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<br />. <br /> <br />MEETING OF THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br />HELD AT THE ELK RIVER CITY HALL <br />MONDAY, MAY 22, 1989 <br /> <br />MEMBERS PRESENT: Commissioners Tral1e, Schuldt, Dobe1, Holmgren, and <br />Kropuenske <br /> <br />MEMBERS ABSENT: None <br /> <br />STAFF PRESENT: Richard Fursman, Economic Development Coordinator; and <br />Pat Klaers, City Administrator <br /> <br />1. <br /> <br />Commissioner Tralle called the meeting of the continued <br />Development Authority to order at 9:35 p.m. <br /> <br />Economic <br /> <br />2. Consider EDA Agenda <br /> <br />OOMMlSSlONKR >>OBEL MOVED TO APPROVE THE ECONOMIC DEVELOPMENT AUTHORITY <br />AGENDA. COMMISSIONER KROPUENSKE SECONDED THE MOTION. THE MOTION CARRIED <br />5-0. <br /> <br />3.1. Consider 5/8/89 EDA Minutes <br /> <br />COMMISSIONER SCHULDT MOVED TO APPROVE <br />COMMISSIONER HOLMGREN SECONDED THE MOTION. <br /> <br />THE 5/8/89 EDA MINUTES. <br />THE MOTION CARRIED 5-0. <br /> <br />. 3.2. Consider 5/15/89 EDA Minutes <br /> <br />COMMISSIONER HOLMGREN MOVED TO APPROVE <br />COMMISSIONER SCHULDT SECONDED THE MOTION. <br /> <br />THE 5/15/89 EDA MINUTES. <br />THE MOTION CARRIED 5-0. <br /> <br />Dick Fursman, Economic Development Coordinator, distributed a letter from <br />Mike Mulrooney regarding recommended amendments to the Revolving Loan <br />Fund guidelines. Mr. Fursman reviewed the recommended changes with the <br />EDA Commissioners. <br /> <br />Mr. Fursman discussed with the Commission a graph which illustrates the <br />projected growth of the Revolving Loan pool. He indicated to the <br />Commission that the $20,000 increase between May and June is dependent on <br />industrial park land sales. He also indicated that the increase between <br />July and August is contingent upon Mork Clinic paying a minimum of <br />$75,000 after the City's involvement in land write-downs and site <br />corrections. Mr. Fursman stated that other revenue to be collected would <br />be from Small Cities Grants which would equal $3,500 a month. <br /> <br />The Commissioners discussed the possibility of selling the Alltool Loan <br />in the form of a bond which would allow the City to put the $100,000 into <br />the Revolving Loan Fund immediately. Commissioner Tralle authorized Mr. <br />Fursman to pursue this arrangement so that more money could be added to <br />the Revolving Loan Fund. <br /> <br />. <br /> <br />COMMISSIONER KROPUENSKE MOVED TO <br />GUIDELINES. COMMISSIONER HOLMGREN <br />CARRIED 5....0. <br /> <br />APPROVE <br />SECONDED <br /> <br />THE <br />THE <br /> <br />REVOLVING LOAN FUND <br />MOTION. THE MOTION <br />