08-11-1997 EDA MIN - Laserfiche WebLink

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EDA Meeting Minutes August 11, 1997 Page 3 e The EDA Commissioners requested that expenditures related to a downtown Market Study be presented to the EDA for final approval before the expenditures are made. The EDA Commissioners discussed the Business Incubator budget. After further discussion the EDA requested that staff provide more information regarding the EDA Business Incubator 1998 Budget at the next meeting. 6. Review and Discuss Outline of Marketina Agreement for West Business Park Paul reviewed the conceptual draft of the marketing agreement for the West Business Park. Chair Dwyer indicated he was not in favor of the EDA being the exclusive marketing agent and felt it should be left open. Paul explained an exclusive agreement would protect the City, in that the property owner could not sell the property to another developer. Paul explained that the purpose of a marketing agreement is to guarantee a purchase price, as well as allowing flexibility and control in the marketing and sale of the property. Paul reviewed Section D, Item I. of the marketing agreement outline prepared by David Sellergren. Paul explained Mr. Emmerich has indicated he has approximately $1.15 sq. ft. invested in the property and a listing price has not been established at this time. e Staff will be making modifications to the marketing agreement before sending to Mr. Emmerich. 8. Uodate Strateaic Plan nino Activities - Rezoninos and Central Business District Paul indicated the City has initiated rezoning requests for two parcels, Area # 1 and Area #4 identified in the Economic Development Strategic Plan to business park. Paul noted the Planning Commission approved rezoning of the Hohlen property to light industrial. He stated the request for the Wilson property (approximately 80 acres along County Road 30 and Waco Street) was postponed and will be coming back to the Planning Commission on August 26th. 9. Micro Loan Fund Guideline Modifications Paul reviewed the primary proposal modifications to the micro loan fund guidelines: 1) Reduction of the interest rate to 3 points below prime 2) Allow for the possibility of loans greater than $50,000 e Paul indicated the intent is to utilize the micro loan fund as more of an incentive loan rather than a "gap" loan. Commissioner Farber expressed concern for the EDA's limited funds, and felt a cap should be placed on the amount of micro loans. Paul indicated certain criteria would be established whereby the EDA may increase the amount of a loan (Le., industrial project, building over 30,000 sq. ft. a building vacant more than 1 year, etc.) Paul indicated that if the EDA were able