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<br />Elk River EDA Meeting <br />September 13, 1993 <br /> <br />Page 2 <br /> <br />e <br /> <br />Chris Bulow indicated that he has met several times with potential <br />tenants regarding plans for the EDA Main Street redevelopment site. He <br />indicated that although he has put forth a good effort, these plans <br />have not materialized as he expected. Mr. Bulow indicated that he has <br />recently met with Curt Kjelleberg who is interested in locating <br />Kjelleberg Carpets to the EDA Main Street site. Mr. Bulow requested <br />that the EDA consider granting him some time to put together a <br />financing package along with the necessary details to present to the <br />EDA. He stated that Mr. Kjelleberg owns a carpet business and is <br />looking for retail space in the area of 5,000 8,000 square feet. <br />Chris Bulow requested that the EDA consider granting him approximately <br />30 days to get this material together. <br /> <br />Vice President Dwyer suggested that the EDA authorize the Park and <br />Recreation Commission to start thinking about options for the EDA Main <br />Street redevelopment site. He further stated that the EDA would not <br />need to extend the Exclusive Option, however, it would informally grant <br />Mr. Bulow another 30 days to continue negotiations with Mr. <br />Kjelleberg. Mr. Bulow thanked the EDA and indicated that he would keep <br />the EDA informed of his progress with Mr. Kjelleberg. <br /> <br />7. <br /> <br />Consider a Loan Request from Water Laboratories, Inc. <br /> <br />e <br /> <br />Bill Rubin stated that Water Laboratories, Inc., is requesting a loan <br />from the EDA revolving loan fund in the amount of $15,000. The loan <br />would be used by Water Laboratories to leverage primary financing and <br />company equity for the construction and equipping of a 1400 square foot <br />suite in an office/townhouse project to be constructed at Main Street <br />and Freeport Avenue. He indicated that the primary lender is <br />contributing 69.8% and the applicant has equity of 16.2% leaving the <br />EDA revolving loan at 14% of the total project cost. He further stated <br />that the Finance Committee met to review this request and recommended <br />that the EDA approve the $15,000 loan from the EDA revolving loan fund. <br /> <br />COMMISSIONER HOLMGREN MOVED TO GRANT A LOAN FROM THE REVOLVING LOAN <br />FUND IN THE AMOUNT OF $15,000 TO WATER LABORATORIES, INC., SUBJECT TO <br />THE TERMS AND CONDITIONS RECOMMENDED BY THE FINANCE COMMITTEE. <br />COMMISSIONER SCHEEL SECONDED THE MOTION. THE MOTION CARRIED 5-0. <br /> <br />8. Consider a Loan Request from Ken and Carrie Beaudry <br /> <br />Bill Rubin stated that Ken and Carrie Beaudry, operators of Beaudry <br />Oil, have requested a loan from the EDA revolving loan fund in the <br />amount of $50,000. This loan will be used by the applicants to <br />leverage primary financing and equity for the construction of a <br />convenience store/gas station containing approximately 3,450 square <br />feet to be located in the northeast corner of Highway 10 and Proctor <br />Avenue. He indicated that the EDA revolving loan would consist of 4.6% <br />of the total project financing. He further stated that the Finance <br />Committee met and recommended that the EDA approve the loan request of <br />$50,000. <br /> <br />e <br /> <br />COMMISSIONER HOLMGREN MOVED TO GRANT A LOAN FROM THE REVOLVING LOAN <br />FUND IN THE AMOUNT OF $50,000 TO KEN AND CARRIE BEAUDRY, SUBJECT TO THE <br />