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I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />c^s~ ~ I Z <br /> <br /> By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />The Economic Development Authority (EDA) met on Monday, October 8, 2001, and discuss d <br />the following cases: <br /> <br />Case #1: Sunfish Commons Revolving Loan Application ~ <br /> <br />Bob Carlson, partner in the Sunfish Commons Partnership, made a formal request before the <br />EDA fbr a $150,000 loan from the Revolving Loan Fund. The EDA directed staff to negotiate a <br />dedicated fight-of-way for a future frontage road, negotiate an interest rate, receive some form of <br />guarantee from the partners, and negotiate a time/date for the loan and directed the development,/ <br />consultant to perform a credit analysis. . <br /> <br />Motion to attthodze a Revolving Loan Application with terms to be negotiated by staff prior to <br />the Council meeting. <br /> <br />Case #2: Darkenwald (Western Alpine Drive) Project <br /> <br />Staff reviewed with the EDA potential developers that could locate at the Darkenwald property. <br />Staff has made contact with Park RV and has learned that they are a willing seller. The <br />Commission discussed the possibility of assisting with acquisition of properties north of <br />Highway #10 and staff is in the process of acquiring land appraisals. <br /> <br />Council Action: <br /> <br />No action is necessary at this time. <br /> <br />Case #3: IRT and Chies Property Acquisition <br /> <br />Staff reviewed with the EDA, Tom Sauter's interest in Lots 2, 3 and 4, for a potential <br />commercial storage facility. IRT is interested in developing on the Chics property, Morrel's <br />Trucking [nc. property, and Superior Striping property. Chies property is the immediate need for <br />expansion of IRT's recycling operation. Staff reported that IRT has had difficulty negotiating <br />with the Chics property owners. <br /> <br />Motion to authorize staff to begin negotiations with Chics for the IRT expansion project. <br /> <br />Case #4: Kenko Company Relocation <br /> <br />Staff has been negotiating with Kenko Company to locate to property west of the Public Works <br />facility. The City would like to preserve Kenko Company's land they own west of Armstrong <br />Boulevard for future development that would compliment the possible town center, east of <br /> <br />-223- <br /> <br /> <br />