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<br />EDA Minutes <br />December 13.1999 <br /> <br />Page 2 <br /> <br />e <br /> <br />Steinman reviewed the strategies of the two consultants and noted that the <br />marketing committee has recommended that the city hire Anita Dukor of Dukor <br />and Associates. <br /> <br />COMMISSIONER KLINZING MOVED TO HIRE ANITA DUKOR OF DUKOR AND <br />ASSOCIATES TO COMPLETE A MARKETING PLAN. COMMISSIONER THOMPSON <br />SECONDED THE MOTION, THE MOTION CARRIED 7-0. <br /> <br />6. Update on Various Proiects <br /> <br />Micro Loans - Marc Nevinski, Assistant Director of Economic Development noted <br />that one of the recent revisions to the micro loan funds policy included the <br />establishment of a fixed rate of interest for each loan. He noted that staff is <br />recommending negotiated fixed rates for the eight outstanding variable rate <br />loans. President Dwyer suggested fixing the payment at a constant rate and <br />then having a balloon at the end to cover the fluctuation in the variable interest <br />cost. The EDA concurred with President Dwyer's suggestion. <br /> <br />e <br /> <br />Paul Steinman updated the EDA on the West Business Park Project the East <br />Business Park Project, the McChesney Industrial Park Project and the status of the <br />Business Incubator. Paul Steinman talked about a new economic development <br />tool called Tax Abatement and discussed the differences between tax <br />abatement and tax increment. Paul Steinman also discussed at length the status <br />of the Business Incubator. He indicated that the lease on the facility is up April 15, <br />2001, and noted that it appears the facility will be vacant on April 15, of 2000. <br />President Dwyer suggested putting this issue on the April 15 agenda, to allow the <br />EDA to discuss the future of the Business Incubator. <br /> <br />7. <br /> <br />Other Business <br /> <br />Paul Steinman noted that Jeff Gongoll's term on the EDA will be expiring on <br />December 31, and that Jeff has requested reappointment. Paul Steinman <br />informed the EDA that Lloyd Brutlag has submitted his resignation to the Finance <br />Committee. Paul indicated he is open for suggestions on filling the vacancy. <br /> <br />8. Adiournment <br /> <br />There being no other business, COMMISSIONER FARBER MOVED TO ADJOURN THE <br />MEETING. COMMISSIONER MOTIN SECONDED THE MOTION. THE MOTION CARRIED <br />7-0. <br /> <br />The meeting of the Elk River Economic Development Authority adjourned at 6:47 <br />p.m. <br /> <br />Sandra Peine <br />City Clerk <br /> <br />e <br />