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<br />Council Meeting Minutes <br />April 26, 1994 <br /> <br />Page 2 <br /> <br />Consent A~enda. continued <br /> <br />3. CONSIDERATION OF APPROVAL OF TIlE SIGNAGE PROPOSED <br />FOR THE VILLAGE CENTER COMMERCIAL DEVELOPMENT. <br /> <br />4. <br /> <br />CONSIDERATION OF APPROVAL TO WAIVE THE READING AND <br />ADOPt THE RESOLUTION APPROVING TIlE AMENDMENT TO <br />THE LRT, INC. DEVEWPMENT AGREEMENT. <br /> <br />CONSIDERATION OF APPROVAL TO CONCUR WIm TIlE <br />ECONOMIC DEVEWPMENT COMMISSION RECOMMENDATION <br />TO NOT PROCEED WITH THE TENNIS BUBBLE PROJECT AS <br />PROPOSED BY DENNIS FOSTER FOR THE REASONS SlATED. <br /> <br />5. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Public Hearing - Medical Devices, Report 94-100 <br /> <br />Economic Development Specialist Jill Hanson presented the grant application on <br />behalf of Medical Devices, Inc. <br /> <br />Council directed staff to prepare a development agreement with Medical Devices to <br />construct a 30,800 sq. ft. facility in the Rush Lake Business Park. The City <br />submitted a grant application to the State of Minnesota's Economic Development <br />Program. The initial application was deemed eligible for a $200,000 loan for <br />Medical Devices. The application process requires a public hearing. <br /> <br />The State Grant Program is intended to provide funding in situations where a <br />financing gap exists. The business may use the fmancing for building construction <br />or renovation, or the purchase of equipment. <br /> <br />The $200,000 loan will be repaid by Medical Devices over 20 years. The City may <br />keep the ftrst $100,000 of repayment which will be used to establish a revolving <br />loan fund. This fund may be used for further economic development by making <br />additional loans to local businesses. The remaining payment must be returned to the <br />Department of Trade and Economic Development. <br /> <br />There were no comments from the audience. <br /> <br />~ <br /> <br />Motion by Gunderman, seconded by Larson, to CLOSE TIlE HEARING. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Hearing was closed at 7:36 p.m. <br /> <br />Motion by Williams, seconded by Larson, to WAIVE THE READING AND <br />ADOPf THE RESOLUfION SUPPORTING THE APPUCATION FOR AN <br />ECONOMIC DEVEWPMENT PROGRAM GRANT FOR MEDICAL <br />DEVICES. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Consent Allenda I <br /> <br />Village Ctr. Signage . <br />Report 94-097 <br /> <br />Accurate Compo Dev. <br />Agreement <br />Report 94-098 <br />Resolution 94-{)55 <br /> <br />Tennis Bubble <br />Report 94-099 <br /> <br />Public Hearing <br /> <br />Medical Devices <br />Request for Aid <br />Report 94-100 <br />Resolution 94-054 <br /> <br />I <br /> <br />I <br />