08-13-1990 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes August 13, 1990 Page 3 - 7. EDA 1991 Bud~et and Levy Lori Johnson, Finance Director, reviewed with the EDA the Economic Development Authority Statement of Cash Activity for the period ending July 31, 1990. She stated that the total expenditures have been $19,844.37 and the cash balance as of July 31, 1990, is $40,730.11. Ms. Johnson also reviewed with the EDA the Statement of Expenses Payable up to July 31, 1990. She stated that the total due to the City of Elk River is $9,307.42. COMMISSIONER HOLMGREN MOVED TO PAY THE CITY OF ELK RIVER $9,307.42 FOR EDA EXPENSES PAID BY THE CITY. COMMISSIONER KROPUENSKE SECONDED THE MOTION. The City Administrator stated that this figure contains the expense for the float. THE MOTION CARRIED 7-0. The City Administrator reviewed the EDA budget and stated that anticipated revenues from the .1813% taxable market value levy will be approximately $59,000. The City Administrator reviewed the line items of the budget with the EDA. -- COMMISSIONER HOLMGREN MOVED TO APPROVE THE 1991 EDA BUDGET. COMMISSIONER DOBEL SECONDED THE MOTION. THE MOTION CARRIED 7-0. COMMISSIONER KROPUENSKE MOVED TO ADOPT RESOLUTION 90-6, A RESOLUTION INDICATING THE LEVY FOR 1991 OF .1813%. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. 8. Executive Director Uodate Pat Klaers, Executive Director, informed the EDA that the City has sent out over 90 applications for the Economic Development Coordinator opening. He questioned how the Council wished to proceed. It was the consensus that City staff weed out those applications that do not qualify. Commissioner Kropuenske stated that he did not feel that Mike Mulrooney should review the applications if he will be presenting a proposal for the job. The Council and EDA concurred. 8a. Reoort from Economic Develooment Consultant Mike Mulrooney reviewed with the EDA the status of the Revolving Loan Fund. He informed the EDA that the Finance Committee has reviewed the cash flow of the Revolving Loan Fund. . Mike Mulrooney indicated that AIltool has been requesting to expand their 40,000 square foot building and that they have requested assistance from the City through the Revolving Loan Fund. He indicated that the Finance Committee reviewed the request and have recommended that the City not provide revolving loan funds for this expansion but to discuss other options with Alltool.