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A general discussion of the possibilities ahead of them followed. <br /> <br />Chairman Greenberg stated his family has the largest number of shares. Others <br />have bought in since its formation. They were afraid land would go for housing. <br />As far as going back, it was originally a non-profit organization and had 11 <br />members. <br /> <br />There was general discussion regarding shifting ownership from Gateway North to <br />the City of Ramsey and the feeling was that it was not as simple as changing the <br />by-laws. <br /> <br />Chairman Greenberg said he was sure the shares could be exchanged for a note. <br />There are 231 acre of land unsold including the airport. <br /> <br />Commissioner Fults stated he feels it would be best to keep them all together and <br />then expand from there. <br /> <br />Chairman Greenberg stated there is indebtedness on the land. <br /> <br />There was a discussion on the dollars we are talking about and it was stated this <br />was about a $600,000 to $700,000 project. There had been 14 acres given to the <br />County when the highway went through. <br /> <br />Chairman Greenberg said he has $60,000 - $70,000 in Gateway North Plat #1. <br /> <br />Commissioner Miller said we would have to check the legality of it. <br /> <br />Commissioner Schmidt stated we would have to look into it from a lender's view. <br /> <br />Commissioner Menkveld asked if what we had was a shell of an LDC. <br /> <br />Mr. Clem Gruber said that it would be to our benefit to keep in touch with Mr. <br />Luchine. When we plat and sell there is the horrendous cost in platting and that <br />discourages people. <br /> <br />Chairman Greenberg said that we have the ability to put up a building all ready for <br />a person to come into and we can work with people as they grow. <br /> <br />Commissioner Menkveld stated that others would if given financial help and then <br />there is the problem with industry. They can afford the land but not the improve- <br />ments and then there is nothing left to operate the company on. <br /> <br />Commissioner Fulls said we should have a non-profit lease building to people when <br />they want. <br /> <br />Mr. Gruber said we could put up a building but the only problem is the financing. <br /> <br />Commissioner Menkveld stated the problem he has regarding financing is the use of <br />Local Development Corporation. <br /> <br />Chairman Greenberg most wants the sewer and water. We should go into the area <br />with water and sewer.. Sell assests on what we are. <br /> <br />Commissioner Schmidt said he was sure the Local Development Corporation can stay <br />and can be converted as any assets of a corporation and spread the shares out <br />further. <br /> <br />Sp EDC/March 31, 1982 <br /> Page 3 <br /> <br /> <br />