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<br />Economic Development Authority Minutes <br />November 8.1999 <br /> <br />Page 3 <br /> <br />e <br /> <br />building where the company plans to enter into a five-year lease. Marc Nevinski <br />reviewed the background information on this request. He noted that the Finance <br />Committee reviewed the request and felt that the company meets the micro <br />loan fund criteria and therefore is unanimously recommending approval of the <br />supplemental financing loan to Riverside Manufacturing. <br /> <br />Sheldon Mayer addressed the EDA in regard to his business and the request for <br />the micro loan. <br /> <br />COMMISSIONER MOTIN MOVED TO APPROVE A SUPPLEMENTAL FINANCE LOAN OF <br />$50,000 TO RIVERSIDE MANUFACTURING BASED ON THE FACT THAT THE COMPANY <br />MEETS THE MICRO LOAN FUND CRITERIA AND CONTINGENT ON THE SUBMITTAL OF <br />THE FOLLOWING DOCUMENTS: CURRENT PROFIT AND LOSS STATEMENTS, CURRENT <br />BALANCE SHEET, 2000 PROFORMA, AND A FINANCIAL STATEMENT FROM OWNER LEO <br />LUND. <br /> <br />COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 6-0. <br /> <br />9. Consider 2000-2002 Economic Development Strateaic Plan. <br /> <br />Paul Steinman presented the final modified Economic Development Strategic <br />Plan for EDA review. <br /> <br />COMMISSIONER THOMPSON MOVED TO APPROVE THE 2000-2002 MODIFIED <br />ECONOMIC STRATEGIC PLAN. <br /> <br />e <br /> <br />COMMISSIONER BENDER SECONDED THE MOTION. THE MOTION CARRIED 6-0. <br /> <br />10. <br /> <br />Other Business <br /> <br />There was no other business. <br /> <br />11 . Adiournment <br /> <br />THERE BEING NO FURTHER BUSINESS COMMISSIONER THOMPSON MOVED TO <br />ADJOURN THE EDA MEETING. <br /> <br />COMMISSIONER BENDER SECONDED THE MOTION. MOTION CARRIED 6-0. <br /> <br />Sandra Peine <br />City Clerk <br /> <br />e <br />