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<br />e <br /> <br />e <br /> <br />e <br /> <br />EDA Meeting Minutes <br />August 11, 1997 <br />Page 4 <br /> <br />to offer a prospect more of an incentive, such as a $75,000 loan at 3 points <br />below prime, the prospect may choose Elk River over another community offering <br />less of an incentive. Commissioner Farber felt the EDA should use caution in <br />setting a maximum loan amount. Paul suggested a more accelerated <br />repayment schedule could be used for larger loans. <br /> <br />10.1. <br /> <br />Prospect Report! Activity Update <br /> <br />Paul provided an updated Economic Development prospect report and activity <br />update. <br /> <br />10.2. Possible TIF Reauest <br /> <br />Paul indicated Dave Decker, property owner across from Furniture and Things, <br />may be requesting Tax Increment Financing. In preparation for this request, it is <br />recommended the EDA ask the City Council to hold a public hearing, <br />establishing TIF District # 17, in September. <br /> <br />COMMISSIONER BENDER MOVED TO REQUEST THE CITY COUNCIL TO HOLD A PUBLIC <br />HEARING ON OCTOBER 6, 1997, TO ESTABLISH TAX INCREMENT FINANCING DISTRICT <br />#17. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 4-0. <br /> <br />Chair Dwyer indicated the October EDA meeting will need to be rescheduled <br />due to the Columbus Day holiday. <br /> <br />11. <br /> <br />Adjournment <br /> <br />There being no other business, COMMISSIONER FARBER MOVED TO ADJOURN THE <br />MEETING. COMMISSIONER BENDER SECONDED THE MOTION. THE MOTION CARRIED <br />4-0. <br /> <br />The meeting of the Elk River Economic Development Authority adjourned at 7:25 <br />p.m. <br /> <br />Respectfully submitted, <br /> <br />;f)dhifh~ <br /> <br />Debbie Kleckner <br />Recording Secretary <br />