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<br />EDA Minutes <br />March 9. 1998 <br />Page 2 <br /> <br />e <br /> <br />6. <br /> <br />Consider David Decker $50.000 Micro Loan Reauest <br /> <br />Paul Steinman indicated the $50,000 micro loan will be used to cover part of the <br />gap between the bank financing and the equity to be invested by David and <br />Jeannette Decker for their project. Total project costs are anticipated to be <br />approximately $899,000. The EDA Finance Committee supports approval of the <br />loan request with the following details: <br /> <br />. 20 year amortization with a 5 year balloon <br />. prime interest rate - currently 8.5% - fixed for the 5 year balloon period <br />. personal guarantees <br />. collateral to be a second mortgage position on land and buildings <br /> <br />COMMISSIONER HOLMGREN MOVED THE EDA APPROVE THE S50,000 MICRO LOAN <br />TO DAVID DECKER AS PART OF THE OVERALL PROJECT FINANCING FOR THE DECKER <br />25,000 SQUARE FOOT INDUSTSRIAL PROJECT. COMMISSIONER BENDER SECONDED <br />THE MOTION. THE MOTION CARRIED 5-0-2. Commissioners Dwyer and Gongoll <br />abstained. <br /> <br />7. <br /> <br />Consider Business Incubator Lease - Watermark. LLC <br /> <br />e <br /> <br />Paul Steinman indicated that staff has been working with Watermark, LLC as a <br />potential business incubator tenant. He explained Watermark currently is a <br />manufacturer of underwater camera products which are marketed to schools <br />and used as training devices for the swimming industry. Paul noted the following <br />activities have been completed: <br /> <br />. approval of a $25.000 investment by the Anoka/Sherburne County Capital <br />Fund <br />. approval of a $25.000 investment by the Central Minnesota Initiative Fund - <br />Seed Fund Program <br />. recommendation by the Incubator Advisory Board that the EDA approve <br />Watermark as a business incubator tenant <br /> <br />Paul reviewed components of the draft Sublease and Memorandum of <br />Understanding as outlined in his memo to the EDA dated March 4, 1998. <br /> <br />Michael and Maureen Gill of Watermark, LLC provided information regarding <br />their products. An underwater video was viewed by the Commissioners which <br />was taken with an underwater video camera produced by Watermark. The Gills <br />explained that they will be expanding their product line to include an underwater <br />video fish finder. <br /> <br />Harlon Jacobs expressed his endorsement for Watermark, LLC as a business <br />incubator tenant. <br /> <br />COMMISSIONER GONGOLL MOVED THE EDA AUTHORIZE EXECUTION OF A SUBLEASE <br />AND MEMORANDUM OF UNDERSTANDING WITH WATERMARK, LLC. COMMISSIONER <br />FARBER SECONDED THE MOTION. THE MOTION CARRIED 7-0. <br /> <br />e <br />