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Economic Development Authority Minutes Page 4 <br /> October 20,2014 <br /> Mr. Barnhart presented the staff report. <br /> President Tveite nominated himself as a member of the public art installation judging <br /> panel. <br /> 6.2 Authorize Appraisal for EDA Property <br /> Mr. Barnhart presented the staff report. <br /> Commissioner Dwyer stated he felt the appraisal cost of$5,000 seemed high and felt <br /> it was twice what he would expect to pay for an appraisal. <br /> Mr. Barnhart stated he estimated high to present a worst-case scenario; the cost of a <br /> previous appraisal he recently received was $3400. <br /> President Tveite asked how quickly this property would be able to be on the market. <br /> Mr. Barnhart stated as soon as the appraisal was completed,probably by early spring. <br /> Moved by Commissioner Motin and seconded by Commissioner <br /> Westgaard to Authorize an Appraisal of EDA Property for Natures <br /> Edge Business Center Second Addition and Fox Haven Commercial as <br /> outlined in the staff report. <br /> Motion carried 6-0. <br /> 6.3 Consider Support for County Broadband Initiative <br /> Mr. Barnhart presented the staff report. <br /> Moved by Commissioner Dwyer and seconded by Commissioner <br /> Wilson to Approve Resolution 14-08 in support of the City of Elk River <br /> Economic Development Authority Participating in the Establishment <br /> of a Blandin Broadband Community as outlined in the staff report. <br /> Motion carried 6-0. <br /> 6.4 Preferred Powder Coating Microloan Subordination Agreement <br /> Mr. Barnhart explained when the Preferred Powder Coating Microloan and <br /> Forgivable loan was approved in 2013,2013;the subordination agreement <br /> documentation was never signed and recorded. Staff is asking for authorization to <br /> have the EDA approve and sign two agreements, one for the $100,000 Industrial <br /> Incentive Microloan, and the other for the $200,000 Forgivable Loan. <br /> President Tveite stated this is a very common practice that the EDA take a <br /> subordinate position to the primary lender and this was a case of missed paperwork. <br /> 'POWERED BY <br /> NATURE <br />