05-14-1990 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes May 14, 1990 Page 3 e 7. Reimbursement of City Expenses Lori Johnson, Finance Director, reviewed with the EDA the statement of expenses relating to the Economic Development Authority activities for the end of 1989 and the first four months of 1990. She indicated that she is requesting authorization and approval of a check in the amount of $9,611.95 for EDA expenses and activities during this time period. COMMISSIONER HOLMGREN MOVED TO AUTHORIZE A CHECK IN THE AMOUNT OF $9,611.95 FOR EDA EXPENSES AND ACTIVITIES. FOR THE END OF 1989 AND THE FIRST FOUR MONTHS OF 1990. COMMISSIONER DOBEL SECONDED THE MOTION. THE MOTION CARRIED 6-0. 6. Industrial Update a. Pure Steam Humidifier ComDany e Mr. Fursman indicated that the Pure Steam Humidifier Company has located in the City of Elk River. He stated that the company will be coming to the City for a loan request. Mr. Fursman indicated to the EDA that he is recommending that the loan request from this company go through the Financial Committee. It was the consensus of the EDA to have the Financial Committee review the Pure Steam Humidifier's loan request. b. Micro Circuit Manufacturin~ Incorporated Mr. Fursman indicated that the Micro Circuit Manufacturing Company has approached Elk River and indicated that Elk River is its first choice for location. He indicated that the company will be producing hybrid electronic boards and is seeking close to $1,000,000 in financing to start the venture. Mr. Fursman stated that he has been helping the company to obtain financing through different sources such as State Economic Development Grants, Small Business Administration Guarantees and the Central Minnesota Initiative Fund. Mr. Fursman indicated to the EDA that the main problem Micro Circuit is having with Elk River is locating a building. Mr. Fursman indicated that there are no vacant buildings available for commercial or industrial businesses in Elk River at this time. c. Additional Manufacturers e Mr. Fursman indicated that he has been working with three manufacturers who are considering Elk River as a business site. He indicated that one needs 20,000 square feet and another one needs 7,200 square feet, and that the City does not have any buildings available. Mr. Fursman indicated that he is beginning to make contacts with developers who may be interested in putting up industrial buildings for lease or sale. He stated that without available space it is very difficult to recruit and capture some of the up and coming businesses in the area.