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<br /> <br />Economic Development Authority Minutes <br />August 19, 2024 <br />--------- <br />Page 2 of 3 <br /> There were no public hearings. <br /> <br />7. GENERAL BUSINESS <br /> <br /> 7.1 2025 EDA Budget <br /> Mr. O'Neil presented the staff report. He noted the Authority previously discussed including a new line <br />item to consider destination/tourism marketing versus adding it to the professional services line item. <br /> <br />Moved by Commissioner Charlie Blesener and seconded by Commissioner Cory Grupa to <br />approve the 2025 EDA budget and recommend the City Council include $427,000 in the <br />preliminary levy. Motion Carried 6-0. <br /> <br /> 7.2 Levy for Debt Service on YMCA Bonds <br /> Mr. O'Neil presented the staff report. <br /> <br />The Commission noted this was a formality as the levy was approved by voters in 2008. <br /> <br />Moved by Commissioner Jennifer Wagner and seconded by Commissioner Jeff Hartwig to <br />adopt Resolution 24-04 establishing the 2025 referendum tax levy as approved by voters <br />for a recreational facility to be leased to the YMCA facility. Motion Carried 6-0. <br /> <br /> 7.3 Subordination Agreements - Loan to Heritage Millwork <br /> Commissioner Westgaard abstained due to conflict of interest. Mr. O'Neil presented the staff report. <br />He did note the risk is low and it is fairly common to take a subordination position for this type of a <br />loan. <br /> <br />Moved by Commissioner Charlie Blesener and seconded by Commissioner Jennifer <br />Wagner to adopt Resolution 24-05 approving subordination agreements related to the <br />Heritage Millwork Project. Motion Carried 6-0. <br /> <br /> 7.4 General Updates <br /> Mr. O'Neil and Mr. Mollan provided an update on the following items: <br />▪ Butterfly Garden improvements completed by youth to be featured in the local newspaper. <br />▪ Video production of current city public art and its community value. <br />▪ Development Minute video production of Thunderstruck along with an article write-up. <br />▪ Together Elk River Committee is planning a ribbon cutting for Highway 169 Redefine and <br />considering post-construction marketing in the future. <br />▪ Beaudry Oil and Propane expressed their thanks to the city for assistance on their expansion <br />project. <br />▪ Sherburne County EDA meeting update, which covered recreation and tourism topics. <br />▪ Kwik Trip interest in the Fox Haven lot (is there an address for this? We should include it <br />versus stating Fox Haven lot, as it will be easier to locate if any future research is needed) <br /> DRAFTPage 6 of 124