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<br />Elk River Economic Development Authority <br />October 14, 1997 <br /> <br />Page 2 <br /> <br />e <br /> <br />COMMISSIONER DUITSMAN MOVED TO JOIN THE PUBLIC RESOURCE GROUP FOR A <br />ONE YEAR TRIAL AND TO HAVE THE EXECUTIVE DIRECTOR NEGOTIATE THE FEE FOR <br />THE PROGRAM, COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION <br />CARRIED 5-0. <br /> <br />5. <br /> <br />West Business Park Develooment Aareement <br /> <br />(Commissioner Bender arrived at this time - 6:22 p.m.) <br /> <br />Paul Steinman indicated that staff has met with Tony Emmerich who owns <br />property in the West Business Park. He stated that staff is considering a possible <br />joint development agreement with Mr. Emmerich. Mr. Steinman explained that a <br />draft development agreement has been prepared by the City Attorney. Tony <br />Emmerich indicated that he has reviewed the document and is in agreement <br />with the elements of the draft development agreement. <br /> <br />Paul Steinman indicated that the city is also dealing with Mr. Emmerich and <br />another property owner in the business park regarding a possible EDA land <br />purchase with excess tax increment dollars. <br /> <br />It was the consensus of the EDA to authorize staff to proceed with the finalization of <br />the joint development agreement and to continue discussions regarding the <br />possible land purchase in the west business park. <br /> <br />e <br /> <br />6. <br /> <br />Micro Loan Reauest <br /> <br />Paul Steinman indicated that the EDA Finance Committee met on October 9, to <br />review a micro loan request of $50,000 from Gregg Karnis to construct an Italian <br />restaurant to be located in Sax Foods. Paul Steinman explained that the Finance <br />Committee recommended denial of the request as a majority of the committee <br />members felt that this type of use was not a high priority within the guidelines of <br />the micro loan fund. The Committee also based its decision on the review of the <br />financial information. It was the consensus of the Committee that the project <br />would likely proceed with or without the EDA micro loan. <br /> <br />Commissioner Farber indicated that the EDA should refine the policy explaining <br />qualifications for the micro loan fund. <br /> <br />Discussion was held by the EDA regarding previous micro loans that have been <br />given to similar requests such as LaRose's Pizza, the Olde Main Eatery and the <br />Diamond City Bread. Commissioner Bender indicated that the Finance <br />Committee based its decision on the feeling that the micro loan fund is leaning <br />more toward industrial uses and targeted areas. Commissioner Bender also <br />indicated that the Committee based its decision on its intent to follow the <br />strategic plan. <br /> <br />COMMISSIONER DUITSMAN MOVED TO DENY THE MICRO LOAN REQUEST OF $50,000 <br />FOR GREGG KARNIS BASED ON THE DECISION AND FINDINGS OF THE EDA FINANCE <br />COMMITTEE. COMMISSIONER GONGOLL SECONDED THE MOTION. <br /> <br />e <br />