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Discussion continued regarding the Revolving Loan Fund application received from Wells <br />Catering. Economic Development Consultant Mulrooney presented Wells Catering's financial <br />information and noted the company's strengths as having a long and successful operating history <br />and the updated location as improving competitiveness. Weaknesses include the fact that it is a <br />weak market for the hospitality industry at this time and the addition of start-up operation expenses. <br />Mr. Mulrooney recommends supporting the Wells Catering RLF application as long as the <br />following conditions are met: The landlord at the current location is willing to release obligations <br />associated with the current lease; or, new landlord is willing to provide free rent until the current <br />lease expires; and, a commitment letter must be received from a private sector lender with terms <br />satisfactory to the EDA. <br />Motion by Member Elvig, seconded by Member Steffen, to approve moving forward with the Wells <br />Catering RLF application. <br />Motion carried. Voting Yes: Members Riley, Steffen, Skaff, LeTourneau, and Elvig. Voting No: <br />None. Absent: Members Williams and Look. <br />Case #2: 2010 BUSINESS OF THE YEAR NOMINATIONS <br />Management Intern Hendricks presented information on the 2010 Business of the Year <br />nominations. Each year at the Ramsey Business Appreciation Event, the City presents a business <br />with the Business of the Year award. Ms. Hendricks provided information regarding the criteria <br />considered when identifying a Business of the Year, and reported on the nominations received from <br />attendees of the 2010 Business Expo. <br />Member Riley stated that he felt a few more businesses should be added to the list of nominations; <br />particularly, Bank of the West and Village Bank. <br />Member LeTourneau added that banks escalated high on his list also because he feels they meet the <br />suggested criteria. <br />Deputy City Administrator/Community Development Director Nelson conveyed that Village Bank <br />sponsors the Happy Days parade and that they are a good community partner. Bank of the West has <br />pulled back a little from their community involvement. <br />Management Intern Hendricks pointed out that the Bank of Elk River has stepped up their <br />community participation and that they were also a Happy Days sponsor. <br />Motion by Member LeToumeau, seconded by Member Skaff, to name Village Bank as the 2010 <br />Business of the Year. <br />Motion carried. Voting Yes: Members Riley, Steffen, Skaff, LeTourneau, and Elvig. Voting No: <br />None. Absent: Members Williams and Look. <br />Economic Development Authority /May 21, 2010 <br />Page 3 of 5 <br />