Minutes

of the

Regular Meeting of the

Detroit Lakes Development Authority

Tuesday, September 16, 2008

4:30 PM

City Administration Building

Conference Room

MEMBERS PRESENT:               Jim Anderson, Matt Brenk, Greg Hildenbrand, Mark Hagen, Mary Beth Gilsdorf, Dennis Winskowski and Tom Klyve

MEMBERS ABSENT:                 None

OTHERS PRESENT:                   Robert Louiseau, Larry Remmen, Jake Judd,                                                                              

  I.           CALL TO ORDER:

                Chairman Jim Anderson,  called the meeting of the Detroit Lakes Development Authority to order at 4:30 PM in the Conference Room of the City Administration Building, 1025 Roosevelt Avenue on Tuesday,

                September 16, 2008.  All members of the Authority have been duly notified of the meeting and the business to be transacted. 

 II.           MINUTES:

                A motion was made by Commissioner Matt Brenk seconded by Commissioner Mark Hagen and carried unanimously to approve the minutes of the regular  meeting held August 5^th, 2008 and the special meeting held

                August 14, 2008.            

III.          FINANCIALS:

                A motion was made by Commissioner Dennis Winskowski, seconded by Commissioner Matt Brenk and carried unanimously to approve the financial report and payment of claims for the period ending July 31, 2008 as

                presented  and for the period ending August 31, 2008 as presented.

 IV.         OLD BUSINESS:

A.           None

V.           NEW BUSINESS:

A.           Consideration to the request of Bob Bristlin and Son Construction for a one year extension to build on Lot 4 Block One of Detroit Lakes North Industrial Park             

                Larry Remmen pointed out that the one year deadline to build on this lot expired on August 31, 2008.  Bob and Casey Bristlin have requested a one year extension or a partnership on a spec building.   

                The Authority briefly discussed this request. A motion was made by Commissioner Dennis Winskowski seconded by Commissioners Matt Brenk and carried without dissent to not purchase the lot back from Bob Bristlin

                and  Son Construction at this time, but to reserve the right to buy it back at any time at the Authority’s discretion.

B.           Information Only

                Report on Detroit Lakes Loan Fund administered by West Central Initiative

                Larry Remmen reported that our current balance in the Detroit Lakes Loan Fund  is $494,458.08.  Details of the account are in the printed report.

C.           Consideration to the North Industrial Park Expansion Project

                Larry Remmen stated that City Engineer, Gary Nansen, had prepared updates on the development costs for the Detroit Lakes Industrial Park First Addition.

                                                Project                                                                                               Cost

                Entire Project (90 Acres) 19 Lots                                                                                   $2,283,326

                Cormorant Avenue Extension  5 lots                                                                                 $601,700

                Cormorant & cul de sac  9 lots                                                                                        $888,500

                The Development Authority discussed the alternatives.  Larry Remmen pointed out that the City Council has budgeted for the 9 lot alternative and he felt an application should be made for $250,000 in State Grant Funds for

                the project. 

                A motion was made by Commissioner Greg Hildenbrand, seconded by Commissioner Dennis Winskowski and carried unanimously to move forward  with development of the 9 lot alternative in 2009 with staff making

                an application for $250,000 in State Grant Funds.

D.           Presentation on an Angel Investor’s Network by Cris Valdez – Provost Minnesota State Community & Technical College

                Cris Valdez stated that the Technical college was starting entrepreneur training and in addition would like to start an Angel Investor’s Network to provide capital investment funds for business start ups.  Chris noted that the

                details of fund administration need to be worked out and details on how funds will be made available on what terms also need to be discussed.  He feels our area would benefit from a $500,000 to $1,000,000 fund.  The

                amount that each investor puts into the fund is dependant on the number of investors and the size of the fund created.

                The general consensus of the board was that an Angel Investor Group is something they would like to be involved in.  Cris reported that there will be a  meeting at MSCTC on October 3^rd at 10:00 AM with a noon lunch

                 by invitation only for a smaller group.

VI.          Adjournment

                There being no further business to bring before the Board, the meeting was adjourned.                                                                                       

                                                                                                Signed                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                Larry Remmen,  Community Development Director