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find out their opinions on various legislature and let them <br />know we support them and state our opinions on certain items <br />such as worker's compensation. The meeting with the Greater <br />Minneapolis Chamber of Commerce is tentatively set for <br />August 17, 1982. <br /> <br />b) <br /> <br />Economic Subcommittee - Commissioner Schneider informed the <br />Commission that their committee had met on August 5, 1982 <br />and discussed the means of contact with businesses in Ramsey <br />through the proposed quarterly report. They would like to <br />have a meeting in October, possibly at the same time as the <br />October EDC meeting, to meet with businessmen in the area <br />and let them know that the EDC has been doing something to <br />help the business community. We would send.out notices to <br />these businesses about two weeks in advance. <br /> <br />Commissioner Fults would like to have each subcommittee get <br />something ready for the report by the September meeting. <br /> <br />c) Finance Subcommittee - No one was present from this committee <br /> to give a report. <br /> <br />Case ~1: Local Development Corporation: <br /> <br />City Attorney Goodrich was present to explain to the Commission the status of <br />the Local Development Corporation. He stated that the proposed name for this <br />is the Ramsey Economic Development Company. He went on to state the purpose <br />of this company in length. Basically, it is to develop economic development <br />in the City of Ramsey. Attorney Goodrich then asked for input from the Commis? <br />sion on the proposed name and purpose. Everyone agreed that the name should <br />be the Ramsey Economic Development Company and thought the purpose was well- <br />defined. It was also decided that the address of the company be the Ramsey <br />Municipal Center address of 15153 Nowthen Blvd. NW, Ramsey, Minnesota. <br /> <br />Discussion followed regarding what amount we should sell shares at. City <br />Attorney Goodrich stated the company could start at $25,000, asking $100 per ~ <br />share. He explained that it would basically be a donation and that a person <br />wouldn't get his money back unless he would die~ then the company would buy <br />back his share(s). He added that the number of shares should be limited to <br />2% in order to have a broad base. <br /> <br />Commissioner Muller asked what kind of response other cities have gotten at <br />$100 per share. Attorney Goodrich said that Coon Rapids, for example, has <br />sold approximately 225 to 250 shares. He added that this is a hard job. <br /> <br />Commissioner Fults asked if there was a minimum to sell in order to start the <br />company. Attorney Goodrich stated that we need to start with shares totaling <br />at least $1,000 to $10,000. If this was possible, the company would have <br />backing if it were to go bankrupt. He reiterated that this will be a tough <br />salesman job. We can't offer dividends or money back and it can't be written <br />off on your taxes. It is a donation, an investment in the community. <br /> <br />EDC/August 11, 1982 <br /> Page 2 of 4 <br /> <br /> <br />