Kasson City EDA approves June minutes; financial report notes $6,000 Trail Creek repayment

The Kasson City Economic Development Authority approved its June minutes and heard a financial update that included a $6,000 payment from Trail Creek, an EDA coordinator said.

Ian, the EDA coordinator, told the board: "First thing, you'll see there's a $6,000 payment that we received from the Trail Creek folks." He explained the payment resulted from an early termination of a five‑year forgivable loan after the business closed and repaid roughly the three remaining years of the forgivable portion; he added the payment was not back interest or a penalty.

Why it matters: the repayment returns funds to the EDA's account and affects the timeline for any enforcement actions and future licensing for the business. Ian said Trail Creek closed in December, has new investors and had made payments that brought its account current through the month of September; he said the business has reapplied for a liquor license and that a public hearing is scheduled at the next council meeting.

Board members asked whether foreclosure or other enforcement remained under consideration. Chair, speaking in a procedural role, and Tim, the city administrator, said the firm was not in arrears to the EDA any longer and that state officials had indicated it was acceptable to proceed with council consideration of the liquor license now that the business had squared up outstanding state obligations.

Procedural votes: the board moved to approve the June minutes and later moved to approve the financial report after Ian's highlights; both motions were seconded and carried by voice vote.

The EDA did not take additional enforcement action at the meeting. The coordinator said he expects an update on the liquor license at the next council meeting and will report any material changes back to the board.