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<br />Special Meeting EDA <br />November 20, 1995 <br /> <br />Page 2 <br /> <br />THE CENTRAL MINNESOTA INITIATIVE FUND AND THAT THE PERSONAL GUARANTEES <br />BE COLLATERALIZED BY A PIECE OF REAL ESTATE WITH THE VALUE IN THE AMOUNT <br />OF THE LOAN REQUEST. COMMISSIONER FARBER SECONDED THE MOTION. THE <br />MOTION CARRIED 4-1-2. Commissioner Bender opposed. Commissioners Scheel <br />and Duitsman abstained as they were not present to hear the discussion on this <br />matter. <br /> <br />3. Adiournment <br /> <br />There being no further business, COMMISSIONER BENDER MOVED TO ADJOURN <br />THE MEETING. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION <br />CARRIED 7-0. <br /> <br />The special meeting of the Elk River Economic Development Authority was <br />adjourned at 6:00 p.m. <br /> <br />Respectfully submitted, <br /> <br /> <br />Thackeray <br />City Clerk <br />