01-13-2003 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes page q January 13, 2003 a. Bylaw Amendment COMMISSIONER MOTIN MOVED THE FOLLOWING AMENDMENT TO THE EDA BYLAWS: "REGULAR MEETINGS OF THE EDA SHALL BE HELD ON THE SECOND MONDAY OF EACH CALENDAR MONTH AT 5:30 P.M. ANY REGULAR MEETING FALLING UPON A HOLIDAY SHALL BE HELD ON THE NEXT FOLLOWING BUSINESS DAY AT THE SAME TIME AND PLACE." COMMISSIONER KOENIG SECONDED THE MOTION. THE MOTION CARRIED 6-0. Consider Micro Loan Extension for Charlene R Barder Edward J Barder and Margo L. Foster (formerly dba Olde Main Eateryl Catherine Mehelich indicated that a request has been made to extend the Micro Loan fox the Olde Main Eatery for an additional term. Commissioner Motin questioned the issue of the borrowers no longer owning the business for which the loan was granted. Commissioner Klinzing requested staff to review with the Finance Committee the micro loan policy as it relates to granting loans for investment property and dealing with existing loans that change hands during the loan term. COMMISSIONER TVEITE MOVED TO AUTHORIZE REFINANCING THE BALANCE OF THE MICRO LOAN WITH CHARLENE BARDER, EDWARD BARDER AND MARGO FOSTER OVER A 7-YEAR AMORTIZATION AT A MARKET RATE OF 6.25% WITH A 2-YEAR BALLOON PAYMENT. COMMISSIONER MOTIN SECONDED THE MOTION. THE MOTION CARRIED G-0. Business Incubator Update Catherine Mehelich introduced Incubator Consultant Harlan Jacobs. Mr. Jacobs provided an update on the City's incubator program and activities including existing tenants, recent incubator graduates and new companies who are interested in the City's incubator program. Mr. Jacobs introduced Tom Guzik, CEO of Verdantes Inc. Mr. Guzik gave an update on his company and indicated that he is interested in the City's incubator program. 7.1. Consider Lease Renewal of Business Incubator Space Catherine Mehelich informed the EDA that the lease with Larry Hickman of the Business Incubator building would expire April 14, 2003. Catherine provided an update on the leasing history of the Business Incubator. She indicated that due to