Vice President Mark Dahlberg called the meeting of the Industrial Development Agency Ltd. Board to order at 3:00 p.m. on March 30, 2004, at the Burnett County Government Center.

Member present: Mark Dahlberg, Melvin Daniels, Merlin Johnson, Clifford Main, Rick Anderson and Joanne Pahl. Absent: Glenn Meier, David Grindell and Helen Steffen. Also present: John Stroschine of Northwest Regional Planning Commission, Mike Kornmann and Mark Linscheid.

A motion by Melvin Daniels, seconded by Clifford Main to approve the minutes of the January 19, 2004 meeting. Motion carried.

Fund Status: John Stroschine reported the balance in the Revolving Loan Fund as of March 24, 2004, was $235,556.19.
Loan Status: John Stroschine reported the Log Cabin Store paid off their loan February 20, 2004. Ultra Tool/Hermosa is delinquent on their loan.
Review Semi-Annual Report: John Stroschine reported all loans were current as of December 31, 2003 and Color Consultants had paid off their loan in the last 6 months of 2003.

John Stroschine presented the Revolving Loan Fund Review on the application of R & M Foods, Inc. d/b/a "Square One Pizza". The applicants are requesting a loan of $30,000 from the Revolving Loan Fund. The proposed loan would be for a term of 5 years at 5%. Mr. Stroschine reviewed the strengths and weakness of the loan application and recommended approving the loan.

Motion by Merlin Johnson, seconded by Melvin Daniels to approve a loan of $30,000 from the Revolving Loan Fund to R & M Foods Inc. d/b/a "Square One Pizza". Motion carried.

John Stroschine reported True North is requesting to extend their interest only payments another 6 months due to cash flow problems. The March 2004 payment made by True North included principal and interest. Motion by Melvin Daniels, seconded by Rick Anderson to extend the interest only payments another 6 months-April 2004 through September 2004. Principal and interest payments would recommence with the October 2004 payment. Motion carried.

Motion by Rick Anderson, seconded by Clifford Main to adjourn. Motion carried.

Submitted by: Joanne Pahl