06-14-1999 EDA MIN
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MEETING OF THE ELK RIVER
ECONOMIC DEVELOPMENT AUTHORITY
HELD AT THE ELK RIVER CITY HALL
MONDAY, JUNE 14, 1999
Members Present:
President Dwyer; Commissioners Gongoll, Bender, Klinzing,
Thompson, Farber, and Motin
Members Absent:
None
Staff Present:
Paul Steinman, Executive Director; Marc Nevinski, Assistant Director
of Economic Development; Pat Klaers, City Administrator; Sandra
Peine, City Clerk
1. Call Meetina To Order
Pursuant to due call and notice thereof, the meeting of the Elk River Economic
Development Authority was called to order at 6:02 p.m. by President Dwyer.
2. Consider Aaenda
COMMISSIONER BENDER MOVED TO APPROVE THE 6/14/99 EDA AGENDA.
COMMISSIONER THOMPSON SECONDED THE MOTION. THE MOTION CARRIED 7-0.
3.
Consider Consent Aaenda
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COMMISSIONER MOTIN MOVED TO APPROVE THE CONSENT AGENDA AS FOLLOWS:
3.1. MAY 10, 1999, EDA WORKSESSION MINUTES - APPROVED
3.2. MAY 10,1999, EDA MEETING MINUTES - APPROVED
3.3. MAY 26,1999, SPECIAL EDA MINUTES - APPROVED
3.4. CHECK REGISTER - APPROVED
COMMISSIONER THOMPSON SECONDED THE MOTION. THE MOTION CARRIED 7-0.
4. Open Mike
No one appeared for this item.
5. 1998 Economic Development Annual Report Presentation
Executive Director Paul Steinman presented the 1998 EDA Annual Report.
6. Northstar Die Castina Micro Loan
Executive Director Paul Steinman indicated that Northstar Die Casting has
requested to renegotiate repayment terms for the outstanding amount owed on
the EDA micro loan. He indicated that the modifications proposed include
reduction of the interest rate from 8.5 percent to 5.5 percent and an extension of
the amortization schedule from 5 to 10 years.
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Discussion was held regarding whether or not a UCC-1 should be filed.
Commissioner Motin recommended that the EDA file a blanket UCC-1.
COMMISSIONER BENDER MOVED TO APPROVE THE AMENDED PROMISSORY NOTE
AND GUARANTY FOR THE ASSUMPTION OF THE NORTHSTAR DIE CASTING MICRO
.
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Elk River Economic Development Authority Minutes
June 14. 1999
Page 2
LOAN BY BADGER DIE CASTING, LLC WITH THE STIPULATION THAT A UCC-l BE FILED.
COMMISSIONER GONGOLL SECONDED THE MOTION. THE MOTION CARRIED 7-0.
7.
Discuss Business Retention and Expansion Proiect
Assistant Economic Development Director Marc Nevinski indicated that staff has
developed a business retention and expansion survey that is to be implemented
this summer. He explained that the program will include meeting with the city's
larger industrial businesses, completing a survey, and using the aggregate results
to provide information and help identify businesses with a high potential for future
expansion.
The EDA reviewed the proposed survey. Commissioner Klinzing suggested
modifying the following question: What one issue must Elk River address to
promote your business? It was the consensus of the EDA to modify this question
on the survey.
8. Other Business
Update on Post Office Relocation
Executive Director Paul Steinman updated the EDA on the post office issue. He
reviewed the post office proposal to locate on the Mulvaney property. He
indicated that this issue will be before the EDA on July 12.
Update on Modification of Micro Loan Guidelines
Assistant Director of Economic Development Marc Nevinski indicated that the
Finance Committee will be working on updating the micro loan guidelines. He
indicated that the review of these guidelines will include the issues relating to the
business subsidies law.
Update on Business Subsidv Leaislation
Executive Director Paul Steinman updated the Commission on the business
subsidies legislation that was recently passed by the legislature.
9. Adiournment
There being no further business, COMMISSIONER FARBER MOVED TO ADJOURN.
COMMISSIONER BENDER SECONDED THE MOTION. THE MOTION CARRIED 7-0.
The meeting of the Elk River Economic Development Authority was adjourned at
6:43 p.m.
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Sandra Peine
City Clerk