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Pk/ <br /> cy of TO: ECONOMIC DEVELOPMENT AUTHORITY <br /> lkERiverFROM: WILLIAM RUBIN, ED COORDINATO 2 <br /> DATE: MAY 5, 1993 <br /> SUBJECT: AGENDA MEMO FOR MAY 10, 1993, EDA <br /> MEETING <br /> 5 . FINANCIAL UPDATE <br /> The summary on the EDA Revolving Loan Fund will not be <br /> available until the May 10, meeting. As a reference point, EDA <br /> Commissioners may wish to use the March 31, 1993, cash balance <br /> of $195,585. 60 (excludes 1993 interest calculations) . <br /> 6 . EDA MAIN STREET SITE <br /> Mr. Chris Bulow, of the Bruce Company, will again be in <br /> attendance to provide EDA Commissioners and staff with an <br /> update on the progress he has made with his project since the <br /> last EDA meeting. It is likely that construction numbers and <br /> cost estimates will be disclosed at the meeting, and this will <br /> • give the EDA an opportunity to answer three fundamental <br /> questions : <br /> - What is being proposed? <br /> - How much will it cost? <br /> - What is needed from the City-EDA? <br /> Other developers that have previously expressed an interest in <br /> the site have also been alerted to Monday's meeting. It is not <br /> known, however, if the developers will attend the meeting and <br /> disclose their plans publicly. <br /> 7 . PROPOSED REVISIONS TO LOAN POLICY GUIDELINES <br /> Two revisions are being proposed to the EDA Revolving Loan <br /> Policy Guidelines . The proposed revisions were sent to the EDA <br /> Finance Committee for its comments . These comments, if any, <br /> will be solicited from Committee members prior to the May 10, <br /> EDA meeting. <br /> The first proposed change reenforces the concept that the EDA <br /> loans are to benefit businesses that are located in Elk River <br /> or will be located in Elk River when the loan closes . The <br /> policy is silent on what occurs when a company relocates out of <br /> Elk River after a loan has been approved. This issue has <br /> presented itself as a result of Pure Steam Humidifier Company' s <br /> • planned relocation out of Elk River (see enclosed letter in <br /> agenda packet) . After speaking with Pure Steam' s president <br /> about the pay down of the two EDA loans, he is agreeable to pay <br /> the loans in full prior to his company relocating from Elk <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />