06-23-2014 JFC MIN - Laserfiche WebLink

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Meeting of the Elk River EDA Finance Committee Held at the Elk River City Hall Monday, June 23, 2014 Members Present: Dan Tveite, Cliff Lundberg, Paul Motin, Larry Toth Members Absent: Nate Ovall and Chad Vitzhum Staff Present: Economic Development Director, Brian Beeman, Economic Development Specialist, Colleen Eddy Others Present: Springsted Consultant, Mikaela Huot 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 7:50 a.m. by Brian Beeman. 3.1 Minutes Members discussed two changes be made to the June 9, 2014 meeting minutes; Nate Ovall has two l’s in his name and Mikaela Huot’s last name was printed twice. Moved by committee member Lundberg seconded by Motin to approve the June 9, 2014 meeting minutes as presented. Motion carried 4-0. 4.1 Fourth Microloan Policy Director Beeman directed members to review the updated Microloan Fund Policy before it is presented at the next EDA meeting. The committee members recommended some revisions be made to the policy pertaining to:  No working capital except for relocation expenses related to the project, developer must spell out relocation costs and can’t exceed the lessor of $25,000 or 20% of the loan amount  Criteria: Borrower must create one new full-time job for each $20,000 loaned, retain one new full-time job for each $10,000 loaned, or combination of retainage and creation. All new jobs must be created within 2 years and retained for the period of the loan. Committee member Lundberg asked how the job creation information is verified. Director Beeman stated that the businesses are required to complete a Jobs and Reporting report to the city, who submits it to the state.