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Mr. Schnelle regarding sale of shares in the Local Development Corporation. <br /> <br />Mr. Schnelle stated that Mr. Grosslein is agreeable to having a kick-off <br />meeting at his place of business <br /> <br />Commissioner Fults stated that he is the only member left on the <br />economic subcommittee and suggested that since finance and economics <br />are so closely related that the two subcommittees work jointly on <br />the sale of LDC shares. <br /> <br />C~mmission consensus is to combine the efforts of the Economic and <br />Finance subcommittees for the sale of LDC shares. <br /> <br />Commissioner Schmidt stated that stocks were printed some time ago and <br />that he will have those stocks delivered to City Attorney Goodrich. <br /> <br />Commissioner Fults stated that the Sleep Easy Mattress Company has applied <br />for a building permit and the Ironworks Gymnasium is coming along real <br />well. <br /> <br />Commissioner Hardin referred to Rubber Research's proposed tire recyclin~ <br />project brought before EDC at their July meeting and stated that he <br />has met with Ed Welsh of W~ste Management. They discussed whether or not <br />a private company could lease a building for the operation and Mr. Welsh <br />stated that if the loan application from the City specifies that the <br />money will be used for the building, then the City would have to be <br />financially and administratively committed to that building; the same <br />would hold true if the loan was for equipment only or a combination of <br />building and equipment. Commissioner Hardin stated that he has obtained <br />a financial statement on Rubber Research for the past three years but <br />has not had a chance to review it. <br /> <br />Commissioner Cox expressed concern with the fact that the municipality <br />would be involved in the ownership of the facility when there is a <br />similar type operation already operating in the City under County <br />regulations. <br /> <br />C~m,issioner Cox then referred to Commissioner Guy's resignation~_tett~r <br />and the accompanying article ~egarding the Federal EDC and stated that <br />too much government involvement and strong licensing fees prevents <br />private companies from utilizing innovative ingenuity to do a better job. <br /> <br />Chairman Greenberg stated that ways should be researched to bring Rubber <br />Research into the City without City financial involvement. <br /> <br />b) <br /> <br />Commission consensus is that Commissioner Hardin pursue Rubber Research's <br />proposed project with the County and report back at the next regular <br />EDCmeeting. <br />Finance Subcommittee - <br />Commission proceeded to review letter dated July 17, 1984 from Mr. Ralph <br />McGinley, ¥ice President of Dougherty, Dawkins, Strand and Yose Invest- <br />ment Bankers regarding new Federal law that was enacted pertaining to <br />IRB's. It was noted that any IRB projects applied for in the City of <br />Ramsey after June 19, ~984 will have to go through a State pool. <br /> <br />c) Legislative Subcommittee - <br /> No report at this time. <br /> <br />EDC/August 8, 1984 <br /> Page 2 Qf 3 <br /> <br /> <br />