Laserfiche WebLink
Economic Development Authority Minutes Page 3 <br />May 12, 2003 <br />It was the consensus of the EDA to allow the one-month extension. <br />5.3. Consider Appointing Mark Uxistl to the EDA Mlrketin Committee <br />Nts. Hall indicated that Mark Urista of Coldwell Banker Vision has indicated interest <br />in becoming a member of the EDA Marketing Committee. <br />Commissioner biotin disclosed that Mark and Debbie Uxista axe his clients. <br />CHAIR GONGOLL MOVED TO APPOINT MARK URISTA TO THE <br />EDA MARKETING COMMITTEE. COMMISSIONER KLINZING <br />SECONDED THE MOTION. THE MOTION CARRIED 7-0 <br />6. Sportech Expansion Project Upd2te <br />Ms. Mehelich indicated that [he giant request of $200,000 from the MN Department <br />of Trade and Economic Development for the Sportech expansion project has been <br />approved. She indicated that staff is working with DTED and Sportech on the <br />appropriate giant and loan agreements. Ms. Mehelich further noted that a <br />recognition event is being planned for the Sportech expansion on May 28. President <br />Gongoll announced that Sportech was awarded as Manufacturing Business of the <br />Year by the Chamber of Commerce. <br />Consider Micro Loan Extension - b1&A Investments L.L.C. <br />Ms. Mehelich indicated that M & A Investments, LLC was given a $50,000 Micto <br />Loan in March 2000 with a balloon payment of $44,227.21 due on March 15, 2003. <br />Ms. Mehelich indicated that M & A Investments has requested a 2-year extension of <br />the loan. She noted that the Finance Committee has reviewed this request and is <br />recommending approval with specific conditions. <br />COMMISSIONER MOTIN MOVED TO APPROVE A 2-YEAR <br />EXTENSION OF THE MICRO LOAN TO M&A INVESTMENTS, L.L.C. <br />WITH THE FOLLOWING CONDITIONS: <br />1. M&A INVESTMENTS, L.L.C. TO GUARANTEE, ON BEHALF OF <br />THE TENANTS, THAT THE ORIGINAL MICRO LOAN JOB <br />CREATION GOALS OF 8 FULL-TIME EQUIVALENT <br />POSITIONS AT A MINIMUM WAGE OF $9.00 PER HOUR, <br />EXCLUSIVE OF BENEFITS, ARE MAINTAINED OVER THE 2- <br />YEAR EXTENSION PERIOD. JOB AND WAGE STATUS WOULD <br />BE CERTIFIED ANNUALLY UPON REQUEST BY THE <br />ECONOMIC DEVELOPMENT DEPARTMENT STAFF. <br />