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<br />. <br /> <br />. <br /> <br />. <br /> <br />Economic Development Authority Minutes <br />September 14, 1992 <br /> <br />Page 2 <br /> <br />Bill Rubin informed the EDA that the Finance Committee had questions <br />regarding the issue of gap financing or financing of last resort for <br />loans from the Revolving Loan Fund. The Commissioners discussed the <br />idea of gap financing versus financing of last resort and whether this <br />project would proceed without financing from the Revolving Loan Fund. <br />President Gongoll stated that he felt the Revolving Loan Fund was <br />available to encourage development, however, other factors must be <br />reviewed. <br /> <br />Commissioner Kropuenske arrived at this time. <br /> <br />Roger Holmgren expressed concerns over the price of the lot being <br />acquired by Second Generation Properties, Inc. Commissioner Dwyer <br />stated his concerns over the fact that the project has already started <br />and indicated that EDA should enter into future agreements prior to the <br />beginning of construction of a project to help secure a better <br />financial position. <br /> <br />Commissioner Tralle indicated that he would like <br />Fund to be a lender of last resort. Commissioner <br />the importance of City development and the Revolving <br />attracting development. Commissioner Dietz stated <br />Revolving Loan Fund was made available to help make <br />Commissioner Holmgren indicated that he thought <br />development. <br /> <br />the Revolving Loan <br />Kropuenske stressed <br />Loan Fund roll in <br />that he thought the <br />a project happen. <br />it was to attract <br /> <br />COMMISSIONER TRALLE MOVED THAT THE EDA GRANT A $50,000 LOAN FROM THE <br />REVOLVING LOAN FUND TO SECOND GENERATION PROPERTIES, INC. AT TERMS AS <br />OUTLINED IN THE ECONOMIC DEVELOPMENT COORDINATOR'S SEPTEMBER 11, 1992 <br />MEMO. PRESIDENT GONGOLL SECONDED THE MOTION. THE MOTION CARRIED 6-0. <br /> <br />7. <br /> <br />Consider Continuation of Services with Economic Development Consultant <br /> <br />Bill Rubin indicated that in September, 1991, the EDA approved an <br />hourly arrangement with Advance Resources, but requested it review the <br />Economic Development Consultant arrangement in one year. Discussion <br />was held on the retainer versus billing at an hourly rate. Both staff <br />and the Commissioners agreed that the current hourly billing has worked <br />well for the EDA. <br /> <br />COMMISSIONER TRALLE MOVED TO RETAIN THE <br />CONSULTANT AT THE CURRENT HOURLY RATE. <br />THE MOTION. THE MOTION CARRIED 6-0. <br /> <br />CURRENT ECONOMIC DEVELOPMENT <br />COMMISSIONER HOLMGREN SECONDED <br /> <br />8. <br /> <br />EDA Main Street Exclusive Option <br /> <br />EDA Commissioners reviewed a memo from Pat Klaers on the EDA site alley <br />vacation. Commissioner Kropuenske expressed concerns over the staff <br />report on the vacation of the alley. Commissioner Holmgren indicated <br />that he had had conversations with various department heads regarding <br />the memos related to the vacation of the alley and expressed concerns <br />that the department heads were being asked to find issues and reasons <br />not to vacate the alley. Commissioner Kropuenske indicated that the <br />project can go only with the vacation of the alley and that First <br />