10-11-1993 EDA MIN - Laserfiche WebLink

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Elk River EDA Meeting October 11, 1993 Page 3 e 7. consider the Addition of Two Lenders to the 1993 EDA First Time Homebuyer Program Economic Development Coordinator Bill Rubin stated that staff has had two requests from home mortgage lenders that wish to be added to the EDA's list of lenders associated with the first time homebuyer program. The lenders that are requesting to be involved in the program are Firstar Home Mortgage Corporation and Norwest Mortgage. COMMISSIONER DWYER MOVED TO ADD FIRSTAR HOME MORTGAGE CORPORATION AND NORWEST MORTGAGE TO ITS LIST OF DESIGNATED LENDERS ASSOCIATED WITH THE FIRST TIME HOME BUYERS PROGRAM. COMMISSIONER DIETZ SECONDED THE MOTION. THE MOTION CARRIED 7-0. 8. Consider City Council Direction on the Business Park Financing Options President Gongoll stated that the Business Park Task Force made a request to the City Council regarding funding for additional industrial park-business park developments. He indicated that the City Council moved to allocate $400,000 from TIF Districts No. 1 and No. 3 for the purchase of land for a business park in the western area of the City and an industrial park in the eastern area of the City. Infrastructure improvements would be funded by other means. 9. Consider a Revision to the Revolving Loan Fund Program e Economic Development Coordinator Bill Rubin suggested changing the Revolving Loan Fund name to the EDA Micro Loan Program. COMMISSIONER HOLMGREN MOVED TO RENAME THE EDA REVOLVING LOAN PROGRAM TO THE EDA MICRO LOAN PROGRAM. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 7-0. 10. Update on Video Project Economic Development Coordinator Bill progress of the Elk River Video Marketing Resource. Rubin project updated the EDA on the being done by Diversified 11. Update on City's Permitting and Review Task Force President Gongoll stated that the development of the Permitting and Review Task Force is important to assist in the development of the community. He stated that the intention is to eliminate any negative comments from developers. He further suggested that the City seek comments and suggestions from developers who have dealt with the City's permitting and review process. The Task Force will begin meeting on this matter in the near future. 12. Prospect Status Report e The Economic Development Coordinator reviewed the Prospect Status Report which was submitted under separate cover.