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ST. LOUIS
PARK
SCAN NED
OFFICIAL MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
October 19, 1998
1
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1. Call to Order
President Ja cobs called the m eeting to order at 7: 15 p. m .
2. Roll Call
T he fo llow ing C ommi ssioners w ere present at ro ll call: Jeff Ja cobs, C hri s N elson, Sue Sanger,
R obert Y oung, Jim B ri m eyer, an d M ayor G ail D orfm an .
Al so present w ere the E xecutive D irector (Mr . M eyer); E conomi c D evelopm ent C oordinator (Mr .
An derson); and D irector of C omm uni ty D evelopm ent (Mr . H arm enin g).
3. Approval of minutes of October 6, 1998 meeting
T he mi nutes w ere appro ved as presented.
4. Approval of agenda of October 19, 1998 meeting
It w as m oved by C om m issioner N elson, seconded by C om mi ssioner D orfm an, to appro ve the
agenda. The m otion passed 6-0.
5. Reports - None
6. Old Business - None
7. New Business
7 a. Approval of Commercial Rehabilitation Loan for Tim Mahoney of Mahoney
Media Group, Inc.
Mr. An derson, E conomi c D evelopm ent C oordinator comm ented on fu nding fo r the project.
Mr . B rim eyer asked if the dra m atic fl uctuations in cash flow as indicated in the staff report w ere
seasonal in natur e.
Mr. An derson comm ented on the nature of the m edia pro duction business and recent investm ents
w hi ch explained fl uctuation in cash fl ow .
T im M ahoney of M ahoney M edia Gr oup, Inc. w as present and indicated that aft er considera tion
of other cities, his staff w as excited about m oving and part icipating in the comm uni ty.
It w as m oved by C om m issioner B rim eyer, seconded by C ommi ssioner Y oung, to appro ve a
C omm ercial R ehabilitation L o an in the am ount of $50,000 in part icipation w ith Century B ank and
authorizing the President and E xecutive D irector to enter into a part icipation agreem ent w ith
C entury B ank fo r the financing of the project. T he m otion passed 6-0.
8. Communications and Bills
SCANNED
8a. Vendor Claims
It was moved by Commissioner Nelson, seconded by Commissioner Sanger, to approve and
authorize payment. The motion passed 6-0.
9, Adjournment
It was moved by Commissioner Nelson, seconded by Commissioner Sanger, to adjourn the
meeting at 7:25 p.m. The motion passed 6-0.