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Housing & Redevelopment Authority <br />April 4, 2011 <br />interest loan. He noted that he hated to see denial of the grant as a "deal breaker". Mr. <br />McDonald stated that he would have to look at cutting down the size of the restaurant, as <br />well as other items, in order to make the project work without the grant. <br />Commissioner Kuester stated that she could see the restaurant as a good teen spot. She <br />stated she also would support a low interest loan versus an outright grant. <br />Commissioner Motin asked if Mr. McDonald had any idea of the tax revenue which would <br />be generated by his project. Mr. McDonald stated the taxes are currently $12,000 a year and <br />would likely double with his project. He stated that the valuation is currently $621,000 and <br />would be over $1 million after completion. <br />Commissioner Toth stated he would like to see the site occu~~d. commissioner Moon <br />asked if there is any other interest in the building that staff is aware of. Ms. Mehelich stated <br />no. <br />Commissioner Motin asked if alcohol would be served in the restaurant. Mr. McDonald <br />stated no. Commissioner Toth stated he would not want to see the project leave, but would <br />prefer to offer a low interest loan. <br />MOTION BY COMMISSIONER KUESTER AND SECONDED BY <br />COMMISSIONER TOTH TO AUTHORIZE STAFF TO NEGOTIATE A LOW <br />INTEREST LOAN FOR ELK'RIVER PIZZA RANCH UP TO $90,040, <br />MOTION CARRIED 5-0. <br />7. Update on The Bluffs of Elk River <br />Ms. Mehelich noted that a report regarding the rental of housing units in The Bluffs of Elk <br />River will be provided at the May HRA meeting. <br />8. Other Business -None <br />9. rAdjournment <br />The meeting of the Elk River Housing and Redevelopment Authority adjourned at 6:40 p.m. <br />Minutes prepared b~~ Debbie Huebner. <br />Tina Allard <br />City Clerk <br />Page 4 <br />Stewart Wilson <br />Chair, Housing and Redevelopment Authority <br />