03-10-1997 EDA MIN - Laserfiche WebLink

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e MEETING OF THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY HELD AT THE ELK RIVER CITY HALL MONDAY, MARCH 10, 1997 Members Present: President Dwyer, Commissioners Holmgren, Farber, Thompson, Duitsman, Gongoll and Bender Members Absent: None Staff Present: Paul Steinman, Executive Director; and Debbie Kleckner, Recording Secretary Also Present: John Weicht 1. Call Meetina To Order Pursuant to due call and notice thereof, the meeting of the Elk River Economic Development Authority was called to order at 6:00 p.m. by President Dwyer. 2. Consider Aqenda e COMMISSIONER HOLMGREN MOVED TO APPROVE THE MARCH 3, 1997 EDA AGENDA. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 7-0. 3. Consider Consent Aqenda COMMISSIONER HOLMGREN MOVED TO APPROVE THE CONSENT AGENDA AS FOLLOWS: 3.1. CHECK REGISTER - APPROVED 3.2. FEBRUARY 10, 1997 EDA MINUTES - APPROVED COMMISSIONER BENDER SECONDED THE MOTION. THE MOTION CARRIED 7-0. 4. ODen Mike No one appeared for this item. 5. ADDrove Business Incubator Financinq and Budqet e Paul provided a brief overview of the Business Incubator project to lease approximately 13,00 square feet of the former Furniture & Things building. He reviewed the lease rate, leasehold improvement costs, schedule for repayment of the improvement costs by Larry Hickman, and the EDA's total investment in the project. Paul also reviewed proposed financial projects for up to eight years of incubator operation including revenues, expenses and annual cash flow. Paul noted that in approximately 18 months, the EDA will need to make a decision whether or not to continue their support for the project for an additional two years.