11-09-1992 EDA MIN - Laserfiche WebLink

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. . . MEETING OF THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY HELD AT THE ELK RIVER CITY HALL MONDAY, NOVEMBER 9, 1992 Members Present: President Gongoll, Commissioners Dietz, Kropuenske, Tralle, Schuldt and Dwyer Members Absent: Commissioner Holmgren Staff Present: Pat Klaers, Executive Director; Bill Rubin, Economic Development Coordinator; Sandra Thackeray, City Clerk 1. Call Meeting To Order Pursuant to due call and notice thereof, the meeting of the Elk River Economic Development Authority was called to order at 7:00 p.m. by President Gongoll. 2. Consider 11/9/92 EDA Agenda Item 13.2, EDA Membership, was added to the agenda by President Gongoll. COMMISSIONER SCHULDT MOVED TO APPROVE THE 11/9/92 EDA AGENDA AS AMENDED. COMMISSIONER TRALLE SECONDED THE MOTION. THE MOTION CARRIED 6-0. 3. Consider 10/12/92 EDA Minutes COMMISSIONER TRALLE MOVED TO APPROVE THE 10/12/92 EDA MINUTES AS PRESENTED. COMMISSIONER DWYER SECONDED THE MOTION. THE MOTION CARRIED 6-0. 4 . Open Mike No one appeared for this item. 5. Financial Update Bill Rubin stated that the Revolving Loan fund had a cash balance of $237,887.79 as of October 31, 1992. Commissioner Tralle questioned how the Federal funds from the Tescom grant would be used by the EDA. Bill Rubin explained that the money is intended to establish or maintain the Revolving Loan fund pool. He indicated that the State has certain standards which the City must follow regarding the Revolving Loan fund, but explained that Elk River's Revolving Loan fund does not meet these Federal standards. He indicated that the EDA will have to decide whether to keep its existing Revolving Loan fund or to establish a new Revolving Loan fund for the Federal funds.