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<br />Economic Develoment Authority Minutes <br />March 5, 1990 <br /> <br />Page 3 <br /> <br />e <br /> <br />PAID TO THE CITY TO RETIRE THE LOAN DEBT AND FURTHER THAT ANY LOAN <br />MECHANISM IS SECURED BY THE DEVELOPERS GUARANTEES. THE MOTION CARRIED <br />5-0-1. Commissioner Gongoll abstained. <br /> <br />4. <br /> <br />Americo Revolvin~ Loan <br /> <br />Dick Fursman, Economic Development Coordinator stated that Ben Schaffer <br />of Americo has secured a small private loan for his automotive <br />after-market manufacturing facility. He indicated that the EDA on <br />December 18, 1989, made available up to $25,000 in loan monies to be <br />used to assist Americo in locating in this City. Mr. Fursman indicated <br />that since that time, Americo has received a private loan for $6,000 <br />and is requesting that the City match the loan of $6,000. He indicated <br />that the money would be used to purchase raw materials so orders for <br />the fiberglass products can be filled. Mr. Fursman further indicated <br />that the $6,000 would be a loan for a two year period with interest to <br />be set by the Federal discount rate. <br /> <br />COMMISSIONER SCHULDT MOVED TO GRANT A LOAN OF $6,000 TO AMERICa TO THE <br />EDA'S REVOLVING LOAN FUND. COMMISSIONER KROPUENSKE SECONDED THE MOTION. <br /> <br />Discussion was held regarding steps the EDA tak~s to assure that the <br />money is being spent for the products requested and that the loan would <br />be guaranteed. <br /> <br />e <br /> <br />MOTION CARRIED 4-0-2. Commissioners Dwyer and Gongoll abstained. <br /> <br />The Executive Director stated that the process by which Americo <br />received a revolving loan form the EDA is not typical and that most <br />requests for loan funds will first be reviewed by the EDA Finance <br />Committee. <br /> <br />5.1. Block A Development <br /> <br />Mr. Fursman indicated that Elmer Anderson was contacted by staff and <br />invited to a meeting to discuss his interests in Erma Jenne's vacant <br />si te. He stated that the meeting has been planned for Wednesday and <br />questioned what steps the EDA would like the staff to take at this <br />point. Mr. Fursman indicated that Mr. Anderson is interested in Erma <br />Jenne's site and Security Financial is interested in Mr. Anderson's <br />site and he further indicated that Mr. Anderson is coming to the City <br />in order to see what the City has to offer. Commissioner Holmgren <br />questioned whether TIF funds would be used for this site. Mr. Fursman <br />indicated that, more than likely, this would be the case. After a <br />discussion regarding this subject, it was the consensus of the EDA to <br />have staff and available EDA members to meet with Mr. Anderson and <br />discuss the matter. <br /> <br />e <br /> <br />6. <br /> <br />Adjournment <br /> <br />There being no further business, COMMISSIONER SCHULDT MOVED TO ADJOURN <br />THE EDA MEETING. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE <br />MOTION CARRIED 6-0. <br />