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coordinate member and officer terms an interim chairperson and vice chairperson should be appointed until March 31, 2011. At the April meeting officers will be appointed for a year term. Motion by Member Skaff, seconded by Member LeTourneau, to appoint Member Riley as interim chairperson. Motion carried. Voting Yes: Members Skaff, LeTourneau, Steffen, Williams, and Wise. Voting No: None. Abstain: Chairperson Riley. Absent: Member McGlone. Motion by Member LeTourneau, seconded by Member Williams to appoint Member Skaff as interim vice chairperson. Motion carried. Voting Yes. Chairperson Riley, Members LeTourneau, Williams, Steffen, and Wise. Voting No: None. Abstain: Member Skaff. Absent: Member McGlone. Case #2: MULTISOURCE MANUFACTURING CLOSING & RLF UPDATE Economic Development/Marketing Manager Backman presented the Staff report. He stated MS Holdings purchased the Harber Industries building on December 29, 2010 and the lines of communication remain open even though the Revolving Loan Fund (RLF) Loan did not go forward at this time. Chairperson Riley stated it has gone well, and has shown we are willing to work with them, we're happy they are here, but not going to give away the farm. Economic Development/Marketing Manager Backman stated it was not so much MS Holdings that didn't like the language in the document, but the bank. City Attorney Bill Goodrich took the language from the Small Business Administration loan documents. He continued it is unusual that a business has committed and acquired the facility and then not gone forward with a particular loan, usually they leverage and try to get all they can before committing. In this case the building price was attractive enough that they wanted to complete the deal. He continued that the City depends on repayment of the RLF loans to refund the account to continue to do future deals. Member LeTourneau stated that the RLF guidelines state the subordination position we want to take and EDA needs to stay consistent with the guidelines. This case was our opportunity to review those guidelines. Member Steffen asked when the building would be ready for them to move in. Economic Development/Marketing Manager Backman stated they are hoping by the end of March. CASE #3 E - GOV LINK OFFERINGS & PRESENTATION Peter Selden from E -Gov Link demonstrated their product for the EDA. Economic Development/Marketing Manager Backman stated this Ohio -based company provides information technology solutions for local governments. Its offerings include Citizen Request Economic Development Authority/January 13, 2011 Page 2 of 5