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Economic Development Authority Minutes <br />December 9, 2002 <br />Page 3 <br />opportunities to provide for additional industrial property from 175°~ Avenue to the eastern <br />city limits. <br />President Gongoll noted that other than the gravel pits, and maybe East Elk River, there <br />were not many other opporrunities Eox rezoning land into industrial property. <br />Consider Amendment to EDA Bvlaws Regarding Annual Meeti~ Time <br />COMMISSIONER DWYER MOVED TO ADOPT AN AMENDMENT TO THE <br />EDA BYLAWS WHICH SETS THE ANNUAL MEETING TIME TO 5:30 P.M. <br />COMMISSIONER MOTIN SECONDED THE MOTION. THE MOTION <br />CARRIED 6-0. <br />8. Other Business <br />8.1. ProTech Engineering Micro Loan <br />Catherine Mehelich distributed a memo regarding the issue of a micro loan extension for <br />ProTech Engineering, Inc. Catherine reviewed the issue. <br />COMMISSIONER KOENIG MOVED TO REFINANCE THE BALANCE OF <br />PROTECH ENGINEERING'S LOAN OVER A S-YEAR AMORTIZATION AT A <br />MARKET RATE OF 6.25% WITH A 2-YEAR BALLOON PAYMENT. <br />COMMISSIONER KUESTER SECONDED THE MOTION. THE MOTION <br />CARRIED 6-0. <br />9. ildjournment <br />There being no other business, PRESIDENT GONGOLL ADJOURNED THE <br />MEETING. <br />~~~ Q p~ <br />Sandra Peine <br />City Clerk <br />