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<br />. <br /> <br />. <br /> <br />. <br /> <br />MEETING OF THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br />HELD AT THE ELK RIVER CITY HALL <br />MONDAY, JUNE 8, 1992 <br /> <br />Members Present: <br /> <br />President Gongoll, Commissioners Dwyer, Holmgren, <br />Schuldt, Dietz and Kropuenske <br /> <br />Members Absent: <br /> <br />Commissioner Tralle <br /> <br />Staff Present: <br /> <br />Pat Klaers, Executive Director; Bill Rubin, Economic <br />Development Coordinator <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 7:10 p.m. by <br />President Gongoll. <br /> <br />2. Consider 6/8/92 Economic Development Authority Agenda <br /> <br />COMMISSIONER KROPUENSKE MOVED TO APPROVE THE <br />DEVELOPMENT AUTHORITY AGENDA WITH THE ADDITION <br />PRESIDENT GONGOLL. COMMISSIONER HOLMGREN SECONDED <br />MOTION CARRIED 6-0. <br /> <br />6/8/92 ECONOMIC <br />OF ITEM 10.1 FROM <br />THE MOTION. THE <br /> <br />3. Consider 5/11/92 Economic Development Authority Minutes <br /> <br />COMMISSIONER DIETZ <br />AUTHORITY MINUTES. <br />MOTION CARRIED 6-0. <br /> <br />MOVED TO APPROVE THE 5/11/92 ECONOMIC DEVELOPMENT <br />COMMISSIONER HOLMGREN SECONDED THE MOTION. THE <br /> <br />4. Open Mike <br /> <br />No one appeared for this item. <br /> <br />5. Financial Update <br /> <br />Bill Rubin updated the EDA on the financial status of the Revolving <br />Loan Fund. He indicated that the May, 1992 ending cash balance of the <br />Revolving Loan Fund is $166,770.18. This balance reflected the $25,000 <br />loan to Pomeroy Tool that was executed in mid May. As of June 4, 1992, <br />two companies had not made their June payment. A late penalty applies <br />after the 15th of each month. <br /> <br />Bill RubIn also informed the EDA that it has a May 31, 1992, cash <br />balance (excluding May interest and payables to the City) of $20,564.63. <br /> <br />The EDA <br />in favor <br />1992. <br />part of <br />impact <br /> <br />was also informed that as a result of a Supreme Court decision <br />of United Power Association, the EDA will lose $4,332.61 in <br />Part of this is to refund UPA for 1990 and 1991 taxes paid and <br />it is for the 1992 abatement. Commissioner Dwyer asked what <br />this would have on the EDA's 1992 budget and whether the EDA <br />