06-04-1990 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes June 4, 1990 Page 2 e BUSINESS. COMMISSIONER SCHULDT SECONDED THE MOTION. CARRIED 4-0. THE MOTION 5. Consider Proposal for Distinctive Door Desi~n. Inc. to McChesney Industrial Park Dick Fursman informed the EDA that Distinctive Door Design, Inc. is a company which manufactures doors and is presently located in Zimmerman. He stated that it has presently outgrown its facility in Zimmerman and is seeking a new location for its facility. Mr. Fursman stated that Princeton has offered the company land for their facility for a fee of $1.00 and further, that Distinctive Door Design has stated that Elk River was its second choice out ,of nine different communities. Dick Fursman indicated that after speaking to the owner of the company, Mr. Patton, he was informed that the company would take a close look at Elk River if Elk River had something similar to Princeton's offer. Mr. Fursman suggested that the EDA consider assisting Mr. Patton to locate in Elk River through the use of excess Tax Increment Financing funds to purchase the McChesney property and then sell the property to Distinctive Door Design for $1.00. Mr. Fursman indicated that he felt that this would be a good investment for the City. He stated that the City would gain eight new jobs with a future of four or five additional employees. e The EDA discussed the potential purchase of the land in the McChesney Industrial Park. It was the consensus of the EDA to allow staff to negotiate the best terms possible with Tim Patton to encourage Distinctive Door Designs to locate in Elk River. 6. Micro Circuit Manufacturin~ Dick Fursman informed the EDA that the memo regarding Micro Circuit Manufacturing was an update on progress the company has made. Mr. Fursman stated that Micro Circuit Manufacturing has committed to Elk River provided industrial space can be found in time for them to start manufacturing. He indicated that the City is working with them in the aspect of reviewing their financial statements. 7.1 Star City Meetin~ Recap Dick Fursman indicated that the City has received a letter from the Minnesota Department of Trade and Economic Development congratulating the City on its successful completion of the Star City recertification process for 1990. Their letter states that the status will be effective to the 1st of January, 1991. 4It 7.2 Downtown Redevelopment Tasks Mr. Fursman indicated that he is moving ahead to seek information relevant to site preparation on the property located at 605 Main Street