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<br />Elk River EDA Meeting <br />January 10, 1994 <br /> <br />Page 2 <br /> <br />Mr. spotts suggested that Elk River consider using such a theme to <br />revive the downtown. He suggested the 1870's era to reflect the Oliver <br />Kelley theme. After further discussion, Chairman Gongoll thanked Don <br />spotts for this information and suggested that Mr. spotts contact the <br />Chamber Members and the Downtown Development Corporation to discuss <br />this idea with them. <br /> <br />5. Financial Update <br /> <br />Bill Rubin explained that the Economic Development Authority ended 1993 <br />with a cash balance of approximately $69,750 which is an increase of <br />$7,900 from the 1993 beginning cash balance. Bill Rubin reviewed the <br />1993 EDA statement of Cash Activity and the status of the Micro Loan <br />Fund. The cash balance or this fund as of December 31, 1993, is <br />$118,541.30. <br /> <br />6. Annual Meeting Items <br /> <br />a. Election of Officers <br /> <br />COMMISSIONER DUITSMAN MOVED THE FOLLOWING APPOINTMENTS: <br /> <br />--PRESIDENT <br />--VICE PRESIDENT <br />--TREASURER <br />--SECRETARY <br />--ASSISTANT TREASURER <br /> <br />--JEFF GONGOLL <br />--PATRICK DWYER <br />--ROGER HOLMGREN <br />--LARRY FARBER <br />--HANK DUITSMAN <br /> <br />COMMISSIONER DWYER SECONDED THE MOTION. THE MOTION CARRIED 6-0. <br /> <br />Commissioner Dwyer questioned item 9a. in the enabling resolution <br />regarding the naming of a national or state bank as a depository. It <br />was the consensus to have the City Attorney review this issue and <br />determine whether the Enabling Resolution must be amended. <br /> <br />commissioner Holmgren questioned whether it was appropriate <br />Bill Rubin as the Executive Director at this time. <br />indicated his interest in the position. He further stated <br />it was appropriate that Pat Klaers retain the position <br />personnel issues are resolved by the Council. <br /> <br />to appoint <br />Bill Rubin <br />that he felt <br />until certain <br /> <br />COMMISSIONER FARBER MOVED THE FOLLOWING: <br /> <br />b. APPOINTMENT OF PATRICK KLAERS AS EXECUTIVE DIRECTOR <br />c. DESIGNATE ELK RIVER STAR NEWS AS THE EDA OFFICIAL NEWSPAPER <br />d. DESIGNATE THE FOLLOWING BANKS AS DEPOSITORIES FOR E~A FUNDS IN 1994 <br />--THE BANK OF ELK RIVER <br />--FIRST NATIONAL BANK OF ELK RIVER <br />--METROPOLITAN FEDERAL BANK (ELK RIVER) <br />--PRIMEVEST <br />--PRUDENTIAL BACHE <br />--SMITH BARNEY SHEARSON <br />--NORWEST BANK <br />--DAIN BOSWORTH <br />