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<br />the business is family owned, and the children are involved with the business as well. He stated <br />the family had the attributes and qualities to make it through the tough times. <br /> <br />Economic Development Consultant Mulrooney explained that if the EDA made a loan to the <br />business, it would be of a higher risk; however, the RLF was developed for more than just blue <br />chip companies. He explained these are not tax dollars and are to be used for projects of this <br />nature. He stated that in the event of default, the senior lender would have preference and the <br />RLF would not recoup the losses. He stated there is no other collateral identified and there are <br />currently two mortgages on the property. <br /> <br />Member Steffen asked why this project could not stand on its own rather than be based upon the <br />success of the carpet business. <br /> <br />Economic Development Consultant Mulrooney replied it is because they are located on the same <br />parcel of land and under one legal description; therefore, Bennett Cooper is the main tenant. <br /> <br />Economic Development Coordinator Sullivan mention the redevelopment is going through a site <br />plan approval process at this time. He recommended that, if the loan were approved, it should be <br />contingent upon site plan approval. <br /> <br />Discussion ensued. <br /> <br />Motion by Member Kiefer, seconded by Chairperson Riley, to recommend City Council approve <br />the request for RLF financing for Bennett Cooper Floors contingent upon site plan approval. <br /> <br />Member LeTourneau stated that as much as he would like to see this business succeed, he <br />questions whether they would survive with the existing business. He indicated this is risky from <br />a business perspective. <br /> <br />Motion fails. Voting Yes: Chairperson Riley and Member Kiefer. Voting No: Members <br />LeTourneau and Steffen. Absent: Members Elvig, Schindel, and Strommen. <br /> <br />Discussion ensued. <br /> <br />Case #5: <br /> <br />Wells Catering Banner <br /> <br />Economic Development Coordinator Sullivan requested the EDA authorize a banner <br />congratulating Wells Catering as the 2007 Business of the Year and incorporate it with Happy <br />Days. He explained that $1000 was authorized for this expense. <br /> <br />Motion by Member LeTourneau, seconded by Member Kiefer, to recommend approval of a <br />banner for Wells Catering as the 2007 Business of the Year in an amount not to exceed $1000. <br /> <br />Member Steffen made a friendly amendment that the amount not to exceed $500. <br /> <br />Economic Development Authority/September 6, 2007 <br />Page 6 of8 <br />