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The City of Ramsey Economic Development Authority (EDA) conducted an EDA meeting on <br />Thursday, February 24, 2011, at the Ramsey Municipal Center, 7550 Sunwood Drive NW, Ramsey, <br />Minnesota. <br />Members Present: Chairperson Chris Riley <br />Member John LeTourneau <br />Member Colin McGlone <br />Member Wayne Skaff <br />Member Kristine Williams <br />Member Jeff Wise <br />Members Absent: Member Jim Steffen <br />Also Present: <br />ECONOMIC DEVELOPMENT AUTHORITY <br />CITY OF RAMSEY <br />ANOKA COUNTY <br />STATE OF MINNESOTA <br />Aaron Backman, Economic Development/Marketing Manager <br />City Administrator, Kurt Ulrich <br />Mike Mulrooney, Consultant <br />CALL TO ORDER <br />Chairperson Riley called the Economic Development Authority meeting to order at 7:30 a.m. <br />APPROVE AGENDA <br />Motion by Member LeTourneau, seconded by Member Skaff, to approve the agenda. <br />Motion carried. Voting Yes: Chairperson Riley, Members LeTourneau, Skaff, McGlone, Williams, <br />and Wise. Voting No: None. Absent: Member Steffen. <br />EDA BUSINESS <br />Case #1: CONSIDERATION OF FINAL APPROVAL OF RAMSEY RLF LOAN TO <br />WELLS CATERING, INC., AND SAC/WAC FEE ASSISTANCE TO <br />RAMSEY RETAIL RENTAL, LLC <br />Economic Development/Marketing Manager Backman presented the Staff report. <br />Economic Development/Marketing Manager Backman stated Falls Cafe has evolved from a deli to <br />a full service restaurant. The restaurant will seat 104 and have a room for private events holding up <br />to 15 people. Wells Catering does have a lease agreement in place. <br />Consultant Mulrooney presented the credit review. He stated the loan amount has not changed, the <br />rate will be set at the time it is funded at prime plus 1 %, and the City will be first lien holder on the <br />equipment. He continued that Wells Catering has had a long and successful operation and did well <br />Special Economic Development Authority/February 24, 2011 <br />Page 1 of 3 <br />