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<br />e <br /> <br />e <br /> <br />e <br /> <br />MEETING OF THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br />HELD AT THE ELK RIVER CITY HALL <br />MONDAY, NOVEMBER 15, 1993 <br /> <br />Members Present: <br /> <br />President Gongoll, Commissioners Dwyer, Scheel, <br />Holmgren, Dietz, and Farber <br /> <br />Members Absent: <br /> <br />Commissioner Duitsman <br /> <br />Staff Present: <br /> <br />Pat Klaers, Executive Director; Sandra Thackeray, City <br />Clerk; Bill Rubin, Economic Development Coordinator; <br />Peter Beck, City Attorney <br /> <br />1. Call Meeting 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 5:30 p.m. by <br />President Gongo11. <br /> <br />2. Consider 10/11/93 and 10/25/93 EDA Minutes <br /> <br />COMMISSIONER SCHEEL MOVED TO APPROVE THE 10/11/93 AND 10/25/93 EDA <br />MINUTES. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED <br />6-0. <br /> <br />3. <br /> <br />Financial Update <br /> <br />Bill Rubin reviewed the Financial Update and indicated that all loans <br />are current. <br /> <br />4. Consider Mortgage Subordination Agreement Indy Lube Loan <br /> <br />Economic Development Coordinator Bill Rubin stated that on October 29, <br />1993, the EDA funded its portion of the Indy Lube loan. Bill Rubin <br />informed the EDA that Indy Lube's primary lender, Security Bank <br />Minnesota, desire that the Elk River EDA execute a Subordination <br />Agreement subordinating the EDA's interest to the bank mortgage. <br /> <br />COMMISSIONER DWYER <br />AGREEMENT ON THE <br />SECONDED THE MOTION. <br /> <br />MOVED TO AUTHORIZE A MORTGAGE SUBORDINATION <br />INDY LUBE FINANCING PROJECT. COMMISSIONER HOLMGREN <br />THE MOTION CARRIED 6-0. <br /> <br />5. Consider a Loan Request from Felix and Jeanne Eggert (Woodsmen Quality <br />Products, Inc.) <br /> <br />Economic Development Coordinator Bill Rubin informed the EDA that <br />Theofil and Jeanne Eggert, owners of Woodsmen Quality Products, Inc., <br />have requested a Micro Loan in the amount of $18,750.00. The loan will <br />be used by the applicants to leverage primary financing and equity for <br />the construction of a 2,952 square foot cabinet shop to be located on <br />Lot 1, Block 1, Meadowvale Commercial Park. <br /> <br />Bill Rubin stated that the EDA Finance Committee voted to recommend <br />approval of an $18,750 micro loan which would be secured by a second <br />