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MEETING OF THE ELK RIVER <br /> ECONOMIC DEVELOPMENT AUTHORITY <br /> HELD AT THE ELK RIVER CITY HALL <br /> MONDAY FEBRUARY 10, 1997 <br /> Members Present: President Dwyer, Commissioners Holmgren, Farber, Thompson, <br /> Duitsman, Gongoll and Bender <br /> Members Absent: None <br /> Staff Present: Paul Steinman, Executive Director; and Debbie Kleckner, <br /> Recording Secretary <br /> 1. Call Meeting To Order <br /> Pursuant to due call and notice thereof, the meeting of the Elk River Economic <br /> Development Authority was called to order at 6:00 p.m. by President Dwyer. <br /> 2. Consider Agenda <br /> COMMISSIONER FARBER MOVED TO APPROVE THE FEBRUARY 10, 1997 EDA <br /> AGENDA. COMMISSIONER BENDER SECONDED THE MOTION. THE MOTION CARRIED <br /> 7-0. <br /> 5 3. Consider Consent Agenda <br /> COMMISSIONER BENDER MOVED TO APPROVE THE CONSENT AGENDA AS FOLLOWS: <br /> 3.1 CHECK REGISTER - APPROVED <br /> 3.1 JANUARY 13, 1997 EDA MINUTES - APPROVED <br /> 3.2. JANUARY 21, 1997 SPECIAL EDA MEETING MINUTES - APPROVED <br /> COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. <br /> 4. Open Mike <br /> No one appeared for this item. <br /> 5. Micro Loan Request- Eastey Enterprises <br /> Paul Steinman introduced Jeff Eastey and Sally Johnson of Eastey and Johnson, <br /> Inc. Eastey and Johnson are requesting a $50,000 loan to finance improvements <br /> for a building they recently purchased in Rail 10 Industrial Park (former Osseo <br /> Brake building). The EDA Finance Committee has recommended approval of the <br /> loan for a term of five years at a fixed interest rate of 8.25 percent. <br /> Jeff Eastey stated they are outgrowing their facility in Rogers and plan to move <br /> the assembly portion of the business to the Elk River. Eventually they hope to <br /> • move the machining process here, as well. Mr. Eastey explained the company <br /> manufactures shrink-wrapping and bundling equipment. He stated there will be <br />