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<br />EDA Minutes <br />January 12. 1998 <br />Page 3 <br /> <br />e <br /> <br />f. <br /> <br />Discuss Enablinq Resolution and Bvlaws for Suqqested Chanqes. If Anv <br /> <br />By consensus, no changes were proposed in the EDA Enabling Resolution <br />or Bylaws. <br /> <br />6. West Business Park Marketinq/Development Aqreement - Final <br /> <br />Paul Steinman, EDA Executive Director, reviewed the proposed final West Business <br />Park marketing/development agreement with the EDA Commissioners. <br /> <br />COMMISSIONER DWYER MOVED TO APPROVE THE FINAL DRAFT OF THE CONTRACT <br />WITH TONY EMMERICH OF COUNTRY RIDGE PARTNERSHIP, FOR MARKETING, SALE <br />AND DEVELOPMENT OF 14 ACRES (OUTLOT B) IN COUNTRY CROSSING BUSINESS <br />CENTER 2ND ADDITION. COMMISSIONER BENDER SECONDED THE MOTION. THE <br />MOTION CARRIED 7-0. <br /> <br />7. Request City Council to Call for a Public Hearinq to be held to establish T1F District <br />No. 19 (Hohlen Propertv) <br /> <br />Pat Pelstring, Associated Developers, provided an update for the EDA <br />Commissioners of progress on the Hohlen property. <br /> <br />e <br /> <br />COMMISSIONER GONGOLL MOVED THE EDA REQUEST THE CITY COUNCIL TO CALL <br />FOR A PUBLIC HEARING TO BE HELD ON JUNE 1, 1998, TO ESTABLISH TAX INCREMENT <br />FINANCING DISTRICT NO. 19; AND, THAT A WORKSHOP BE HELD WITH THE <br />DEVELOPERS TO DISCUSS PROJECT ISSUES. COMMISSIONER BENDER SECONDED THE <br />MOTION. THE MOTION CARRIED 7-0. <br /> <br />8. <br /> <br />$50.000 Micro Loan Request - Northstar Die Castinq. LLC <br /> <br />Paul reviewed the recommendation made by the EDA Finance Committee <br />regarding the micro loan request by Northstar Die Casting. as follows: <br /> <br />That a $50,000 loan to Northstar Die Casting be approved at a prime interest rate <br />and a five year term with the following conditions: <br /> <br />o principal and interest due the EDA would be due upon sale of Northstar Die <br />Casting <br />o personal guarantees from Larry Lawson (20% owner) and Steve Whiting (80% <br />owner) <br />o personal financial statements are to be reviewed by the Finance Committee <br />prior to acceptance of personal guarantees. <br /> <br />Paul noted there will be 24 - 25 employees and Northstar anticipates adding 12- <br />15 employees by the end of 1998. <br /> <br />COMMISSIONER BENDER MOVED APPROVAL OF THE MICRO LOAN REQUEST BY <br />NORTH STAR DIE CASTING, LLC. COMMISSIONER FARBER SECONDED THE MOTION. <br />THE MOTION CARRIED 7-0. <br /> <br />e <br />