06-14-2010 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes Page 2 June 14,2010 MOVED BY COMMISSIONER TVEITE AND SECONDED BY COMMISSIONER DWYER TO APPROVE THE 171ST AVENUE FOCUSED AREA STUDY. MOTION CARRIED 7-0. 6. Consider EDA Micro LoanRequest -Frank Galli Pizzeria Ms. Mehelich presented the staff report President Touchette noted that Elk River Travel is still occupying the space but is looking at other available spaces and will hopefullyremain in ElkRiver. Frank Galli, applicant -reviewed his plans for renovating the space at 315 Jackson Avenue NW. He noted there are a number of code issues that will be addressed. Ms. Mehelich noted that the Micro Loan Fund has a current cash balance of $874,774 as of the end of May. This was a change from what was included in the staff report. MOVED BY COMMISSIONER KLINZING AND SECONDED BY COMMISSIONER MOTIN TO APPROVE THE REQUEST BY THE PIZZERIA (GALLI COMPANIES, LLC) FORA $75,000 MICRO LOAN AT 2% INTEREST WITH A 15-YEAR AMORITIZATION/5-YEAR BALLOON AND THE CONDITIONS RECOMMENDED BY THE FINANCE COMMITTEE. MOTION CARRIED 7-0. Discuss Using Energy Cityas an Economic Development Marketing Tool Ms. Mehelich presented the staff repon. President Touchette stated that it is important to identifywhat the EnergyCiryCommission means to the EDA and the advantages and opportunities that come with the distinction of Energy City. Also, the things that the Energy City Commission is doing and how we can utilize that to draw industry and businesses to ElkRiver. Commissioner Klinzing indicated that it is her understanding that the Action Committee for Energy (ACE) had a strong economic development component that has been lacking in recent years with the EnexgyCityConunission. She feels it maybe because of a lack of identified items for collaboration between the EDA and the Energy City Cottutilssion. She stated that she sees manyopportunities for staff to tie in economic development when speaking on Enexgy City. It was consensus of the EDA to strengthen the relationship between the EDA and the Energy City Conuivssion. Ms. Mehelich indicated staff will draft strategies or methods to expand the pannership and outline specific activities that can be accomplished. President Touchette explained that the two most important factors from his perspective are to make sure that the partnership between the EDA and the Energy City Commission benefits current businesses and residents and that a contributes to the economic development opponunities in the city. Vance Zehringer, Chair of EnergyCity Conunission -would like the partnership to incorporate conservation improvement programs offered byElk River Municipal Utilities as well.