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Economic Development Authority Minutes Page 2 December 10, 2001 5. Strategic Industrial M2xketing PI-m IIpolte Catherine Mehelich provided an update of the activities that have been completed or continued since the Plan was adopted in 2000. She reviewed the important action items that will take place in 2002. They include 1) conducting the annual Business Retention & Expansion visits & survey, and 2) developing and implementing a public relations campaign in addition to advertisements. Catherine stated the Plan would be updated in summer 2002 for implementation in 2003-2005 with the assistance of the marketing taskEorce and Duckor and Associates. 6. Economic Development gssishmt Position Cipd2te Catherine indicated that the Councll has authorized the hiring of Heidi Hall as the Economic Development Assistant with a starting salary of $30,000. She noted that Heidi would begin work on December 17. Business Incubator Six-Month Review Catherine provided the EDA with axis-month review of activity. Incubator Consultant, Harlan Jacobs, associated with the Business Incubator Program, prepared the review. She noted that the current tenants include Vertical Publishing, Solar Attic and Bieby Energy Systems, Inc. 8. Consider Micro Loan Application - Minnesota F•tbxic•ttion & M•tchine Inc Catherine Mehelich indicated that the EDA has received a NGcro Loan Application from NIN Fabrication & Machine. She noted that the Finance Committee reviewed the application and unanimously recommended to award Minnesota Fabrication cF Machine Inc. a $50,000 supplemental micro loan. She noted that the loan will be used to purchase machinery and equipment allowing the company to keep operations in Elk River. NIr. Don Devoe and Don Millslage of Minnesota Fabrication & Machine, Inc. were present to answer questions. COMMISSIONER MOTIN MOVED TO APPROVE A $50,000 SUPPLEMENTAL FINANCING LOAN TO MN FABRICATION & MACHINE, INC. AS RECOMMENDED BY THE FINANCE COMMITTEE TO BE SECURED BY A 2ND LIEN POSITION ON THE REAL ESTATE AND A 2ND LIEN POSITION ON THE MACHINERY AND EQUIPMENT. COMMISSIONER TVEITE SECONDED THE MOTION. THE MOTION CARRIED 7-0. 9.1. TIF #17 Update Catherine Mehelich informed the EDA that the TIF revenue payment is anticipated by the developer of the TIF #17 (Decker) project. She indicated that there axe outstanding building and planning issues with the project and staff is working with [he developer to resolve the issues prior to releasing the TIF money in accordance with the development agreement. She indicated that staff is holding $73,567.86 and the developer is requesting that the money be released. Catherine noted that staff would continue to work with the developer until the issues axe resolved prior to releasing the'FIF money.