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Economic Development Authority Meeting November 10. 1997 Page 2 e Jaffrey, Inc. with a true interest rate of 5.0395%. This will result in a savings of $147.480 in the years 2001 - 2011 over the original bonds. COMMISSIONER DUITSMAN MOVED TO ADOPT RESOLUTION 97- 3, A RESOLUTION AUTHORIZING THE ISSUANCE OF THE EDA'S CITY HALL AND LAW ENFORCEMENT FACILITY REVENUE REFUNDING BOND, SERIES 1997 AND EXECUTION AND DELIVERY OF A SUPPLEMENT TO THE LEASE/PURCHASE AGREEMENT AND A SUPPLEMENT TO THE TRUST INDENTURE IN CONNECTION THEREWITH. COMMISSIONER BENDER SECONDED THE MOTION. THE MOTION CARRIED 6-0. 5. Consider the Kamis Micro Loan Application Executive Director Paul Steinman provided an overview of the loan application for the proposed Italian restaurant named Pattiniccio's. Paul noted that a similar request for a $50,000 revolving loan was rejected by the EDA in October and that this current request. after additional bank financing of the project, is now at the $35,000 level. Additionally Paul noted that. as with the first application, the Finance Committee again recommended denial of this request based on the changing priorities of the EDA for which type of businesses should receive city Micro Loans. Mr. and Mrs. Kamis provided comments on their request and goals for their restaurant. The restaurant is to be located at the south end of the Sax grocery store. e Commissioner Bender, who is also a member of the Finance Committee, provided and overview as to why the Finance Committee again recommended denial of the request and stressed that the criteria for issuing loans is being updated. A number of Authority members indicated support of changing the loan priorities, but also indicated that until the changes are formally approved, this application should be considered based on the existing policy. A number of Commissioners indicated their support of the loan request. COMMISSIONER FARBER MOVED TO APPROVE THE $35,000 KARNIS MICRO LOAN APPLICATION WITH AN INTEREST RATE OF 8.5% FOR 10 YEARS WITH A BALLOON IN 4 YEARS. COMMISSIONER THOMPSON SECONDED THE MOTION. THE MOTION CARRIED 3-2-1. Commissioners Bender and Duitsman opposed. Commissioner Dwyer abstained. 9. Tax Increment Financina Concept Discussion for the Earl Hohlen Proiect e Executive Director Paul Steinman introduced this agenda item indicating that nothing is to be committed to or finalized tonight and that the purpose of this agenda item is to have a discussion on whether or not tax increment financing would be considered for the commercial and industrial project that is proposed for the Earl Hohlen property. It is the goal of the developers to have this area declared a redevelopment district to offset some of the extraordinary costs associated with the development of this area. Tony Gleekel, an attomey representing the developer, provided the EDA with some history of the proposed project, including a June discussion with the EDA