EDSR INFORMATION 12-12-1994 14°°°
X
‘4® RESOLUTION 94-122
411 RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION MODIFYING RESOLUTION NO. 87-63
ESTABLISHING AN ECONOMIC DEVELOPMENT AUTHORITY
FOR THE CITY OF ELK RIVER, MINNESOTA
WHEREAS, Minnesota Statutes 469 . 090 et seq. (the Statute)
authorizes the City of Elk River (the City) to establish
an Economic Development Authority pursuant to the
procedures and subject to the restrictions set forth
therein; and,
WHEREAS, on October 7, 1987, the City Council for the City of Elk
River (the City Council) adopted Resolution No. 87-63
creating the City of Elk River Economic Development
Authority (the Authority) ; and,
WHEREAS, on February 12, 1990, the City Council adopted Resolution
No. 90-5 to expand the Authority from five (5) to seven
(7) Commissioners by including two (2) residents to serve
the Authority at-large; and,
WHEREAS, the City Council finds that it is in the best interest of
the City and its residents to further broaden the
representation on the Authority.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Elk River, Minnesota, as follows :
1. Paragraphs 2 (a) and 2 (b) of City Council Resolution
No. 87-63 , the enabling resolution for the Economic
Development Authority for the City of Elk River,
Minnesota, are hereby amended to read as follows:
2 . Commissioners
(a) The Commissioners of the Authority shall
include the Mayor of the City of Elk River,
three (3) additional members of the City
Council of the City of Elk River, and three
(3) residents of the City of Elk River who
are not members of the City Council . The
Mayor shall make all appointments to the
Authority, with the approval of the City
Council .
(b) The terms of the Commissioners who are
members of the City Council shall coincide
• with their term of office, unless a
Commissioner resigns earlier.
Commissioners who are not City Council
members shall serve six (6) year terms .
Passed and adopted by the City Council of the City of Elk River,
Minnesota, this 21st day of November, 1994 .
Henry \A. Duitsman, Mayor
ATTEST:
54/Lg..: 6 .0..e.....e.44,0
Sandra A. Thackeray, City C erk
411
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2 .
PKB:JM1s
uL� -y 134i
-11 FIRST NATIONAL BANK OF ELK RIVER
•
December 8, 1994
William Rubin
Economic Development Coordinator
Elk River City Hall
P.O. Box 490
13065 Orono Parkway
Elk River, MN 55330
RE: EDA Loan to Rich and Dawn Schulz secured by REM
Dear Bill:
• Our Bank is in process of refinancing the first mortgage on the commercial building
owned by Rich and Dawn Schulz. The refinance is for the existing mortgage amount
only (no new funds), and would not worsen the EDA collateral position.
We are requesting the EDA subordinate its mortgage position to our Bank in order for
First National Bank of Elk River to be in first lien position.
The expected closing date will be before the end of December, 1994. Please call me
at 441-2200 with any questions or concerns. Thank you for your assistance.
Sincerely,
141'
Thomas L. Lund
Assistant Vice President
TLL/jos
•
ANOKA OFFICE ELK RIVER OFFICE ZIMMERMAN OFFICE FIRST NATIONAL MORTGAGE FIRST NATIONAL
1121 W.Highway 10 729 Main Street Mary&Main Street 716 Main Street INVESTMENT CENTER
Anoka,MN 55303 Elk River,MN 55330 Zimmerman,MN 55398 Elk River,MN 55330 729 Main Street
(612)422-0537 (612)441-2200 Local:(612)856-2266 (612)441-7133 Elk River,MN 55330
Metro:(612)421-0463 (612)441-2200,Ext.602