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Economic Development Authority Minutes Page 2 <br /> June 17,2013 <br /> MOTION CARRIED 6-0. <br /> 4. Open Forum <br /> No one was present for open forum. <br /> 5. Request by Pat Briggs to Purchase City-Owned Property on Behalf of Professional Service <br /> Bureau.Inc. <br /> Mr.Wilfahrt presented his staff report. He explained that staff is seeking EDA direction on <br /> whether or not to move forward with the process as outlined in the staff report. <br /> Consensus of the EDA was for staff to proceed with due diligence on this item and report <br /> back upon completion. <br /> 3.7 Set Special Meeting for Preferred Powder Coating Requests <br /> Mr.Wilfahrt presented the staff report.He stated that items 6 and 7 were removed from the <br /> agenda to allow additional time for review.He indicated staff would like to call a special <br /> meeting for Monday,June 24,2013,at 5:30 p.m. to consider the requests. <br /> MOVED BY COMMISSIONER MOTIN AND SECONDED BY <br /> COMMISSIONER WILSON TO CALL A SPECIAL MEETING OF THE <br /> ECONOMIC DEVELOPMENT AUTHORITY FOR MONDAY,JUNE 24,2013, <br /> AT 5:30 P.M.TO CONSIDER THE TAX ABATEMENT APPLICATION FOR <br /> PREFERRED POWDER COATING.MOTION CARRIED 6-0. <br /> 8 Microloan Application for Ralphie's Victory Lane <br /> Mr.Wilfahrt presented the staff report. He stated that the applicant is in attendance to <br /> answer any questions the EDA may have. <br /> Commissioner Motin indicated that the Finance Committee discussed amending the micro <br /> loan program to include more specific provisions pertaining to energy efficient <br /> improvements.Mr.Wilfahrt indicated staff will bring a recommendation on criteria to a <br /> future Finance Committee meeting. <br /> MOVED BY COMMISSIONER PROVO AND SECONDED BY <br /> COMMISSIONER WESTGAARD TO APPROVE THE ENERGY EFFICIENCY <br /> MICRO LOAN APPLICATION FOR RALPHIE'S VICTORY LANE WITH THE <br /> FOLLOWING TERMS AND CONDITIONS: <br /> • $74,999 AT 3%INTEREST,10-YEAR TERM,10-YEAR <br /> AMORITIZATION. <br /> • EDA TO SECURE PERSONAL GUARANTEE FROM ALL PARTIES <br /> INVOLVED IN OWNERSHIP OF THE BUILDING AND LAND. <br /> • EDA TO OBTAIN SUBORDINATE POSITION MORTGAGE ON 13374 <br /> U.S. HIGHWAY 10 AND ON ALL INVENTORY AND EQUIPMENT. <br /> MOTION CARRIED 6-0. <br />