12-18-1989 EDA MIN - Laserfiche WebLink

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. . . Economic Development Authority Minutes December 18, 1989 Page 2 COMMISSIONER DOBEL MOVED TO AMEND THE MOTION TO DIRECT STAFF TO PREPARE THE TIF PLAN AS DETERMINED BY THE FINDINGS. COMMISSIONER SCHULDT SECONDED THE AMENDMENT. THE AMENDMENT PASSED 5-0. THE MOTION AS AMENDED PASSED 5-0. 5. Revolvin~ Loan Fund for Americo Richard Fursman indicated that a business from Iowa, named Americo, has contacted the City about available space to move a manufacturing operation into the City sometime in the beginning of January. He indicated that the Company has been in contact with the First National Bank and is in the process of securing a loan for the purposes of transferring their business to one of the buildings Alltool has vacated. Dick Fursman further indicated that the local lender will not lend the company the full amount needed for the move. Mr. Fursman suggested that the EDA offer the Americo money for moving expenses. COMMISSIONER HOLMGREN MOVED TO SUPPORT THE USE OF REVOLVING LOAN FUNDS FOR THE USE OF MOVING EXPENSES FOR THE AMERICO COMPANY BASED ON THE FINANCE COMMITTEES RECOMMENDATION AND THAT A CAP OF $25,000 BE PUT ON THE AMOUNT. COMMISSIONER SCHULDT SECONDED THE MOTION. THE MOTION CARRIED 5-0. Commissioner Kropuenske indicated that he did not abstain on the motion even though the First National Bank was involved because he was not aware of the involvement at this time. 6. Mork Clinic Update Richard Fursman informed the EDA that the Mork Clinic has received a financing commitment from an insurance company and that a commitment letter with terms and conditions of the loan will be forwarded to the City some time before December 22. 7. Elk River Video Dick Fursman indicated that a local company has approached the staff with the desire to do a promotional video for the City of Elk River. He indicated that he is interested in showing the four seasons of Elk River and, therefore, felt that this might be an appropriate time for the Council to consider a project like this. He stated that the video company, Treasure Hunt Video, has indicated that they will do a 12 minute video of the City for approximately $10,000. Discussion was held regarding this matter and it was the consensus of the EDA that the Economic Development Coordinator delay the making of the video tape until a total marketing plan can be developed, at which time a video tape could be included in this marketing plan. 8. Other Business