EDA Minutes 11-13-2001
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MINlrn:s
MONTICELLO ECONOMIC DEVEl-,OPMENT AUTHORITY
Tuesday, November 13, ZOOI - 4:00 p.m.
City Hall - 505 Walnut Street - Academy Room
Members Present:
Chair Rill Demeulcs, Vice Chair Barb Schwientck, Roger Carlson and
Ron Iloglund
Members Absent:
Assist Treasurer Ken Maus, Clint Herhst and Darrin Lahr
Staff:
Treasurer Rick Wolfsteller, Executive Director Ollie Koropchak and
Recorder Lori Kraemer.
1 . Call to order.
Chair Demeulcs called the meeting to order at 4:00 pm.
2. Consideration to approve the October 17, 200 I EDA minutes.
Ron Iloglund advised that the correct spelling for Block 35 Business Owner Karen's last
name is actually Schneider. Correction noted.
A MOTION WAS MADE BY RON HOGLUND TO APPROVE THE MINUTES OF
"rHE OCTOBI.:R 17,200 I EDA MEETING, WITH CORRECTION NOTED ABOVE.
BILL DEMEULES SECONDED TIlE MOTION. Motion carried unanimously.
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Consideration of adding or removing agenda items. None
4.
Consideration to approve the Subordination Agreement between firstar Bank, N.A. and
the Monticello I::DA. (Blue Chip)
Ollie Koropchak, Executive Director, provided the staflreport stating that earlier this
year the EDA extended the GMEF balloon date and the interest rate was adjusted to 211()
below prime, which was actually an increase.
Because the I]alloon payment of the eMIF is due, Blue Chip is refinancing. The lender
amount refinance is $326,000 and the GMEF will be in second position behind the
lender. The lender is looking to close on November 15, 200 I.
The agreement was reviewed by EDA Attorney Dan Greensweig. Payback of the GMEF
loan is current.
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EDA Minutes - 11/13/01
A MOTION WAS MADE BY BARB SCHWIENTEK TO APPROVE THE
SUBORDINATION AGREEMEN'[' BETWEEN FIRSTAR BANK, N.A. AND THE
MONTICELLO EDA. ROGL':R CARLSON SECONDED THE MOTION. Motion
carried unanimously.
5. Consideration of Executi ve Director's Report.
Koropchak provided her director's report. Roger Carlson asked ahout the status of
Midwest Graphics and she advised that they had sold to Right Choice and have down-
sized. She is still waiting for morc information.
Chair Demeules also asked Koropchak about why thc EDA is paying for an amortization
schedule and the possibility of doing this in-housc. Korpchak stated she has checked into
this previously with Cathy Shuman but that shc would do so again.
6. Other Business. None
7.
Adjournment.
A MOTION WAS MADE BY BARB SCIIWIENTEK TO ADJOURN TIlE MEETING
AI' 4: 12 PM. RON HOGLUND SECONDI':!) TIlE MOTION. Motion carried
unanimously.
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