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EDA BUSINESS <br />Case #1: STAFF UPDATE <br />Deputy City Administrator/Community Development Director Nelson presented the staff report. <br />She updated members on the Economic Development Coordinator position, Harbor Industries <br />building prospect, EDA Business Appreciation Event and 167a' Avenue and Highway #47 <br />redevelopment opportunities. <br />Discussion ensued regarding the 167~'/Hwy 47 node. Members discussed if the- Ciry should <br />purchase property to allow control of re-development projects in the area or let the open market <br />direct re-development projects. <br />Motion by Member LeTourneau, seconded by Member Look to direct staff to look at the purchase <br />price and re-development financing and bring back information to EDA for a decision. <br />Motion Carried: Voting Yes: Chairperson Riley, Members LeTourneau, Look, Elvig, Skaff, Steffen, <br />and Williams. Voting No: None. Absent: None <br />Case #2: PROPOSED 2011 EDA BUDGET <br />Finance Director Lund presented the Staff Report. <br />Discussion ensued regarding fund balances and uses. <br />Motion by Member LeTourneau, seconded by Member Skaff, to adopt the budget as proposed. <br />Motion carried. Voting Yes: Chairperson Riley, Members LeToumeau, Elvig, Look, Skaff, Steffen, <br />and Williams. Voting No: None. Absent Members Look and Elvig. <br />Case #3: CONSIDER PSD, LLC BUSINESS SUBSIDY REQUEST <br />Deputy City Administrator/Community Development Duector Nelson presented the Staff Report <br />Discussion ensued regarding the business subsidy given to Sophia Ramsey, LLC for the Acapulco <br />Restaurant. Deputy City Administrator/Community Development Director Nelson will be in <br />contact with former Economic Development Coordinator Sean Sullivan to receive information on <br />how the loan subsidy to Sophia Ramsey, LLC progressed from EDA to City Council. <br />Member Elvig stated that Acapulco Restaurant is well ahead of its projection. <br />Member Williams stated that if PSD, LLC is unwilling to work with Staff then the EDA answer is <br />going to be no. <br />Member LeTourneau stated that the EDA can't make a decision without the proformas and <br />financials. <br />Economic Development Authority /August 5, 2010 <br />Page 2 of 3 <br />