06-14-1993 EDA MIN - Laserfiche WebLink

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. . . Economic Development Authority Minutes June 14, 1993 Page 3 9. Consider Options for Multi-County Development Company Bill Rubin indicated that the EDA had recently pledged $1,000 to purchase stock in the Coon Rapids Development Company. He stated that this pledge of $1,000 was made by the EDA under several assumptions regarding the transition of the Coon Rapids Development Company into the Central Region Development Company. The EDA assumed that the existing Coon Rapids Board would change its name to the Central Region Development Company and would expand its Board to include persons from sherburne county. He indicated that the Coon Rapids Development Company Board of Directors has met several times to discuss the Certified Development Company proposed to serve Sherburne, Wright, and Anoka County. During these meetings, several major structural changes were made by the Board to the original presentation which was accepted by the Elk River Economic Development Authority. One of these changes was that the Coon Rapids Development Company would not change its name, but work as the Coon Rapids Development Company dba Central Region Development company. Other changes include no special representation from Sherburne or Wright counties, all Board meetings to be held in Coon Rapids, and no financial contribution or stock purchase would be expected from Sherburne or wright County entities. Bill Rubin stated he is looking for direction from the EDA regarding the response from the Coon Rapids Development Company. Commissioner Dwyer stated he felt that the EDA needs to be associated with an existing group that offers 504 financing. He stated that the City of Elk River would be at a disadvantage with Anoka or Coon Rapids if they do not have the availability of 504 financing. He suggested that Bill Rubin continue searching for an existing group. Bill Rubin indicated that the options were to seek out an existing organization which would include the City of Elk River (and all of Sherburne county) or to create a new multi-county organization. Commissioner Dwyer felt that it would be a financial burden for the City to start up an organization and felt it would be best for the City to join with a group that is already in operation. Bill Rubin informed the EDA that he would continue to look for a development company already in operation in which the City could join. 10. Consider Update on City's Slide Presentation or Create New Video Presentation Bill Rubin requested input from the EDA Commissioners to determine if an update of the City's existing slide presentation should be made or if the City should create a new video presentation. The EDA discussed the uses of slide and video presentations. The EDA discussed the number of times a slide or video presentation would be used in relation to the cost it would take to create such a presentation. Bill Rubin stated he felt that a video presentation would be easier to use than a slide presentation and would probably be used more often than a slide presentation. He further stated that a video presentation could be costly to create.