06-14-1999 EDA MIN - Laserfiche WebLink

Home Browse Search

. MEETING OF THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY HELD AT THE ELK RIVER CITY HALL MONDAY, JUNE 14, 1999 Members Present: President Dwyer; Commissioners Gongoll, Bender, Klinzing, Thompson, Farber, and Motin Members Absent: None Staff Present: Paul Steinman, Executive Director; Marc Nevinski, Assistant Director of Economic Development; Pat Klaers, City Administrator; Sandra Peine, City Clerk 1. Call Meetina To Order Pursuant to due call and notice thereof, the meeting of the Elk River Economic Development Authority was called to order at 6:02 p.m. by President Dwyer. 2. Consider Aaenda COMMISSIONER BENDER MOVED TO APPROVE THE 6/14/99 EDA AGENDA. COMMISSIONER THOMPSON SECONDED THE MOTION. THE MOTION CARRIED 7-0. 3. Consider Consent Aaenda e COMMISSIONER MOTIN MOVED TO APPROVE THE CONSENT AGENDA AS FOLLOWS: 3.1. MAY 10, 1999, EDA WORKSESSION MINUTES - APPROVED 3.2. MAY 10,1999, EDA MEETING MINUTES - APPROVED 3.3. MAY 26,1999, SPECIAL EDA MINUTES - APPROVED 3.4. CHECK REGISTER - APPROVED COMMISSIONER THOMPSON SECONDED THE MOTION. THE MOTION CARRIED 7-0. 4. Open Mike No one appeared for this item. 5. 1998 Economic Development Annual Report Presentation Executive Director Paul Steinman presented the 1998 EDA Annual Report. 6. Northstar Die Castina Micro Loan Executive Director Paul Steinman indicated that Northstar Die Casting has requested to renegotiate repayment terms for the outstanding amount owed on the EDA micro loan. He indicated that the modifications proposed include reduction of the interest rate from 8.5 percent to 5.5 percent and an extension of the amortization schedule from 5 to 10 years. e Discussion was held regarding whether or not a UCC-1 should be filed. Commissioner Motin recommended that the EDA file a blanket UCC-1. COMMISSIONER BENDER MOVED TO APPROVE THE AMENDED PROMISSORY NOTE AND GUARANTY FOR THE ASSUMPTION OF THE NORTHSTAR DIE CASTING MICRO