Agenda - Economic Development Authority - 09/06/2007

Home

might regard as a leg up on another retailer, which was a major reason behind excluding retail from the RLF guidelines. Member Schindel asked if the City monitors the project to ensure that the loan is used for improvements. Economic Development Consultant Mulrooney replied there is documentation; the project is done before the City money is put in and receipts are provided. Typically the senior lender in the deal would fund the entire amount and the City funds would be provided after the project is done. There was discussion of whether to request the owner of Cooper Bennett Flooring to make a presentation on the loan request at an EDA meeting. Consensus of the EDA was to direct Economic Development Consultant Mulrooney to represent the best interest of the EDA. It was noted that the EDA would like to meet with the business owner, but the meeting should not be afactor of the loan consideration. Economic Development Coordinator Sullivan advised an approval on this should be contingent on the financial analysis being satisfactory. Economic Development Consultant Mulrooney indicated a prospective tenant has requested to be in the facility by September 1 st and was informed that is not possible, not only as far as getting the project done, but in obtaining the financing to move forward. It is likely necessary for Cooper Bennett Flooring to have this completed one way or another by October 1st. He recommended that the EDA could deem the Cooper Bennett Flooring project is eligible for the Revolving Loan Fund and is willing to accept an application at this point in time for review. Motion by Member LeTourneau, seconded by Member Schindel, that the EDA deems the Cooper Bennett Flooring project is eligible for the Revolving Loan Fund and is willing to accept an application at this point in time for review. Further discussion: Economic Development Coordinator Sullivan inquired about the willingness of the Board to hold a special meeting if necessary for the timing on the project. Member Steffen inquired about the ability of the Board to review [mancials without holding a meeting. Economic Development Consultant Mulrooney indicated emails could be sent to the members with a credit write-up. Economic Development Coordinator Sullivan indicated a motion on an agenda item would be necessary for the Board to act. The financial information could be emailed with a short meeting held if necessary. Motion carried. Voting Yes: Chairperson Riley, Members LeTourneau, Schindel, and Steffen. Voting No: None. Absent: Members Elvig, Kiefer, and Strommen. Case #6: Staff Update The EDA reviewed the Staff Update. Economic Development Authority/August 9, 2007 Page 8 of9 8