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Economic Development/Marketing Manager Backman presented the Staff report and introduced <br />Gary Hadley, President and CEO of MultiSource Manufacturing. <br />Mr. Hadley spoke to the EDA about his company's interest in purchasing the Harber Industries <br />building. His company currently owns five facilities in Minnesota, which are located in Burnsville, <br />Minnetonka, Fridley, Blaine, and Anoka, and operates a facility in Colorado. The Fridley location <br />is at capacity, and MultiSource Manufacturing is interested in consolidating their Fridley and Blaine <br />operations in Ramsey, resulting in approximately 85 jobs moving to the city. A few renovations <br />would need to be done to the building to accommodate for their needs, and at some point, the <br />company would look to do some additional build -out. Mr. Hadley stated that they would like to <br />close on the building by the end of the year, and would hope for a time -frame of late March or early <br />April for move -in. <br />Motion by Member LeTourneau, seconded by Member Elvig, to move to closed session. <br />Motion carried. Voting Yes: Chairperson Riley, Members LeTourneau, Skaff, Steffen, Williams, <br />Elvig, and Look. Voting No: None. Absent: None. <br />Mr. Hadley thanked the EDA for allowing him to speak at the meeting and proceeded to leave the <br />meeting so the EDA could discuss financial information. <br />The EDA moved into closed session at 7:50 a.m. <br />Chairperson Riley re- opened the EDA meeting at 9:04 a.m. <br />Motion by Member Elvig, seconded by Member LeTourneau, to move forward with the <br />underwriting process of a $250,000 Revolving Loan Fund for MultiSource Manufacturing as <br />proposed by staff with the requirement that MultiSource Manufacturing provide three years of tax <br />returns which will be reviewed and kept confidential by Consultant Mulrooney with staff providing <br />Findings of Fact in the affirmative to support this action. <br />Further discussion continued regarding the information Economic Development Consultant <br />Mulrooney is in possession of, as well as the additional information MultiSource Manufacturing has <br />agreed to provide. <br />Mr. Mulrooney summarized the checklist of information that will be obtained, and it includes a <br />copy of signed purchase agreement, documentation of improvements made to the building, sources <br />and uses of funds, history description of the business, current financials, articles of incorporation, <br />bylaws, etc., and resumes of the key managers involved in the organization. <br />Motion carried. Voting Yes: Chairperson Riley, Members LeTourneau, Skaff, Steffen, Williams, <br />Elvig, and Look. Voting No: None. Absent: None. <br />Case #2: STAFF UPDATE <br />Economic Development /Marketing Manager Backman presented the Staff report. <br />Economic Development Authority /December 9, 2010 <br />Page 2 of 4 <br />