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Economic Development Authority Minutes Page 3 <br />March 10, 2003 <br />Consider Micro Loan <lpplicadon - L2ke Assault Custom Boats <br />Catherine Mehelich indicated that the Finance Committee reviewed the blicxo Loan <br />application submitted by Lake Assault Custom Boats. Lake Assault Custom Boats is <br />a start up manufacturer of custom fishing boats. The company has identified a very <br />targeted market of elite fisherman. She indicated that the company has requested a <br />$50,000 Supplemental Micro Loan which will be used to purchase machinery and <br />equipment. Catherine noted that the Finance Committee unanimously recommended <br />that the EDA consider awarding the loan. <br />Owner of the Company, Jerry Ackerton, presented information about the company. <br />COMMISSIONER MOTIN MOVED TO APPROVE THE APPLICATION <br />FOR LAKE ASSAULT CUSTOM BOARS FORA $50,000 <br />SUPPLEMENTAL MICRO LOAN CONTINGENT UPON THE <br />FOLLOWING TERMS BEING MET: <br />• PERSONAL GUARANTEE FROM OWNER AND WIFE <br />• ADDITIONAL FINANCING SOURCES SECURED <br />• SECURED BY 1sT LIEN POSITION ON EQUIPMENT <br />• TERM: 10-YEAR AMORITZATION <br />• 3-YEAR BALLOON PAYMENT @ 3.25% <br />• STRUCTURED AS PARTICIPATION LOAN WITH BANK <br />• CREATION OF 3 FULL-TIME JOBS @ NO LESS THAN <br />$17.00/HOUR WITHIN 2 YEARS. <br />COMMISSIONER TVEITE SECONDED THE MOTION. THE MOTION <br />CARRIED 4-0. <br />8. Preliminary- Repoct and Discussion on An2lysis of Industrial Paxk Options <br />Catherine Mehelich indicated that staff has been directed by the EDA to explore the <br />following options relating to industrial land development: <br />Alternative strategies for working with private landowners of business park <br />properties; and <br />Strategy for development of the EDA's pxoperry located off of Twin Lakes <br />Road <br />Catherine explained that the reason fox exploring the options is that the City is at a <br />competitive disadvantage with its business park property because it does not own the <br />land directly which causes the siting process to take longer. Catherine indicated that <br />following a joint worksession with the Plannutg Cotnmission held in February it was <br />suggested that EDA/Council persons meet one-on-one with private landowners to <br />confirm staffs understanding of the pricing, availability and mazket. <br />