Authority 9.2 <br />Agenda Section Meeting Date Prepared by <br />Work Session November 20, 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 has an outstanding loan to Die Concepts, with a current balance of approximately $130,000. The loan <br />was due for a balloon payment in June. Staff and the Joint Finance Committee have been working with Die <br />Concepts on a potential extension or modification of the loan. <br /> <br />Staff wishes to keep the EDA apprised on the status of the loan and ensure staff is aligned with the board on the <br />direction being taken. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Support existing businesses. <br /> <br />Attachments <br /> None <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 />