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Economic Development Authority Minutes <br />November 8, 2010 <br />Page 2 <br />Commissioner Motin agreed but noted he would like to see staff work towards a 10-year • <br />amortization. <br />MOVED BY COMMISSIONER ZERWAS AND SECONDED BY <br />COMMISSIONER WESTGAARD TO APPROVE THE REQUEST BY PROMO <br />PRODUCTS, LLC, FOR A MICRO LOAN IN THE AMOUNT UP TO $25,000 AT <br />A 3% FIXED INTEREST RATE AND UP TO A 20-YEAR AMORTIZATION <br />WITH FIVE YEAR BALLOON. THE ECONOMIC DEVELOPMENT <br />AUTHORITY WILL SECURE A THIRD POSITION MORTGAGE ON REAL <br />ESTATE AT 19228 INDUSTRIAL BOULEVARD, AS WELL AS PERSONAL <br />GUARANTEES FROM THE OWNERS. MOTION CARRIED 6-0. <br />6. Discuss City Vision and Goals <br />Ms. Johnson reviewed the recently approved city vision statement and the goals supporting <br />the vision. She stated that it is important that all city boards and commissions are a part of <br />the visioning process. She indicated that staff is meeting to discuss possible action steps in <br />early December. <br />Commissioner Motin indicated that he would like to see a section included on items in the <br />packet that attempts to explain how the request fits into the city's vision and goals. <br />President Touchette indicated that a brochure or handout outlining the city's vision and <br />goals may be helpful. <br />Commissioner Dwyer stated he would like to see a new branding/marketing plan. Ms. <br />Mehelich agreed. She stated that the current branding plan is a decade old and needs <br />refreshing in order to convey a consistent marketing message throughout the city. She noted <br />that the EDA already has money budgeted for amarketing/branding plan. <br />Ms. Rydberg stated that the city's goals are admirable and she believes the business <br />community will embrace the pro-business focus. <br />Ms. Johnson indicated that the EDA can begin the branding process which can run <br />simultaneously with the visioning action steps. <br />Consensus of the EDA was for staff to proceed with evaluating options on moving forward <br />with the branding program, including cost estimates. The EDA would also like staff to <br />present a proposed scope of work and draft action steps in December. <br />7. Staff Updates <br />Ms. Mehelich indicated that Mucho Loco and Pompeii Pizaeria are two new restaurants that <br />have opened up in Elk River. <br />Ms. Mehelich stated that the EDA will meet jointly with the Council in December to discuss <br />implementation of the 17150 Avenue Focused Area Study. <br />8. Other Business <br />