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<br /> <br /> <br /> <br />REGULAR MEETING OF THE ELK RIVER CITY COUNCIL <br />HELD AT THE ELK RIVER PUBLIC LIBRARY <br />MONDAY. DECEMBER 30. 1985 <br /> <br />MEMBERS PRESENT: Mayor Hinkle. Councilmembers Gunkel. Schuldt and <br />Engstrom <br /> <br />MEMBERS ABSENT: Counci1member Williams <br /> <br />STAFF PRESENT: Tom Bublitz; City Administrator. Dave Se1lergren; <br />City Attorney. and Steve Rohlf; Building Inspector <br /> <br />1. The Elk River City Council meeting was called to order by Mayor Hinkle at <br />7:30 p.m. <br /> <br />2. Agenda <br /> <br />COUNCILMEMBER GUNKEL MOVED TO APPROVE THE DECEMBER 30. 1985 CITY COUNCIL <br />AGENDA. COUNCILMEMBER SCHULDT SECONDED THE MOTION. THE MOTION PASSED <br />3-0. <br /> <br />3. December 16. 1985 City Council Minutes <br /> <br />COUNCILMEMBER GUNKEL MOVED TO APPROVE THE DECEMBER 16. 1985 CITY COUNCIL <br />MINUTES AS SUBMITTED. COUNCILMEMBn SCHUIJ)T SECONDED THE MOTION. THE <br />MOTION PASSED 3-0. <br /> <br />4. Consideration of Economic Development Grant Program <br /> <br />Mr. Mike Auger of the Minnesota Department of Energy and Economic <br />Development was present. He noted that the Minnesota Department of Energy <br />and Economic Development's Recovery Fund Grant Program was working in <br />conjunction with Roma Tool and Plastic. Inc. He noted that the company <br />was seriously considering an offer by the State of South Dakota to <br />relocate in South Dakota. He indicated that with the Recovery Fund Grant <br />Program they may be able to retain the jobs and keep Roma Tool and <br />Plastics in Elk River. He further indicated that Roma Tool has indicated <br />that they may stay in Minnesota with financial assistance from the <br />Economic Recovery Grant Program. <br /> <br />Mr. Auger noted that the purpose of the program is to create or maintain <br />jobs. Mr. Auger explained the procedure for the grant program. He noted <br />that the Minnesota Department of Energy and Economic Development makes a <br />grant to the City or the County and the City makes the loan to the <br />Company. He noted the City keeps a portion of the payment. Mr. Auger <br />stated that in this case the Minnesota Department of Economic Development <br />enters into a grant agreement with the City of Elk River for $500.000 and <br />the City enters into a loan agreement with Modern Tool. Mr. Auger <br />indicated that the City is able to retain $100.000 of the total principal <br />amount being paid plus whatever interest is accrued. He noted that the <br />