A meeting of the Industrial Development Agency Ltd. Board was called to order at 9:00 a.m. on August 3, 2005, at the Burnett County Government Center.

Members present: Mark Dahlberg, Merlin Johnson, Clifford Main, Rick Anderson, Joanne Pahl, Phil Lindeman, Glenn Meier, and Wanda Hinrichs. Absent: David Grindell. Also present: John Stroschine of Northwest Regional Planning Commission, Mike Kornmann and Candace Fitzgerald.

A motion by Merlin Johnson, seconded by Rick Anderson to approve the minutes of the May 19, 2004 meeting. Motion carried.

Fund Status: John Stroschine reported the balance in the Revolving Loan Fund as of March 31, 2005, was $314,955.67.
Loan Status: John Stroschine reported on True North who is delinquent in their loan. They are working with them on repayment.
An update on the Annual Report: John Stroschine reported all loans were current as of August 1, 2005, except True North.

Motion by Glenn Meier, seconded by Larry Main to appoint Wanda Hinrichs, Burnett County Clerk as Secretary/Treasurer. Motion carried.

Mike Kornmann, Burnett County Community Resource Development Agent presented information on the Proposed Business Plan Competition Program. There will be a $2,500 reward of money to the Best Business Plan from BCDA and each bank Bremer and Community, will offer up to $5,000 loan at 0% interest with matching funds. The plan must be implemented within one year after receiving the award.

John Strochine presented information on the contract changes for loans.

A proposal was made by Glenn Meier that the BCIDC participate in the BCDA Business Plan Competition to offer up to a $5,000 loan annually to one winner each year for 3 years at 0% interest rate. Terms will be determined on a case-by-case basis. The program will Sunset at the end of 3 years. Motion by Mark Dahlberg, seconded by Rick Anderson to approve. Motion Carried.

Mike Kornmann now absent, 9:45 a.m.

Candace Fitzgerald presented information on the new Regional Revolving Loan Fund Program. Glen Meier and John Stroshine elaborated on the program. This would centralize the administration of funds being disbursed by separate organizations and agencies at this time. Northwest Regional Planning Commission would administer the program. Advantages of this would be defederalizing of funds, which would make them more active and available for other types of loans.

Phil Lindeman now absent, 10:15 a.m.

Discussion continued on the Regional Revolving Loan Fund Program. Motion made by Merlin Johnson to proceed with the proposal for the Regional Revolving Loan Fund by having the Burnett County Board of Supervisors take action on nominating someone to represent Burnett County on a Steering Committee. The motion was seconded by Larry Main. Motion carried.

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

Meeting adjourned at 10:55 a.m.

Wanda Hinrichs
Burnett County Clerk