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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, AUGUST 12, 1991 <br /> <br />Members Present: <br /> <br />President Gongoll, Commissioners Dietz, Kropuenske, <br />Holmgren, Tralle, Dwyer and Schuldt <br /> <br />Members Absent: <br /> <br />None <br /> <br />Staff Present: <br /> <br />Lori Johnson, Finance Director; Bill Rubin, Economic <br />Development Coordinator; Sandra Thackeray, City Clerk <br /> <br />1. Call Meetin~ To Order <br /> <br />Pursuant to due call and notice thereof, the meeting of the Elk River <br />Economic Development Authority was called to order at 7:00 p.m. by <br />President Gongoll. <br /> <br />2. Consider 8/12/91 EDA A~enda <br /> <br />COMMISSIONER KROPUENSKE MOVED TO APPROVE THE 8/12/91 EDA AGENDA WITH <br />THE ADDITION OF ITEM 12.1, MINNESOTA CITY PARTICIPATION PROGRAM. <br />COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. <br /> <br />3. <br /> <br />Consider 7/8/91 EDA Minutes <br /> <br />COMMISSIONER HOLMGREN MOVED TO APPROVE THE 7/8/91 EDA MINUTES. <br />COMMISSIONER KROPUENSKE SECONDED THE MOTION. THE MOTION CARRIED 7-0. <br /> <br />4. Open Mike <br /> <br />No one appeared for this item. <br /> <br />5. Financial Update <br /> <br />Lori Johnson, Finance Director, reviewed the Revolving Loan Fund <br />Statement. She stated that the fund has a cash balance of $157,804.55 <br />as of July 31, 1991. Lori Johnson also reviewed the Statement of <br />Expenses Payable through the period ending August 8. She imformed the <br />EDA that the total expenses payable for this period amount to <br />$10,025.95. Lori Johnson further explained that because of a refund in <br />the amount of $7,964.64 received from the Minnesota Housing and <br />Financing Agency, the total expenses payable i.s reduced to $2,061. 49. <br />She further indicated that as of the end of July, the EDA has a cash <br />balance of just over $41,000. Lori Johnson informed the EDA that the <br />Legislature reduced state aid payments for the year payable in 1991 <br />which will result in approximately $1,287 less in revenu~s than <br />anticipated. <br /> <br />COMMISSIONER TRALLE MOVED TO APPROVE THE STATEMENT OF EXPENSES PAYABLE <br />TO THE CITY OF ELK RIVER IN THE AMOUNT OF $2,061.49. COMMISSIONER <br />HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. <br />