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Economic Development Authority Minutes <br />August 13, 2001 <br />6.3. Consider Resolution Regarding EDA Le~~y <br />Page 3 <br />Ms. Mehehch stated that the city must certify the EDA levy to Sherburne County by September <br />17,2001. <br />COMMISSIONER MOTIN MOVED TO APPROVE RESOLUTION O1- O1 OF THE <br />ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY ESTABLISHING THE <br />TAX LEVY FOR THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br />IN AND FOR THE CITY OF ELK RIVER, MINNESOTA. COMMISSIONER <br />DWYER SECONDED THE MOTION. THE MOTION CARRIED 5-0. <br />Review Conduit Bond Policy <br />Assistant Director of Economic Development blare Nevinski stated that conduit bonding <br />allows a developer or business to borrow larger sums of money at a lower interest rate. He <br />stated that bond underwriters would do the work, and that the city bears no risk and is not <br />responsible for repaying the bonds. <br />President Gongoll stated that he is glad to see another tool like this avaIlable <br />Consider Amendment to Busines's Incubator Lease <br />Mr. Nevinski stated that a lease amendment has been negotiated with Larry Hickman fox the <br />Business Incubator building. He stated that the lease rate will stay the same ($1.85/sf) but there <br />would be a reduction of square footage from 13,186 to 7,522. <br />COMMISSIONER TVEITE MOVED TO APPROVE THE LEASE AMENDMENT. <br />COMMISSIONER DWYER SECONDED THE MOTION. THE MOTION <br />CARRIED 5-0. <br />9. Other Business <br />President Gongoll stated that he would be attending a meeting fox a proposed incubator tenant, <br />MicroSurfaces Inc. <br />President Gongoll stated that Assistant Director of Economic Development Maxc Nevinski is <br />leaving the city for another position. He thanked Mx. Nevins'ki for his service and all the great <br />work he performed fox the EDA. He stated that Mr. Nevinski did a tremendous job while acting <br />as the interim duectox fox the city. <br />10. Adiournment <br />There being no other business, COMMISSIONER MOTIN MOVED TO ADJOURN <br />THE MEETING. COMMISSIONER TVEITE SECONDED THE MOTION. THE <br />MOTION CARRIED 5-0. The meeting of the Elk River Economic Development Authority <br />adjourned at 6:45 p.m. <br />/-.!/rr/ ~~r-C/ <br />Recording Secretary <br />Tina Allard <br />