10-20-2014 EDA MIN - Laserfiche WebLink

Home Browse Search

Econornic Development Authority Minutes Page 4 October 20, 2014 ------------------------------- 6.2 Authorize Appraisal for EDA Property Mr. Barnhart presented the staff report. Commissioner Dwyer stated he felt the appraisal cost of $5,000 seemed high and felt it was twice what he would expect to pay for an appraisal. Mr. Barnhart stated he estimated high to present a worst-case scenario; the cost of a previous appraisal he recently received was $3400. President I'velte asked how quickly this property would be able to be on the market. Mr. Barnhart stated as soon as the appraisal was completed, probably by early spring. J%oved by Commissioner Motin and seconded by Commissioner Westgaard to Authorize an Appraisal of EDA Property for Natureis Edge Business Center Second Addition and Fox Haven Commercial as outlined in the staff report. I III I II ME= Mr. Barnhart presented the staff report. Moved by Commissioner Dwyer and seconded by Commissioner Wilson to Approve Resolution 14-08 in support of the City of Elk River Economic Development Authority Participating in the Establishment of a Bla III, in Broadband Community as outlined in the staff report. I ZlIs ll - W- 4 11111 1 11111111111! 1'! IIIIIpIII I V 11 111 . Mr. Barnhart explained when the Preferred Powdei Coating Microloan and Forgivable loan was approved in 2013; the subordination agreement documentation was never signed and recorded. Staff is asking for authorization to have the EDA approve and sign two agreements, one for the $100,000 Industrial Incentive Microloan, and the other for the $200,000 Forgivable Loan. President Tveite stated this is a very common practice that the EDA take a subordinate position to the primary tender and this was a case of missed paperwork. Moved by Commissioner Wilson and seconded by Commissioner Westgaard to Approve Authorization • Signing the Microloan Subordination Agreements between the City of Elk River Economi'v Development Authority and Preferred Powder Coating.