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<br />EDA Minutes <br />November 13, 1996 <br /> <br />Page 3 <br /> <br />e <br /> <br />approximately $2,500 per month and this fund totals approximately $75,000 at this <br />time. With the proper documentation, $50,000 of this fund could be used to <br />finance the business incubator project. <br /> <br />Discussion followed regarding risks and rewards associated with the business <br />incubator project. <br /> <br />COMMISSIONER BENDER MOVED THE EDA PROCEED WITH THE BUSINESS INCUBATOR <br />PROJECT AS OUTLINED IN THE STAFF REPORT. COMMISSIONER DUITSMAN SECONDED <br />THE MOTION. THE MOTION CARRIED 5-0. <br /> <br />Commissioner Holmgren requested that Paul provide information regarding lease <br />hold improvement costs at the next EDA meeting. He also recommended that <br />Paul check with Sherburne County regarding projected property taxes for the <br />next 2 - 3 years. <br /> <br />8. Adiournment <br /> <br />There being no further business, COMMISSIONER HOLMGREN MOVED TO ADJOURN <br />THE MEETING. COMMISSIONER BENDER SECONDED THE MOTION. THE MOTION <br />CARRIED 5-0. <br /> <br />The meeting of the Elk River Economic Development Authority adjourned at 6:20 p.m. <br /> <br />Respectfully submitted, <br /> <br />. [Ji,t,.e" 'Ij1te~ <br /> <br />Debbie Kleckner <br />Recording Secretary <br /> <br />e <br />