08-13-1990 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes August 13, 1990 Page 4 e COMMISSIONER DOBEL MOVED TO ACCEPT THE FINANCE COMMITTEE'S RECOMMENDATION THAT NO REVOLVING LOAN FUNDS BE USED ON THE ADDITION FOR ALLTOOL BASED ON THE FACT THAT THE ADDITION WOULD CREATE NO NEW JOBS. COMMISSIONER SCHULDT SECONDED THE MOTION. THE MOTION CARRIED 7-0. Mike Mulrooney stated that Custom Cutter Grinding has been considering the possibility of building a spec building in the Industrial Park and leasing out a portion of the space. He stated that the Finance Committee reviewed the proposal and found that the company had a negati ve net worth. He stated that the Finance Committee felt that this company would be a candidate for a lease plan and recommended responding to the company by exploring other lease options. COMMISSIONER KROPUENSKE MOVED TO CONCUR WITH THE FINANCE COMMITTEE'S RECOMMENDATION FOR CUSTOM CUTTER GRINDING TO NOT USE THE REVOLVING LOAN FUND BUT TO PRESENT A LEASE OPTION TO THE COMPANY. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. e, 8b. The Executive Director informed the EDA that the City has received a proposal from Liesch and Associates regarding the oil contamination located at the hole in the ground (Jenne site). He stated that the City is looking at $15,000 to identify the issue plus expenses to clean up the site. The City Administrator indicated that 90% of the $15,000 could be picked up through grants, but the remaining 10% may fall on the City's shoulders. 9.1 Roma Tool Chairman Tralle indicated that Roma Tool has requested forgiveness of a $400,000 loan. He stated that he, Pat Dwyer and Duane Kropuenske had met with Milo Henneman, owner of Roma Tool. He also indicated that a representative from First National Bank and Carol Olson, a representative of the State, were in attendance. Chairman Tralle stated that before the City can proceed to consider forgiveness of the loan, steps must be considered to restructure the loan. He indicated that the next step would be to meet with Roma Tool so that some financial questions can be answered. It was the consensus of the EDA that the City's Auditor and City Attorney be present at this meeting. Mike Mulrooney passed out a proposal for Economic Development Services for the EDA's review. The EDA accepted the proposal and indicated that he would be considered a candidate for the position. 9.2 Ordinance Amendment e Commissioner Kropuenske indicated that it was the consensus of the City Council that the Council review an ordinance which was previously passed by the Council in June relating to the platting of land. He indicated that the Council had second thoughts on this ordinance and would like to find some type of mechanism for exceptions. Commissioner Kropuenske stated that he does not disagree with the intent of the