EDA Minutes 09-23-2013 (Special Meeting)MINUTES
SPECIAL MEETING — ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Monday, September 23rd, 2013 — 5:15 p.m.
Academy Room — Monticello Community Center
Present: Brian Stumpf, Tom Perrault, Rod Dragsten, Tracy Hinz, Matt Frie
Absent: Bill Demeules, Bill Tapper
Others: Jeff O'Neill, Wayne Oberg
1. Call to Order
Brian Stumpf called the special EDA meeting to order at 5:15 p.m.
2. Purpose of Meeting: Consideration of approving a GMEF loan extension
Finance Director Wayne Oberg explained that Bill Tapper, of Tapper's Holdings, LLC had
contacted him regarding repayment terms related to an existing Greater Monticello
Enterprise Fund (GMEF) loan. Tapper had indicated that, although his company was
working to secure financing from other sources, that process would not be finalized in time
to meet the balloon payment of $137,221.89 due on October 1, 2013. He asked that the due
date on the loan be extended to accommodate the extended refinancing timetable.
Oberg noted that approving an extension would not affect the ability of the GMEF to loan
funds to other businesses during that same time. He also said that the 3.5% interest rate
would exceed any return which could be realized over the same investment horizon.
The EDA confirmed with Oberg that Tapper had been consistently making loan payments
on time and that refinancing issues would likely be resolved by a three month extension.
TRACY HINZ MOVED TO APPROVE A THREE MONTH GMEF LOAN
EXTENSION FOR TAPPER'S HOLDINGS, LLC, AT AN INTEREST RATE OF 3.5 %,
WITH A PRINCIPAL BALANCE OF $137,221.89. ROD DRAGSTEN SECONDED
THE MOTION. MOTION CARRIED 5 -0.
3. Adiournment
ROD DRAGSTEN MOVED TO ADJOURN THE SPECIAL MEETING AT 5:30 P.M.
MATT FRIE SECONDED THE MOTION. MOTION CARRIED 5 -0.
Recorder: Kerry Burri rl,-
Date Approved: October 9, 2013
Attest: 0"Kar
Jeff 4 ill, City Administrator