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Economic Development Authority Minutes Page 2 <br /> May 17,2021 <br /> 6. Public Hearings <br /> There were no public hearing items. <br /> 7.1 Utility and Roadway Extension Agreement with Cargill <br /> Mr. Carlton presented the staff report. <br /> Commissioner Blesener asked if the City would have to bond for the amount or if <br /> the City had the money on hand. <br /> Mr. Carlton stated that the money was available through various funds. <br /> Moved by Commissioner Christianson and seconded by Commissioner <br /> Westgaard to approve the use of Economic Development Authority funds to <br /> facilitate extension of 168" Circle and the associate utilities through Cargill <br /> property down to 165`h Ave. <br /> Motion carried 7-0. <br /> 7.2 F&M Properties, LLC. (Die-Concepts) Microloan Extension <br /> Ms. Eddy presented the staff repor <br /> '! <br /> li <br /> Commissioner Blesener noted that mcroloans are five-year loans but contain <br /> language allowing for an extension of the loan by two years. This was deemed a <br /> routine matter by the Joint Finance Committee. <br /> Moved by Commissioner Blesener and seconded by Commissioner Hartwig <br /> to approve Resolution 21-02 approving the amendment of loan terms for F&M <br /> Properties, LLC (Die-Concepts) and authorization to execute the amended <br /> loan documents. <br /> Motion carried 7-0. <br /> 7.3 Public Art Initiative Update <br /> Ms. Eddy presented the staff report. <br /> The Bank of Elk River contributed $2,500 and Kevin Gleitz Agency contributed <br /> $500. There has also been interest in contributing smaller amounts from a couple <br /> organizations. <br /> Commissioner Wagner stated that additional funding could be potentially used for <br /> lights or for the next public arts exhibit. <br /> p 0 W I R 1 9 ® Y <br /> NATURE <br />