5.0.-13.0. EDSR 06-14-1993 - Laserfiche WebLink

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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY 111 DATE: JUNE 9, 1993 TO: ECONOMIC DEVELOPMENT AUTHORITY SUBJECT: AGENDA MEMO FOR JUNE 14, 1993, EDA MEETING 5 . FINANCIAL UPDATE The following is a summary from Finance Director, Lori Johnson: Revolving Loan Fund The May 31, 1993, Revolving Loan Fund cash balance is $158,817 . 67 . In May, a loan in the amount of $50,000 . 00 was made to Tescom. As of June 9, 1993, all June loan payments have been received with the exception of PureSteam and Second Generation Properties (NAPA) . This is an information item only, and no action is requested. 40 6. EDA MAIN STREET SITE Mr. Chris Bulow of The Bruce Company will again be in attendance to provide EDA Commissioners and staff with an update on the progress he has made with his project since the last EDA meeting. With no other developers expressing an interest in this site, it is likely that Mr. Bulow will request an exclusive option on the site at some point in the future. Staff has met with Mr. Bulow on several occasions since the May meeting. Ideas discussed at those meetings include creating a TIF District, repayment of the TIF grant, estimated state aid penalties, as well as the EDA co-developing the site with Mr. Bulow and other unnamed developers . No definitive direction came out of any of these concepts . 7 . RETAIL FOCUS GROUP STUDY At a May 27, Downtown Development Corporation meeting, Mr. John Houlton made a presentation on the need for a Retail Focus Group Study. Best estimates for the cost of this study are approximately $5,000 . Mr. Houlton suggested that the following groups underwrite the cost of this project: - Downtown Development Corporation III - Specific downtown businesses (banks, drug stores, newspaper publishers, etc. ) - City-EDA P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 Equal Opportunity Housing and Equal Opportunity Employment