05-09-1994 EDA MIN - Laserfiche WebLink

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EDA Minutes May 9, 1994 Page 2 The Micro Loan Fund had a cash balance of $125,532.57 on April 30, 1994. As of May 5, 1994, all May loans are current. The loan approved for Water Laboratories has not yet closed. 6. Ice Arena Feasibility Study tW. Stephen Sherf, Executive Vice President, Hospitality Consulting Group of Marquette Partners, provided an executive summary of the ice arena feasibility study. Commissioner Dwyer questioned what type of bond is proposed. tW. Sherf stated that they would likely be G.O. Bonds at an interest rate of approximately 6.7 percent. Commissioner Dwyer asked if the extra seating proposed (2,200) added a substantial cost to the project. tW. Sherf indicated that he was not sure how the additional seating affected the overall project cost. Commissioner Dwyer further questioned whether or the ice arena employees would be considered city employees. Staff indicated that the current structure would probably be used, but that would be decided at a later date. Finally, Commissioner Dwyer commented that no costs for major improvements to the existing ice arena are considered in the feasibility report. The EDA thanked tW. Sherf and his assistant, Matthew Robinson of Marquette Partners for the ice arena feasibility report. COMMISSIONER HOLMGREN MOVED TO ESTABLISH A TASK FORCE COMMITTEE TO REVIEW THE FEASIBILITY STUDY ELEMENTS FOR POSSIBLE WAYS TO REDUCE COSTS AND INCREASE REVENUES. THIS COMMITTEE WILL CONSIST OF PAT KLAERS, LORI JOHNSON, PRESIDENT GONGOLL, COMMISSIONER FARBER AND COMMISSIONER DIETZ. COMMISSIONER DWYER SECONDED THE MOTION. THE MOTION CARRIED 6- 1. COMMISSIONER SCHEEL OPPOSED. PRESIDENT GONGOLL MOVED TO ACCEPT THE FEASIBILITY REPORT AS PREPARED BY MARQUETTE PARTNERS. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 6-0. COMMISSIONER SCHEEL ABSTAINED. 7. Consider Quit Claim Deed Releasinq Claim of Easement Involvinq James Talbot Property COMMISSIONER DUITSMAN MOVED TO AUTHORIZE PRESIDENT GONGOLL AND THE EDA EXECUTIVE DIRECTOR TO SIGN A QUIT CLAIM DEED RELEASING THE EDA'S CLAIM TO A 66 FOOT EASEMENT INTEREST IN THE JAMES TALBOT PROPERTY LOCATED ADJACENT TO THE ELK RIVER INDUSTRIAL PARK ALONG COUNTY ROAD #1. COMMISSIONER DWYER SECONDED THE MOTION. THE MOTION CARRIED 6-0. COMMISSIONER HOLMGREN WAS NOT PRESENT FOR THE VOTE ON THE MOTION. (LEFT MEETING FROM 7:46 P.M. TO 7:58 P.M.) 8. Consider Resolution of Support on Behalf of Central Minnesota Development Company Reqardinq its Request to SBA for a One-Year Service Territory Expansion into Sherburne County Bill Rubin stated that Central Minnesota Development Company, formerly known as Coon Rapids Development Company is no longer associated with the City of