Maria Effertz

The meeting included discussions and decisions on several key items, such as a loan modification for Cerilon GTL ND Inc. The board conducted officer elections, re-electing Jim Albrecht as President, Rob Lindberg as Vice President, and Joel Brown as Secretary/Treasurer. An audit update was provided, noting the completion of document submission and the expected final audit report. The board also discussed a conflict-of-interest form update and approved the charge-off of Beginnings Childcare and Preschool, Inc. and Beginnings Learning Center, Inc. Additionally, the board approved investments to Fenworks, Inc., making an exception to the investment policy. Finally, the board was informed about a Litigation Hold Memorandum from the Attorney General's office.

The meeting included a review of the updated LIFT Committee Guidelines, and the committee members adopted the updated guidelines. The members were provided with documents regarding the code of ethics and conflict of interest. The committee reviewed liability protections. An executive session was held to review the LIFT loan portfolio, and portfolio reviews will continue to be a standing item during quarterly LIFT Committee meetings.

The meeting included discussion and approval of consent agenda items such as financial reports and Angel Match Program Applications. Updates were presented and amendments approved for the Appeal Process section of the Policy & Procedures document. The board moved into and out of executive session to discuss confidential records and economic development information. A loan to Vertical Malt was approved. Staff members attended the Wellspring Hydro field trial, and the company is now making lithium in North Dakota. An additional dividend check was received from South 8 Energy. Several new grant programs are being developed within Commerce.

The meeting included discussion and approval of covering expenses for a Commerce hosted client trip and a donation to the Stanley Mickelson Safeguard Complex for a tour. Updates on commerce bills were presented. The purpose and identity statements regarding the Mission, Vision, and Values held by the Commerce Department, along with the seven overarching Goals incorporated within the Commerce divisions were discussed. A partner survey was reviewed. The nomination of the next Chair replacement, Vice Chair replacement, and the formation of an Executive Committee were discussed.