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<br />Elk River EDA Meeting <br />November 15, 1993 <br /> <br />Page 2 <br /> <br />e <br /> <br />real estate mortgage, a Promissory Note, and a Guaranty of Mortgage. <br />He further indicated that the loan will be repaid over fifteen years <br />beginning with an interest rate of six percent (the current prime rate). <br /> <br />COMMISSIONER FARBER MOVED TO APPROVE A LOAN FROM THE EDA MICRO LOAN <br />FUND TO THEOFIL AND JEANNE EGGERT (WOODSMEN QUALITY PRODUCTS, INC.) IN <br />THEI AMOUNT OF $18,750. COMMISSIONER HOLMGREN SECONDED THE MOTION. <br />THE MOTION CARRIED 6-0. <br /> <br />6. Consider a Recommendation by the Business Park Task Force to Establish <br />a Negotiating Team <br /> <br />Commissioner Dwyer stated that the Business Park Task Force is <br />recommending the creation of a Negotiating Team who would be charged <br />with developing strategies for ongoing discussions with the owners of <br />land suitable for business/industrial parks. He stated that the Task <br />Force members selected to be part of the Negotiating Team include: Hank <br />Duitsman, Dick Gongoll, Carol Mills, and Pat Dwyer. He further <br />indicated that another committee has been established to determine the <br />availability of grants and loans and is comprised of John Oliver, Ed <br />Cunnington, and Jeff Gongoll. <br /> <br />e <br /> <br />COMMISSIONER GONGOLL MOVED TO APPROVE THE ESTABLISHMENT OF A <br />NEGOTIATING TEAM COMMITTEE CONSISTING OF HANK DUITSMAN, DICK GONGOLL, <br />CAROL MILLS, AND PAT DWYER, WHOSE PURPOSE WOULD BE TO DEVELOP <br />STRATEGIES FOR THE ONGOING DISCUSSIONS WITH OWNERS OF LAND SUITABLE FOR <br />BUSINESS/INDUSTRIAL PARKS. COMMISSIONER HOLMGREN SECONDED THE MOTION. <br />THE MOTION CARRIED 6-0. <br /> <br />9. <br /> <br />Prospect Status Report <br /> <br />Economic Development Coordinator Bill Rubin reviewed the Prospect <br />Status Report which was sent under separate cover. <br /> <br />7. Public Hearing Tax Increment Financing District No. 12 EDA Main Street <br />Redevelopment Project <br /> <br />Economic Development Coordinator Bill Rubin provided the EDA with an <br />overview of the TIF District No. 12 project. He stated that Kurt <br />Kjellberg of Kjellberg's Carpet and Interiors is requesting tax <br />increment financing assistance in the amount of $165,000 to support the <br />proposed construction of a 12,000 square foot retail facility. Bill <br />Rubin indicated that the EDA will likely place a tax increment note <br />through a lending institution which will fund the site preparation <br />costs along with capitalized interest, cost of issuance fees, etc. The <br />privately placed note would total approximately $195,000 and would be <br />recovered with interest over a ten to eleven year period during which <br />time the EDA and City collects the new property taxes from the retail <br />project. Bill Rubin stated that the TIF assistance to Kjellberg would <br />be used exclusively for site preparation costs. <br /> <br />e <br /> <br />Chris Bulow, project developer, stated that he does not have a full <br />package put together for EDA review at this time. He informed the EDA <br />