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<br />Meeting of the Elk River EDA Finance Committee <br />Held at the Elk River City Hall <br /> <br />Monday, December 8, 2014 <br /> <br />Members Present: Cliff Lundberg, Paul Motin, Nate Ovall, Larry Toth, Dan Tveite <br /> Chad Vitzthum arrived at 7:45 a.m. <br /> <br />Members Absent: None <br /> <br />Staff Present: Interim Economic Development Director Jeremy Barnhart <br /> <br />Also Present: Springsted Consultant Mikaela Huot <br /> <br />1. Call Meeting to Order <br /> <br />Pursuant to due call and notice thereof, the meeting of the Elk River Finance Committee <br />was called to order at 7:30 a.m. <br /> <br />2. Consider Agenda <br /> <br /> Motion by Motin and seconded by Toth to approve the December 8, 2014 Finance <br /> Committee agenda. Motion carried 6-0. <br /> <br />3.1 Consent Agenda <br /> <br />Motion by Toth and seconded by Motin to approve the Consent Agenda. <br />Motion carried 6-0. <br /> <br />4.1 Coin-Tainer Jobs Incentive Microloan Request <br /> <br />Mr. Barnhart introduced the Coin-Tainer project, which includes a request for a microloan. <br /> <br /> Ms. Huot reviewed Coin-Tainer’s application, eligibility, terms and conditions outlined in the <br />agreement. She also discussed eligible costs. <br /> <br /> Positive net worth – records limited (page 4 of the staff report). <br /> <br /> Member Lundberg – stated he generally supports the application, but had a mechanics <br />question. He stated he was uncomfortable with a loan to the owner, but the job creation <br />responsibility to another entity. He also had concerns with the contract for deed, and would <br />like to see the rental agreement. <br /> <br /> Member Vitzthum – Co-borrower agreements, wants to see lease agreement. <br /> <br /> Member Lundberg – suggested that an Attornment agreement be completed, at least. <br /> <br /> <br />