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<br />Page 5 <br /> <br />Economic Development Authority Minutes <br />July 10. 1989 <br /> <br />. <br /> <br />Commissioner Tra11e asked that more information on cost comparison and <br />the General Obligation Bond be made available to the EDA at a future <br />date. He requested that Mork provide some information on what they would <br />be looking for as well as opinions as to the affect this loan could <br />possibly have on our bond rating. <br /> <br />COMMISSIONER HOLMGREN MOVED THAT THE AGENDA BE CHANGED SO THAT ITEM 19. <br />PAYMENT OF BILLS. WOULD BE CONSIDERED NEXT ~ COMMISSIONER DOBEL SECONDED <br />THE MOTION. THE MOTION CARRIED 5-0. <br /> <br />6. Payment of Bills <br /> <br />COMMISSIONER HOLMGREN <br />THI CITY $13.989.25. <br />MOTION PASSED 5-0. <br /> <br />MOVED THAT THE ECONOMIC DEVELOPMENT AUTHORITY PAY <br />COMMISSIONER KROPUENSKE SECONDED THE MOTION. THE <br /> <br />7. <br /> <br />Motel Redevelopment Update <br /> <br />. <br /> <br />Mr. Fursman provided the EDA members with an update on the AmericInn <br />proposal. He indicated that the loan for July did not meet the deadline <br />and that the Developers would be looking to put their loan in August. He <br />also indicated that he would be talking to the developers about a $5.000 <br />Tax Increment Financing package fee if they wanted to start developing <br />their plan at this time. Mr. Fursman suggested that when the TIF plan is <br />written that as much of the vacant Crossroads Plat be included in the <br />redevelopment plan as possible. This would be done to capture additional <br />development increment for the extension of utilities and/or site <br />corrections. <br /> <br />8. <br /> <br />King and Lowell Block For Sale <br /> <br />Mr. Fursman informed the EDA members that the block between King and <br />Lowell on Main Street is available for some sort of development. Mr. <br />Fursman presented the Council with a proposal to bring the various <br />parties together who are currently occupying the block as commercial <br />users and brainstorm with them for a while as to their possible desire to <br />work together to put up a new facility. Mr. Fursman also informed the <br />EDA that two different developers of elderly housing had contacted the <br />Economic Development office and has scheduled appointments to discuss the <br />possibility of senior housing in the downtown area. The EDA indicated <br />that staff should pursue the development proposals and bring back <br />suggestions for the EDA to consider. <br /> <br />9. <br /> <br />Dr. Jarmo1uk Project <br /> <br />. <br /> <br />The Council was updated by Mr. Fursman as to the status of Dr. Jarmo1uk's <br />plans to expand and build a new facility in downtown Elk River. As of <br />this date. there are no specific plans for his building. Dr. Jarmo1uk <br />will be invited to sit in with the proprietors located between Lowell and <br />King to discuss putting up a facility accross the street from where he is <br />today. <br />