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<br />e <br /> <br />e <br /> <br />e <br /> <br />MEETING OF THE ECONOMIC DEVELOPMENT AUTHORITY <br />HELD AT THE ELK RIVER CITY HALL <br />MONDAY, JUNE 4, 1990 <br /> <br />Members Present: <br /> <br />Chairman Tralle, Commissioners Holmgren, Schuldt and <br />Dobel <br /> <br />Members Absent: <br /> <br />Commissioners Kropuenske, Dwyer and Gongoll <br /> <br />Staff Present: <br /> <br />Dick Fursman, ED Coordinator; Pat Klaers, City <br />Administrator; Lori Johnson, Finance Director; Sandy <br />Thackeray, City Clerk; Tim Keane, City Attorney <br /> <br />1. Call Meetin~ To Order <br /> <br />Pursuant to due call and notice thereof, the meeting of the Economic <br />Development Authority was called to order by Chairman Tralle at 10: 10 <br />p.m. <br /> <br />2. Consider 6/4/90 EDA A~enda <br /> <br />COMMISSIONER HOLMGREN MOVED TO APPROVE THE 6/4/90 EDA AGENDA. <br />COMMISSIONER DOBEL SECONDED THE MOTION. THE MOTION CARRIED 4-0. <br /> <br />3. <br /> <br />Consider 5/14/90 EDA Minutes <br /> <br />COMMISSIONER SCHULDT MOVED TO APPROVE <br />COMMISSIONER HOLMGREN SECONDED THE MOTION. <br /> <br />THE 5/14/90 EDA MINUTES. <br />THE MOTION CARRIED 4-0. <br /> <br />4. Consider Revolvin~ Loan for Pure Steam Manufacturin~ <br /> <br />Dick Fursman, Economic Development Coordinator, indicated that the <br />Economic Development Finance Committee members have reviewed the <br />revolving loan fund request of Pure Steam Manufacturing. He stated <br />that Pure Steam Manufacturing is the company which manufactures <br />industrial humidifiers and is located in McChesney Industrial Park. <br />Mr. Fursman stated that Pure Steam presently employs six people and has <br />hopes of expanding their operation to manufacture components for its <br />industrial humidifiers. He stated that the cost of expansion is <br />$45,000 and further indicated that Pure Steam has requested the City to <br />participate in an amount of $15,000. <br /> <br />Dick Fursman indicated to the EDA that the Finance Committee <br />unanimously recommended that the loan from the City be approved. The <br />terms of the loan are: $15,000 principal to be paid back over three <br />years at an interest rate of between 7% and 8%. The Economic <br />Development Authority discussed the City's involvement with the Pure <br />Steam Manufacturing Company. <br /> <br />COMMISSIONER DOBEL MOVED TO APPROVE A LOAN FROM THE CITY IN THE AMOUNT <br />OF $15,000 TO PURE STEAM MANUFACTURING FOR EXPANSION OF THEIR <br />