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Economic Development Authority Minutes Page 2 <br /> May 19,2014 <br /> 5. Public Hearings <br /> There were no public hearing items scheduled for this agenda. <br /> 6.1 Initiative Foundation Presentation <br /> Mr. Beeman presented the staff report and introduced Initiative Foundation <br /> Development Officer Sandy Voigt. <br /> Ms.Voigt introduced John Babcock from The Bank of Elk River who serves on the <br /> Foundation Board. <br /> Mr. Babcock stated he is glad to be affiliated with the Foundation and noted they <br /> have a lot of great things happening to benefit communities. <br /> Ms.Voight reviewed the Foundation's history and the various ways in which they can <br /> assist the community. She also thanked the EDA for their continued ongoing <br /> support. <br /> 6.2 Preferred Powdered Coating Subordination Agreement <br /> Mr. Beeman presented the staff report. <br /> Moved by Commissioner Westgaard and seconded by Commissioner Dwyer <br /> to adopt Resolution 14-01 approving a security interest subordination <br /> agreement and mortgage subordination agreement. Motion carried 7-0. <br /> 6.3 Focus Area Study Implementation <br /> Mr. Barnhart presented the staff report. <br /> There was no discussion on this item. <br /> 6.4 Propose Date for EDA Budget Worksession <br /> Mr. Beeman presented the staff report. <br /> There was discussion on the meeting date. <br /> Moved by Commissioner Motin and seconded by Commissioner Wilson to <br /> call a special worksession meeting for July 21 at 5:00 p.m. to discuss the EDA <br /> budget. Motion carried 7-0. <br /> The Commission requested the budget materials be distributed earlier to give <br /> commission members adequate time to review it. <br /> I F I O N E R E O R Y <br /> NATURE <br />