07-13-1992 EDA MIN - Laserfiche WebLink

Home Browse Search

Economic Development Authority Minutes July 13, 1992 Page 3 . rate is 7.15% and Elk River has $1.13 million dollars reserved under the program. Acquisition of Industrial Park Bill Rubin informed the EDA that the City closed on the purchase of the Industrial Park land on June 24, 1992. In addition, the City conveyed title to the lots (except for Lot 6) to the EDA. He stated that the City and EDA had made application for tax exempt status and that all sites acquired by the EDA and City will be tax exempt beginning in 1993. Grant Application to DTED Bill Rubin informed the EDA that he met with the staff Department of Trade and Economic Development regarding the application made by the EDA for funds to be loaned to corporation. DTED staff authorized the completion of application for this project. He stated that DTED requires the conduct a public hearing on the application and informed the the public hearing is scheduled for July 27. at the grant Tescom a final City to EDA that . Bill Rubin also informed the EDA that DTED's regulations require application to be authorized by the municipality instead of the He indicated that if the grant is awarded, it will be awarded to City, and as principal and interest payments are made from Tescom, will be earmarked for the Revolving Loan Fund. the EDA. the they Industry Calling Program Bill Rubin informed the EDA that the staff has received a directory of high technology companies published by Minnesota Technology. Staff will use the names from this directory to make periodic cold calls. Industrial Park As City staff begins estimating the EDA's costs associated with removing the excess fill that is stockpiled on Lot 8 (the Tescom expansion site), it was suggested that the EDA "pre-correct" building foundation area on marginal lots such as Lot 7 or Lot 4. By correcting the poor soil in Lot 7 or 4 as the excess fill on Lot 8 is moved, the stockpile is moved only once. Staff will prepare estimates on these costs and present them to the EDA Commissioners at a future meeting. A portion of the costs is included as a reimbursable expense in TIF Plan No.9. E & 0 Tool Purchase . Bill Rubin indicated that he has had a request from a new prospect who has an opportunity to purchase a company owned by the principals of E & o Tool and Plastics. Bill asked whether the EDA felt the Revolving Loan Fund would be an appropriate source to help finance the purchase of a business. It was the consensus of the EDA that the loan fund may be an appropriate use of funds, but before a decision could be made,