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<br />e <br /> <br />e <br /> <br />e <br /> <br />Page 7 <br /> <br />City Council Minutes <br />November 5. 1987 <br /> <br />9. Other Business <br /> <br />Finance Director. Lori Johnson. informed the Council that Milo Henneman. <br />President of Roma Tool and Plastics. Inc. has requested a one year <br />deferral for the pay back of his company's working capital loan which was <br />to begin in April. 1988. Mayor Gunkel indicated the importance of <br />keeping Roma Tool and Plastics. Inc. a healthy company in Elk River and <br />that some of the pay back funds were to be placed in a City revolving <br />loan fund program. However. Mayor Gunkel also stated that it is <br />important for the City to know that Roma Tool and Plastics. Inc. truly <br />needs a total deferral of this pay back. and accordingly. that the <br />financial books of this company should be reviewed. Discussion was held <br />on why the deferral was needed and also the need to examine the financial <br />condition of this company before granting the request of Mr. Henneman. <br /> <br />COUNCILMEMBER TRALLE MOVED TO DELAY ACTION ON THI S REQUEST FOR A ONE YEAR <br />DEFERRAL OF THE PAY BACK OF THE WORKING CAPITAL LOAN UNTIL THE FINANCIAL <br />ANALYSIS OF THE ROMA TOOL AND PLASTICS. INC. COULD BE MADE AND <br />VERIFICATION OBTAINED FOR THE NEED TO POSTPONE THE PAYBACK OF THIS LOAN. <br />COUNCILMEMBER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 5-0. <br /> <br />The City Administrator briefly updated the Council on the upcoming City <br />of Elk River employee Christmas party and on the proposed Elk River <br />advertisement in the Sherburne County Plat book that is done every five <br />years. <br /> <br />Counci1member Holmgren stated his concern about the traffic pattern <br />around the Bullseye Arcade area along Railroad Drive. It was the general <br />consensus of the Council that this is a situation that should be <br />thoroughly evaluated in the future and that the Council would like to <br />discuss this traffic issue with the City Engineer. <br /> <br />COUNCILMEMBER SCHULDT MOVED TO ADJOURN THE MEETING. COUNCILMEMBER TRALLE <br />SECONDED THE MOTION. THE MOTION CARRIED 5-0. <br /> <br />The meeting was adjourned at 10:20 p.m. <br /> <br />7/7)r/! <br />,I y I)/cu~ <br /> <br />Pat rick Klaers <br />City Administrator <br />