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Economic Development Authority Meeting May 13, 1996 Page 2 e further indicated that he will be leasing space in the building and expanding his business to that building and adding two employees. He further indicated that the bank finances have been approved. COMMISSIONER HOLMGREN MOVED TO APPROVE THE PREPARATION OF A TAX INCREMENT FINANCING PLAN FOR MCCHESNEY CABINETS AND SCHEDULE A PUBLIC HEARING FOR JUNE 10, 1996, TO CONSIDER THE ADOPTION OF THE TAX INCREMENT FINANCING PLAN. COMMISSIONER BENDER SECONDED THE MOTION. THE MOTION CARRIED 7-0. 8a. Business Incubator Proaram Roger Jenson of the Anoka Capital Fund reviewed ideas for obtaining additional investors into the Capital Fund. He indicated that it is important to start the process of contacting possible investors in Sherburne County. Mr. Jenson suggested contacting the financial institutions and utilities to set up a meeting. Discussion was held regarding whether the Chamber of Commerce should be involved. It was the consensus that the Chamber should be involved and that Commissioner Dwyer would contact the Chamber regarding this issue. e Harlan Jacobs updated the EDA on the progress of the business incubator. He indicated that there are three companies who are ready to move into a building in Elk River, however, at this point. a building for a business incubator business is not available. He further indicated that there is a building owner in the community who has a building of 6,000 square feet available which could possibly be used on a short term basis. He indicated that ideally a building of 20,000 square feet would be more suitable. 8b. Sustainable City Showcase Update Building and Zoning Administrator Steve Rohlf provided an update to the EDA on the status of the Sustainable City Showcase Program and the city's application. 8c. Economic Development Director Search Executive Director Pat Klaers updated the EDA on the search for an economic development director. He indicated that the process is on schedule and that the final candidate is anticipated to be before the City Council on June 10. 8d. May 23. 1996. Riverfront Pathway Meetina Pat Klaers informed the EDA that a meeting has been scheduled for May 23, 1996, to review the Riverfront Pathway proposal. 8e. Kina and Main Redevelopment Proiect Pat Klaers informed the EDA that the HRA has agreed to move forward with the purchase of three properties at the northwest corner of King and Main Street. He indicated that it is the desire of the HRA to do a redevelopment project with developer Denny Chuba. e