EDA Meeting Minutes - 8/14/2024 (Workshop)MINUTES
WORKSHOP -ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, August 14, 2024 — 5:00 p.m.
Academy Room, Monticello Community Center
Commissioners Present: President Steve Johnson, Vice President Jon Morphew,
Treasurer Hali Sittig, 011ie Koropchak-White, Rick Barger,
Mayor Lloyd Hilgart
Commissioners Absent: Councilmember Tracy Hinz joined the meeting at 5:11 pm.
Staff Present: Executive Director Jim Thares
1. Call to Order
a. President Steve Johnson called the workshop meeting to order at 5:03 p.m.
2. Roll Call
a. President Johnson called the roll.
3. Marketing Materials Review and Discussion
Jim Thares, Economic Development Manager presented the item. Previously the
EDA authorized AES2 to create marketing materials.
Mr. Thares gave a brief review of the brochure. Discussion was held as to who the
target audience is and how to reach them. The EDA shared comments and Mr.
Thares will compile them and bring back the suggestions to AES2.
4. Rustech Microbrewery GMEF Loan Discussion
Jim Thares, Economic Development Manager presented the item. Rustech plans to
move out of its current location Thursday, August 15, 2024. The EDA's GMEF Loan
documents state the equipment is located at that address. When the equipment is
removed from the building, they will be in default on their GMEF Loan. The EDA can
try to collect; however, the EDA attorney cautions against that action. The owner
intends to pay $5,000 to $10,000 this week bringing the loan balance to $$54,000 to
$49,000. The loan is current as monthly payments are being made. The owner is not
has indicated that they do not intend to file for bankruptcy and prefer to continue to
work with the EDA to pay off the loan.
Mr. Johnson inquired if the EDA has a UCC filing against the equipment. He
presented the question as should the EDA modify the loan so he can move the
equipment or keep Rustech in default so the EDA can recover the equipment at
anytime they choose. Jim Thares responded that yes the EDA has a UCC filing on
specific identified equipment which was renewed in 2023. Further discussion was
held.
Staff recommends the EDA continue to work with the owner.
5. GMEF and SCDP Fund Balance Discussion
Mr. Thares presented the current loan balances for GMEF and SCDP.
Staff suggested the EDA consider a minimum fund balance. EDA members noted
that they would prefer to have the flexibility to look at all potential loan requests and
if at some point the future, there is insufficient loan balance, then they would
determine how to proceed with a request at that time.
6. Adjournment
TRACY HINZ MOVED TO ADJOURN THE WORKSHOP MEETING OF THE
MONTICELLO EDA. JON MORPHEW SECONDED THE MOTION. MOTION CARRIED
UNANIMOUSLY, 7-0. MEETING ADJOURNED AT 5:58 P.M.
Recorder: Vicki Leerhoff4
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Jim T are Economic Development Manager