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EDA Agenda Memo <br /> September 8, 1997, Meeting <br /> Page 3 <br /> • Committee that personal guarantees be received from The Olde Main <br /> proprietors and spouses. <br /> Staff has discussed this issue with The Olde Main proprietors and they <br /> are planning to proceed with their project given the rate and terms <br /> being recommended by the Finance Committee. They will be present <br /> at the EDA meeting to address comments and questions. <br /> Recommendation <br /> Staff, and the EDA Finance Committee, is recommending approval of a <br /> loan in the amount of$50,000 at prime interest rate (currently 8.5%), <br /> with a 15 year amortization and 5 year balloon for The Olde Main <br /> Eatery and Sweet Shoppe, Inc. <br /> 7. Strategic Planning Issues-Hohlen Property/Wilson Property <br /> Rezonings <br /> Background <br /> As has been approved in the Economic Development Strategic Plan, <br /> di eight specified areas within the City of Elk River are to be brought <br /> forward for rezoning to allow industrial and business park <br /> development. Of these eight areas, two have been through the <br /> Planning Commission process and one has been denied rezoning by the <br /> City Council to date. The property which has been denied rezoning is <br /> the Hohlen property located at the southwest corner of Main Street <br /> and Highway 169 and is approximately 8 acres. <br /> The other property which was,identified for possible rezoning to <br /> business park is a large tract of the Wilson family property located at <br /> the northeast corner of Waco Street and County Road 30 which is <br /> approximately 80 acres. At its August 26, 1997, meeting the Planning <br /> Commission denied rezoning of this property on a 6-1 vote. The <br /> minutes from that Planning Commission meeting will be available for <br /> handout on Monday. The Wilson family property rezoning issue is <br /> scheduled to go before the full Council for a final,decision on Monday, <br /> September 15, 1997. <br /> Staff feels it is appropriate at this time to discuss the overall purpose <br /> of the Economic Development Strategic Plan as we proceed with the <br /> Wilson property rezoning and the remaining six identified areas. The <br /> Strategic Plan discussion indicated that of the 440 acres identified in <br /> • the eight areas, the end goal of the Strategic Plan was to accumulate a <br />