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<br />EDA Meeting Minutes <br />May 11, 1998 <br />Page 2 <br /> <br />e <br /> <br />COMMISSIONER BENDER MOVED THE EDA RECOMMEND THE TWO AREAS <br />CURRENTLY UNDER CONSIDERATION BY THE CITY COUNCIL FOR REZONING, <br />INCLUDING THE BROWN AND MULVANY PROPERTY, AND THE AREA LYING BEWTEEN <br />COUNTY ROAD 12 AND 13, BE REZONED TO BUSINESS PARK. COMMISSIONER <br />THOMPSON SECONDED THE MOTION. THE MOTION CARRIED 6-0. <br /> <br />Discussion followed regarding the business park standards: specifically, metal <br />building construction and concrete tip-up panels. <br /> <br />The Commissioners asked staff to research the cost impact for the business park <br />architectural standards versus the light industrial standards. <br /> <br />Commissioner Holmgren arrived at this time (6: 18 p.m.) <br /> <br />6. Consider MAS Technoloaies Business Incubator Lease <br /> <br />Paul Steinman indicated MAS Technologies made a presentation to the Business <br />Incubator Advisory Board on Wednesday. May 6th. The Board unanimously <br />supported recommending that the company be allowed to enter the Business <br />Incubator program as the fourth member company. Paul discussed the <br />proposed lease with MAS Technologies. <br /> <br />e <br /> <br />COMMISSIONER FARBER MOVED TO AUTHORIZE THE EXECUTION OF A BUSINESS <br />INCUBATOR LEASE AND BUSINESS INCUBATOR MEMORANDUM OF <br />UNDERSTANDING WITH MAS TECHNOLOGIES, AND THAT A MAXIMUM OF $9,600 BE <br />SPENT ON LEASE HOLD IMPROVEMENTS. COMMISSIONER THOMPSON SECONDED <br />THE MOTION. THE MOTION CARRIED 7-0. <br /> <br />7. <br /> <br />Consider Soortech Micro Loan Request - $45.000 <br /> <br />Paul Steinman indicated the EDA Finance Committee met with Chris Carlson of <br />Sportech to consider a $45.000 micro loan request. The Finance Committee <br />unanimously recommended approval of the loan request with the conditions <br />outlined in the staff report. <br /> <br />Chris Carlson indicated that Sportech' s largest customer is Polaris. for whom <br />they supply snowmobile windshields. Mr. Carlson noted his facility currently is <br />involved in shipping but they plan to manufacture their products in the new <br />facility. He indicated there are currently 4 full-time employees and 4 more will <br />likely be qdded when they begin manufacturing products. <br /> <br />COMMISSIONER GONGOLL MOVED TO APPROVE THE SPORTECH MICRO LOAN <br />REQUEST IN THE AMOUNT OF $45.000 WITH THE FOLLOWING TERMS: <br /> <br />e <br /> <br />. 8.5% INTEREST <br />. 20 YEAR AMORTIZATION <br />. 3 YEAR BALLOON, OR PAYOFF WHEN ADJACENT PROPERTY IS SOLD, <br />WHICHEVER COMES FIRST <br />. PERSONAL GUARANTEES REQUIRED <br />