The May 19, 2004, meeting of the Industrial Development Agency Ltd. Board was called to order by President Glenn Meier at 3:00 p.m. at the Burnett County Government Center.

Member present: Glenn Meier, Mark Dahlberg, Merlin Johnson, Clifford Main, Philip Lindeman, Helen Steffen, and Joanne Pahl. Absent: David Grindell, Richard Anderson, Also present: John Stroschine of Northwest Regional Planning Commission, and Bill Erickson and Mike Myers of E & M Machine.

A motion by Merlin Johnson, seconded by Clifford Main to approve the minutes of the March 30, 2004 meeting. Motion carried.

John Stroschine presented the review of the loan application of E & M Machine, Inc., of Grantsburg. After the review, the principals were asked to comment on the loan request.

The applicants indicated their customer base has grown since the Revolving Loan Fund Review was prepared and they need a third machine to meet their needs. The applicants answered questions of the Board regarding their business.

Motion by Merlin Johnson, second by Clifford Main, to approve the loan of $30,000 from the Revolving Loan Fund to E & M Machine, Inc., at a rate of 5% for 5 years. Motion carried with Mark Dahlberg abstaining from the vote.

Helen Steffen reported the Revolving Loan Fund has a balance of $192,330.63 as of May 14, 2004. Steffen indicated all loans are current except Hermosa and True North.

Stroschine indicated Ultra Tool offered their assets including buildings for sale at auction. Although the buildings have not sold, there is an offer on one of the buildings which would enable the Hermosa loan from the Revolving Loan Fund to be paid.

Stroschine will be meeting with True North regarding beginning the interest only payments which the Board approved at the March 30, 2004, meeting.

Meeting adjourned.

Helen Steffen, Secretary-Treasurer