12-14-1992 EDA MIN - Laserfiche WebLink

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. . . Economic Development Authority December 14, 1992 Page 2 COMMISSIONER DIETZ MOVED THE AMOUNT OF $19,501.68. MOTION CARRIED 6-0. TO APPROVE THE EDA STATEMENT OF EXPENSES IN COMMISSIONER DWYER SECONDED THE MOTION. THE 6. Expiration of 60-Day Extension to EDA Main Street Exclusive Option This item was delayed because the developer was not present at this time. 7. Policy Guidelines Block Grant Loan Fund Bill Rubin reviewed a draft of policy guidelines which would govern future loans made from the Tescom loan repayment. He stated that these guidelines would not affect the EDA's existing Revolving Loan Fund. Bill Rubin reviewed the objectives which must be met for activities funded through the Elk River Block Grant Loan Fund. He stated that all activities funded through the loan fund must meet at least one of the following objectives: a. Benefit to low and moderate income persons. b. Prevention or elimination of slums and blight. c. Alleviation of urgent community development needs. After further discussion, it was separate guidelines for the flexibility in the existing loan the preference of the Tescom Loan Fund so fund. EDA as to to set up provide COMMISSIONER TRALLE MOVED TO APPROVE THE BLOCK GRANT REVOLVING LOAN FUND POLICY AS PRESENTED BY ECONOMIC DEVELOPMENT COORDINATOR, BILL RUBIN. COMMISSIONER DWYER SECONDED THE MOTION. THE MOTION CARRIED 6-0. 6. Expiration of 60-Day Extension to EDA Main Street Exclusive Option Gary Santwire, developer of the EDA Main Street site, was present to discuss development of the EDA Main Street site. Gary Santwire stated that he has some concerns regarding the access to the river and the concept which has been proposed by City staff. He stated that the concept would have to thoroughly reviewed to see if it would be a viable option. He indicated that staff's solution may not be the best option. Gary Santwire explained to the EDA what is needed for the Main Street site to be a completed project in order to gain desired occupancy in the building. He stated that the main goal is to create space with attractive and competitive finished leasable improvements. He stated that in addition to the $4 per square foot base rent, $2.50 must be added for real estate taxes, $1.50 for common area expenses, and $1.50 for utilities. He indicated that in order to make the project work, a 1,200 square foot area would have to lease for $1,200 per month. He stated that if this project will require more money than $1,200 per month for rent, it will not be fully occupied.