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Mr. Wagner reported that the Company has a fund balance of $3,572.46; a <br />$120 profit was made on the Business Expo; as a result of the Business <br />Expo, 23 more company shares were sold to 20 individuals and companies; <br />presently, there are 49 shareholders excluding those stock purchases for <br />which Mr. Kurak presented funds just prior to the calling to order of this <br />meeting. <br /> <br />Case #4: NominatiQn And Election Of Board Of Directors: <br /> <br />Motion by Mr. Kurak and seconded by Mr. Fults to increase the Board of <br />Directors membership number to eleven. <br /> <br />Further Discussion: Ms. Norris noted that a motion to increase membership <br />is not necessary as Company by-laws allow up to eleven members on the Board <br />of Directors. <br /> <br />Mr. Kurak and Mr. Fults withdrew their motion. <br /> <br />Mr. Ippel nominated the following persons to the Company Board of <br />Directors: Mr. Chris Soderholm, Mr. Curt Kummala and Mr. Virgil <br />Barnes. <br /> <br />Mr. Joe Sentyrz nominated Ms. Mary Jo Sentyrz to the Board of Directors. <br /> <br />Mr. Kurak nominated the following persons to the Company Board of <br />Directors: Mr. John Zimmer, Mr. Jack Ippel, Mr. Dick Carson. <br /> <br />Mr. Ken Wagner nominated the following persons to the Company Board of <br />Directors: Mr. Glen Hardin, Mr. Steve DeLuca, Mr. Tom Kurak, Mr. Darryl <br />Fults, Mr. Art Raudio, Mr. Terry Miller, Mr. Don Greenberg, Mr. Bob Muller. <br /> <br />Mr. Kurak inquired if those persons that neither live nor own a business in <br />Ramsey can be considered for the Board of Directors. <br /> <br />Discussion ensued and consensus was anyone having an interest in promoting <br />Ramsey and it's economic development can serve on the Board of Directors. <br /> <br />Mr. Kummala noted that if the Company's function is to assist existing <br />businesses, why did the Board of Directors pursue development of a YMCA <br />facility in Ramsey after be invested $i,000,000.00 in the Iron Works Family <br />Fitness Center. Mr. Kummala noted that the same incentives should be <br />offered to existing businesses as well as incoming businesses. <br /> <br />Mr. Hardin stated that he recalled discussing with Mr. Kummala the <br />possibility of pursuing a YMCA in Ramsey and Mr. Kummala expressed little <br />concern as he felt the YMCA would serve a different type of clientelle. <br />Mr. Mardin also noted that the City cannot afford to do for every existing <br />business what it might do for an incoming business. In the case of the <br />YMCA, the city already owned the land and it was virtually tied up in park <br />area and that is the reason the YMCA association was approached. <br /> <br />Mr. Hardin nominated Mr. Ken Wagner to the Board of Directors. <br /> <br />Mr. Fults inquired if shareholders can attend Board of Directors meetings. <br /> <br />Mr. Hardin stated that existing by-laws exclude shareholders from meetings <br /> Economic Development Company/January 13, 1988 <br /> <br />Page 3 of 4 <br /> <br /> <br />