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<br /> <br /> <br /> Elk River Joint Finance Committee <br /> <br />Held at Elk River City Hall <br />Tuesday, July 25, 2023 <br /> <br /> <br />Members Present: Dan Tveite, Jim Gromberg, Ryan Hardin, Jill Larson-Vito, Nate Ovall, and <br />Charlie Blesener <br /> <br />Members Absent: Rhonda Magnussen and Chad Vitzthum <br /> <br />Staff Present: Economic Development Director Brent O’Neil and Economic Development <br />Specialist Joshua Mollan <br /> <br /> <br />1. Call Meeting to Order <br /> <br />Pursuant to due call and notice thereof, the meeting of the Elk River Joint Finance <br />Committee was called to order at 7:32 a.m. by Chair Tveite. <br /> <br />2. Consider Agenda <br /> <br />Ovall asked to add Item 4.2, an update on the Orluck Loan. <br /> <br />Moved by Larson-Vito and seconded by Gromberg to approve the agenda. <br /> <br />Motion carried 6-0. <br /> <br />3. Consent Agenda <br /> <br />Moved by Hardin and seconded by Larson-Vito to approve: <br />3.1 March 28, 2023, meeting minutes <br /> <br />Motion carried 6-0. <br /> <br />4.1 Discuss EDA’s Loan to Die Concepts <br /> <br />Mr. O’Neil presented the staff report. <br /> <br />The committee members showed interest in supporting a workout that would include an up <br />to 36-month extension. They also showed interest in updating the interest rate on the loan <br />from 2% to 3-5% depending on if repayment would be made with autopay or not. <br /> <br />Ovall suggested requesting 2022 tax returns, year end statements, internal YTD financial <br />statements, and a debt schedule to determine cash flow, all prior to providing the <br />extension/refinance with updated terms. <br /> <br /> <br /> <br /> <br />