AMENDMENT DATED 01-13-2003 •
AMENDMENT TO THE BYLAWS OF
THE ECONOMIC DEVELOPMENT AUTHORITY
FOR THE CITY OF ELK RIVER
By way of action at a regular meeting of the Economic Development Authority for the
City of Elk River (the EDA) held on January 13, 2003, Section 2.6(01) of Article 2 of the
EDA by-laws are hereby amended to read as follows:
(0 I) Time and Place — Regular meetings of the Authority shall be held on the
second Monday of each calendar month at 5:30 p.m. Any regular meeting
falling upon a holiday shall be held on the next business day at the same
time and place. Regular meetings shall be held by the Authority at such
time and place as determined by the Authority at its Annual Meeting,
unless the Authority by subsequent resolution establishes a different time
and place for regular meetings.
Adopted this I 3th day of January, 2003 in accordance with Section 2.6(01) and Section
• 5.I of the EDA by-laws.
EDA Executive Director
•
S:\EDA\AGENDA\Year2003\AMENDMENT TO THE BYLAWS.doc
Economic Development Authority Minutes Page 3
January 13, 2003
• • WELLS FARGO BANK
• THE BANK OF ELK RIVER
• USBANK
COMMISSIONER KUESTER SECONDED THE MOTION. THE
MOTION CARRIED 6-0.
a. Consider Commissioner Appointments and Assignments
COMMISSIONER KLINZING MOVED THE FOLLOWING
APPOINTMENTS AND ASSIGNMENTS:
FINANCE COMMITTEE
• JIM SIMPSON
• TOM MCNAIR
• JEFF GONGOLL
• CLIFF LUNDBERG
• DAN TVEITE
• PAUL MOTIN
• CHRIS CARLSON
• BUSINESS INCUBATOR ADVISORY COMMITTEE
• STEPHANIE KLINZING
• JEFF GONGOLL
• LARRY HICKMAN
• JIM BARTHEL
• JACK MOWRY
• LOUISE KUESTER
MARKETING COMMITTEE
• JIM BARTHEL
• CHRIS CARLSON
• KARA HILLMAN/ELK RIVER SCHOOL DISTRICT REP
• GARY SANTWIRE
• JIM SMIPSON
• DAN TVEITE
• DARYL THOMPSON
COMMISSIONER KLINZING SECONDED THE MOTION. THE
MOTION CARRIED 6-0.
• a. Bylaw Amendment
Economic Development Authority Minutes Page 4
January 13, 2003
•
COMMISSIONER MOTIN MOVED THE FOLLOWING
AMENDMENT TO THE EDA BYLAWS:
"REGULAR MEETINGS OF THE EDA SHALL BE HELD ON
THE SECOND MONDAY OF EACH CALENDAR MONTH AT
5:30 P.M.ANY REGULAR MEETING FALLING UPON A
HOLIDAY SHALL BE HELD ON THE NEXT FOLLOWING
BUSINESS DAY AT THE SAME TIME AND PLACE."
COMMISSIONER KOENIG SECONDED THE MOTION. THE
MOTION CARRIED 6-0.
6. Consider Micro Loan Extension for Charlene R. Barder, Edward J. Barder and
Margo L. Foster (formerly dba Olde Main Eatery)
Catherine Mehelich indicated that a request has been made to extend the Micro Loan
for the Olde Main Eatery for an additional term. Commissioner Motin questioned
the issue of the borrowers no longer owning the business for which the loan was
granted. Commissioner Klinzing requested staff to review with the Finance
Committee the micro loan policy as it relates to granting loans for investment
property and dealing with existing loans that change hands during the loan term.
• COMMISSIONER TVEITE MOVED TO AUTHORIZE REFINANCING
THE BALANCE OF THE MICRO LOAN WITH CHARLENE BARDER,
EDWARD BARDER AND MARGO FOSTER OVER A 7-YEAR
AMORTIZATION AT A MARKET RATE OF 6.25% WITH A 2-YEAR
BALLOON PAYMENT. COMMISSIONER MOTIN SECONDED THE
MOTION. THE MOTION CARRIED 6-0.
7. Business Incubator Update
Catherine Mehelich introduced Incubator Consultant Harlan Jacobs. Mr.Jacobs
provided an update on the City's incubator program and activities including existing
tenants, recent incubator graduates and new companies who are interested in the
City's incubator program.
Mr.Jacobs introduced Tom Guzik, CEO of Verdantes Inc. Mr. Guzik gave an
update on his company and indicated that he is interested in the City's incubator
program.
7.1. Consider Lease Renewal of Business Incubator Space
Catherine Mehelich informed the EDA that the lease with Larry Hickman of the
• Business Incubator building would expire April 14,2003. Catherine provided an
update on the leasing history of the Business Incubator. She indicated that due to