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A.K. <br /> 140 <br /> Ay of TO: ECONOMIC DEVELOPMENT AUTHORITY <br /> V <br /> E1K <br /> FROM: WILLIAM RUBIN, ED COORDINATO (/E <br /> Rover � <br /> DATE: SEPTEMBER 8, 1993 <br /> SUBJECT: 9/13/93 EDA MEETING AGENDA MEMO <br /> 5. FINANCIAL UPDATE <br /> The following is a summary from Finance Director Lori Johnson: <br /> Revolving Loan Fund: <br /> The Revolving Loan Fund had a cash balance of $179,926 .50 <br /> as of August 31, 1993 . As of September 8, all September <br /> loan payments are current with the exception of PureSteam <br /> Humidifiers . <br /> This is an informational item only and no action is requested. <br /> 6 . EDA MAIN STREET SITE <br /> At its June 14th meeting, the EDA authorized a 90-day exclusive <br /> • option with the Bruce Company. This option is scheduled to <br /> expire on September 13, 1993. At subsequent meetings, the EDA <br /> has discussed its desire to bring this project to closure by <br /> either a. ) a redevelopment project moving forward; or b. ) <br /> converting the site to open space. <br /> As with previous meetings, Mr. Chris Bulow of the Bruce Company <br /> will be in attendance to provide EDA Commissioners and staff <br /> with an update with the progress he has made on his <br /> redevelopment project. Mr. Bulow has indicated that if he has <br /> nothing specific or definite, he would likely not ask for an <br /> extension. In that light, should the EDA decide to abandon <br /> redevelopment efforts, it may be appropriate to take action <br /> which would convey title back to the City of Elk River. The <br /> City and its Park and Recreation Commission can then have an <br /> opportunity to plan an urban park in that area. <br /> 7 . LOAN REQUEST FROM WATER LABORATORIES, INC. <br /> Commissioners should refer to a copy of a memo that was sent to <br /> the EDA Finance Committee on this matter. <br /> 8. LOAN REQUEST FROM KEN AND CARRIE BEAUDRY (BEAUDRY OIL) <br /> 411 Commissioners should refer to a copy of a memo that was sent to <br /> the EDA Finance Committee on this matter. <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />