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I <br /> <br />I <br /> <br />I <br />I <br />I <br /> <br />REPORT FROM ECONOMIC DEVELOPMENT AUTHORITY <br /> By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />The Economic Development Authority (EDA) met on Monday, August 20, 2001, and discussed <br />the following cases: <br /> <br />Case #1: Sunfish Commons Revolving Loan <br /> <br />The recently adopted Revolving Loan Fund, is intended to fill the financing gap between project <br />costs and private equity by making direct low-interest loans for certain approved business <br />activities within the Ramsey City limits. The multi-tenant retail facility, known as Sunfish <br />Commons, is located on Highway #10 and to the west of Sunfish Lake Boulevard, is currently <br />under construction. The partners of Sunfish Commons have requested the City consider an <br />application for the Revolving Loan Fund. The Fund currently does not have adequate financing <br />in order to consider such a loan request. The EDA recommended financing the Revolving Loan <br />Fund with other City funds to allow the Sunfish Commons Partnership to make a loan <br />application. <br /> <br />Council Action: <br /> <br />Motion to direct the Finance Officer to transfer $150,000 from an appropriate City fund to the <br />Revolving Loan Fund in order to allow the Sunfish Commons Partnership to make a loan <br />application. <br /> <br />Case #2: Highway #10 Industrial Development <br /> <br />The EDA discussed the need for more industrial development land and the amount of under- <br />utilized property south of Highway #10, currently designated as Commercial Business, that may <br />be better suited for industrial development. The various potential industrial sites along Highway <br />#10 include the area from the Anoka City limits through the western boundary of the Mississippi <br />West Regional Park. Additionally, the area north of Highway #10, adjacent to the Elk River City <br />limits was also identified. <br /> <br />Council Action: <br /> <br />Motion to forward the land use change request to the Planning Commission for their <br />consideration. <br /> <br />Case #3: Darkenwald Industrial Prospect Project <br /> <br />The EDA discussed the Darkenwald property, which is imm..ediately to the east of the Elk River <br />boundary, north of Highway #10 and south of the railroad tracks. The EDA discussed the <br /> <br />-235- <br /> <br /> <br />