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Harmony EDA approves minutes, pays claims and reviews loan portfolio
Summary
At its March 5 meeting the Harmony Economic Development Authority approved minutes and two claims totaling $19,012.64, reviewed its loan portfolio and agreed staff should re-evaluate any loans drawn after April 1.
The Harmony Economic Development Authority approved minutes from its Feb. 6 meeting and authorized two claims at its March 5, 2020 meeting.
The board voted to approve $5,762.64 to David Drown Associates for establishing the tax increment financing district related to the Dairyland project and $13,250 to the Harmony Area Chamber of Commerce for first-half 2020 operating support. The motion to approve the financial report and claims was moved by Steve Sagen and seconded by Kerry Kingsley; the motion carried unanimously.
Earlier in the meeting staff reviewed the board’s loan portfolio and reported all loans were current. Staff member Chris Giesen said the Bishops, a prospective borrower, might not need to draw on their approved loan. The board agreed that if no closing expenses are incurred and the loan is not disbursed, the application fee may be refunded. Giesen also said that if borrowers seek to draw on loans after April 1, 2020, the board may want to re-review the application; the board supported that approach.
The minutes from the Feb. 6 meeting were approved on a motion by Andy Batstone, seconded by Steve Sagen; "Motion carried unanimously."
