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Economic Development Authority Minutes Page 4 <br /> January 13, 2003 <br /> • <br /> COMMISSIONER MOTIN MOVED THE FOLLOWING <br /> AMENDMENT TO THE EDA BYLAWS: <br /> "REGULAR MEETINGS OF THE EDA SHALL BE HELD ON <br /> THE SECOND MONDAY OF EACH CALENDAR MONTH AT <br /> 5:30 P.M.ANY REGULAR MEETING FALLING UPON A <br /> HOLIDAY SHALL BE HELD ON THE NEXT FOLLOWING <br /> BUSINESS DAY AT THE SAME TIME AND PLACE." <br /> COMMISSIONER KOENIG SECONDED THE MOTION. THE <br /> MOTION CARRIED 6-0. <br /> 6. Consider Micro Loan Extension for Charlene R. Barder, Edward J. Barder and <br /> Margo L. Foster (formerly dba Olde Main Eatery) <br /> Catherine Mehelich indicated that a request has been made to extend the Micro Loan <br /> for the Olde Main Eatery for an additional term. Commissioner Motin questioned <br /> the issue of the borrowers no longer owning the business for which the loan was <br /> granted. Commissioner Klinzing requested staff to review with the Finance <br /> Committee the micro loan policy as it relates to granting loans for investment <br /> property and dealing with existing loans that change hands during the loan term. <br /> • COMMISSIONER TVEITE MOVED TO AUTHORIZE REFINANCING <br /> THE BALANCE OF THE MICRO LOAN WITH CHARLENE BARDER, <br /> EDWARD BARDER AND MARGO FOSTER OVER A 7-YEAR <br /> AMORTIZATION AT A MARKET RATE OF 6.25% WITH A 2-YEAR <br /> BALLOON PAYMENT. COMMISSIONER MOTIN SECONDED THE <br /> MOTION. THE MOTION CARRIED 6-0. <br /> 7. Business Incubator Update <br /> Catherine Mehelich introduced Incubator Consultant Harlan Jacobs. Mr.Jacobs <br /> provided an update on the City's incubator program and activities including existing <br /> tenants, recent incubator graduates and new companies who are interested in the <br /> City's incubator program. <br /> Mr.Jacobs introduced Tom Guzik, CEO of Verdantes Inc. Mr. Guzik gave an <br /> update on his company and indicated that he is interested in the City's incubator <br /> program. <br /> 7.1. Consider Lease Renewal of Business Incubator Space <br /> Catherine Mehelich informed the EDA that the lease with Larry Hickman of the <br /> • Business Incubator building would expire April 14,2003. Catherine provided an <br /> update on the leasing history of the Business Incubator. She indicated that due to <br />