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<br />. <br /> <br />. <br /> <br />. <br /> <br />Economic Development Authority Meeting <br />August 23, 1993 <br /> <br />Page 2 <br /> <br />The EDA reviewed a draft proposal outlining the terms for the property <br />acquisition and related eligible expenditures. Bill Rubin suggested <br />some changes to the proposal which were accepted by the EDA. <br /> <br />PRESIDENT GONGOLL MOVED THAT THE EDA RECOMMEND TO THE COUNCIL THAT IT <br />AUTHORIZE THE MAYOR TO SIGN THE PROPOSAL AND TO AUTHORIZE STAFF TO <br />SUBMIT THE PROPOSAL TO THE INDUSTRIAL PROSPECT. COMMISSIONER DWYER <br />SECONDED THE MOTION. THE MOTION CARRIED 7-0. <br /> <br />3.1. MHFA First Time Homebuyers Program <br /> <br />Minnesota Housing and Finance Agency is <br />First Time Homebuyers Program. He <br />eligible for approximately $974,000 in <br />EDA to consider authorizing a one <br />and a $200 non-refundable processing <br /> <br />Bill Rubin stated that the <br />eligible to issue bonds for the <br />indicated that Elk River is <br />mortgage funds and requested the <br />percent refundable deposit fee <br />fee. <br /> <br />COMMISSIONER FARBER MOVED TO AUTHORIZE A ONE PERCENT REFUNDABLE DEPOSIT <br />FEE AND A NON-REFUNDABLE $200 PROCESSING FEE FOR THE MHFA FIRST TIME <br />HOMEBUYERS PROGRAM. COMMISSIONER DIETZ SECONDED THE MOTION. THE <br />MOTION CARRIED 7-0. <br /> <br />4. <br /> <br />Adjournment <br /> <br />There being no further business, COMMISSIONER HOLMGREN MOVED TO ADJOURN <br />THE MEETING. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION <br />CARRIED 7-0. <br /> <br />The special meeting of the Elk River Economic Development Authority <br />adjourned at 6:07 p.m. <br /> <br />Respectfully submitted, <br /> <br />~k:i~~l <br /> <br />City Clerk <br />