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