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<br />Economic Development Authority Meeting <br />September 11, 1995 <br /> <br />Page 5 <br /> <br />11. Other Business <br /> <br />11.2 Discuss a request from Elk River Motel Properties to extend its EDA loan. <br /> <br />Elk River Motel Properties, Inc. (Americlnn) requested that the EDA extend their <br />loan. The loan has a balloon payment of $24,068.30 on October 1, 1995. Elk <br />River Motel Properties are proposing improvements to the motel and cash on <br />hand is needed for it. <br /> <br />Commissioner Dwyer suggested to change the rate as the same as a new micro- <br />loan and the EDA should not accept the October 1 st payment until the loan <br />restructuring is completed. Bill Rubin will have the authority to review the <br />financials. <br /> <br />COMMISSIONER DWYER MOVED TO EXTEND ELK RIVER MOTEL PROPERTIES, INC. <br />EDA LOAN WITH A BALLOON NOT TO EXCEED TWO YEARS AND A NEW INTEREST <br />RATE AT PRIME (8.75%) AND THE EXECUTIVE DIRECTOR IS AUTHORIZED TO <br />NEGOTIATE THE TERMS. COMMISSIONER HOLMGREN SECONDED THE MOTION. <br />MOTION CARRIED 6-0. <br /> <br />11.3 Chamber of Commerce Annual Business Meeting on September 19, 1995. <br /> <br />Bill Rubin, reminded the Economic Development Authority of the Chamber of <br />Commerce annual meeting with a 5:30 social hour, 6:30 dinner and, 7:30 <br />program and live auction. The price is $20 per person. <br /> <br />12. Adiournment <br /> <br />There being no further business, COMMISSIONER HOLMGREN MOVED TO <br />ADJOURN THE MEETING. COMMISSIONER FARBER SECONDED THE MOTION. THE <br />MOTION CARRIED 6-0. <br /> <br />The meeting of the EDA adjourned at 7:50 p.m.. <br /> <br />Respectfully submitted, <br /> <br />)JJ.QhQllL~ <br /> <br />Michelle Dwyer <br />Recording Secretary <br />