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<br />. <br /> <br />. <br /> <br />. <br /> <br />Economic Development Authority Minutes <br />October 17, 1991 <br /> <br />Page 3 <br /> <br />together a committee to look at possibilities for the property. It was <br />.also suggested that a sign advertising the property be posted. <br /> <br />9. Consider 1992 EDA Budl!et Item Adjustment <br /> <br />Executive Director, Pat Klaers, indicated that because of the 1992 <br />shortfall in the City's budget, the City Council has discussed the idea <br />of the EDA assuming more of the Economic Development Coordinator's <br />salary. He indicated that at a City Council budget workshop, it was <br />the consensus of the Council to recommend to the EDA that it absorb <br />$8,400 from the 1992 EDA Budget for the Economic Development <br />Coordinator's salary. <br /> <br />COMMISSIONER DIETZ MOVED TO APPROVE A 1992 BUDGET ADJUSTMENT IN THE <br />AMOUNT OF $8,400 WHICH WILL BE USED AS A SALARY REIMBURSEMENT FOR THE <br />COORDINATOR POSITION. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE <br />MOTION CARRIED 7-0. <br /> <br />10. <br /> <br />Consider ReQuest by JR Tech Automotive for a Revolvine: Loan <br /> <br />Bill Rubin, Economic Development Coordinator, indicated that the <br />Finance Committee met to consider a $42,000 Revolving Loan Fund request <br />from JR Tech Automotive. He indicated that it was the recommendation <br />of the Finance Committee to deny the loan request. The EDA reviewed <br />the request and the decision made by the Finance Committee. Bill Rubin <br />explained that the Finance Committee denied the request based on the <br />total cost and the limited amount of equity provided by the owner. The <br />EDA concurred with the Finance Committee. <br /> <br />COMMISSIONER TRALLE MOVED TO DENY THE REQUEST FOR A REVOLVING LOAN FUND <br />IN THE AMOUNT OF $42,000 FROM JR TECH AUTOMOTIVE BASED ON THE <br />RECOMMENDATION FROM THE FINANCE COMMITTEE. COMMISSIONER HOLMGREN <br />SECONDED THE MOTION. THE MOTION CARRIED 6-0-1. Commissioner Dwyer <br />abstained due to his involvement in the financing at the Bank of Elk <br />River. <br /> <br />11. Prosnect Report <br /> <br />Bill Rubin reviewed the Prospect Report which was distributed to the <br />EDA under separate cover. <br /> <br />12. Other Business <br /> <br />There was no other business. <br /> <br />13. Staff Undate <br /> <br />Bill Rubin indicated that the November 11 EDA meeting is a holiday. It <br />was the consensus of the EDA that no meeting be planned, however, if <br />something came up, a meeting could be scheduled. <br /> <br />14. Adjournment <br />