10-09-1995 EDA MIN
MEETING OF THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
HELD AT THE ELK RIVER CITY HALL
MONDAY, OCTOBER 9,1995
Members Present:
President Gongoll, Commissioners, Dwyer, Scheel, Duitsman,
Holmgren, Farber and Bender
Members Absent:
None
Staff Present:
Bill Rubin, Executive Director; Michelle Dwyer, Recording Secretary
1. Call Meetinq To Order
Pursuant to due call and notice thereof, the meeting of the Elk River Economic
Development Authority was called to order at 6:00 p.m. by President Gongoll.
2. Consider October 9, 1995 EDA Aaenda
COMMISSIONER BENDER MOVED TO APPROVE THE OCTOBER 9, 1995, EDA
AGENDA. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION
CARRIED 6-0 WITH COMMISSIONER HOLMGREN BEING ABSENT.
3. Consider EDA Consent A~enda
COMMISSIONER SCHEEL MOVED TO APPROVE THE CONSENT AGENDA AS
FOLLOWS:
4.0 SEPTEMBER 11,1995 MINUTES
7.0 EDA CHECK REGISTER
COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 6-0 WITH
COMMISSIONER HOLMGREN BEING ABSENT.
5. Open Mike
No one appeared for this item.
6. Consider October EDA Financial Statement
Commissioner Holm0ren arrived at this time (6:03)
Assistant City Administrator, Lori Johnson submitted the statement of financial
activity for the period ending September 30, 1995. As of this date, the micro-
loan had a cash balance of $122,046. As of September 30, 1995 the DTED had a
cash balance of $46,089.
8. Consider an Amendment to the EDA Note with Elk River Motel Properties, Inc.
At the September meeting, EDA Commissioners approved a request to extend
the loan with Elk River Motel Properties, inc. Bill Rubin, Economic Development
Economic Development Authority Meeting
October 9, 1995
Page 2
Coordinator stated the loan has been extended for eighteen months and
carries the current interest rate of 8.75 percent.
COUNCILMEMBER DWYER MOVED TO AUTHORIZE PRESIDENT GONGOLL AND
EXECUTIVE DIRECTOR RUBIN TO EXECUTE AN AMENDMENT TO THE EDA NOTE WITH
ELK RIVER MOTEL PROPERTIES, INC.. COUNCILMEMBER BENDER SECONDED THE
MOTION. THE MOTION CARRIED 7-0.
9. Update on the ECM Publishers, Inc. Redevelopment Proposal at US Hiahway 10
and Kinq Avenue NW
Bill Rubin stated that ECM Publishers continues to meet with its architectural firm.
ECM Publishers hopes to proceed with some details and dollar amounts related
to the renovation component of the County Administration Building. If ECM
Publishers choose to move forward, the EDA, HRA and City Council will likely
conduct special meetings.
10. Consider 1996 Appointments/Reappointments to EDA Committees
The Commissioners all concurred that the EDA advertise for new members to the
finance, marketing, and R&D committees. These members have, in the past,
been reappointed and this should give other people a chance and may give
new insights on the committees. Bill Rubin, Economic Development Coordinator
will contact and update the current members.
11. Other Business
Bill Rubin, reminded the EDA of Manufacturers Week in Minnesota is October 16-
20. The Elk River Area Chamber of Commerce will have a membership luncheon
on October 17, at the Elk River Country Club and the speaker is from Minnesota
Technology, Inc.. There will also be a tour at 11 :00 of E&O Tool & Plastics.
Commissioners Dwyer and Duitsman indicated they will attend the Chamber
luncheon.
Commissioner Holmgren stated since we put so much effort into TL Feeder
Systems, the EDA Commissioners should take a tour of TL Feeder Systems, Inc.
when finished. Commissioners should take more effort in taking tours of more
projects.
12. Adiournment
There being no further business, COUNCllMEMBER FARBER MOVED TO ADJOURN
THE MEETING. COUNCILMEMBER DWYER SECONDED THE MOTION. THE MOTION
CARRIED 7-0.
The meeting of the Elk River Economic Development Authority adjourned at 6:42 p.m..
Respectfully submitted,
jJjthtLlt YLLlU/jrl------
Michelle Dwyer () ~
Recording Secretary 'V