Minutes

of the

Regular Meeting Of

DETROIT LAKES DEVELOPMENT AUTHORITY

Wednesday, February 21, 2007- 3:30 PM

Conference Room

 City Administration Building

MEMBERS PRESENT:     Jim Anderson, Tom Klyve, Dixie Johnson, Greg Hildenbrand

MEMBERS ABSENT:      Tim Olson, Mark Hagen, Matt Brenk

OTHERS PRESENT:       Larry Remmen, Community Development Director, Nancy Wichmann, Richard Grabow,

I.       Call To Order:

          Chairman Jim Anderson called the meeting of the Detroit Lakes Development Authority to order at 3:30 PM in the Conference Room of the City Administration Building, 1025 Roosevelt Avenue on Wednesday, February 21, 2007. All members of the Authority have been duly notified of the meeting and the business to be transacted.

II.     MINUTES:

        Upon review of the minutes dated February 6th, 2007 a correction was made listing Greg Hildenbrand absent and Matt Brenk present.  A motion was made by Commissioner Dixie Johnson, seconded by Commissioner Tom Klyve and carried without a dissenting vote to approve the minutes of the regular meeting dated February 6, 2007 as corrected.

III.    FINANCIALS

A.      None

IV.    OLD BUSINESS:

A.      Consideration to the setting sales price and policies relative to Detroit Lakes North Industrial Park – First Addition

          It was unanimously agreed to defer this item until all Development Authority members were present for discussion.

V.      NEW BUSINESS:

A.      Consideration to the request of MMCDC for a release of mortgage and early release of loan for the Graystone

        The Authority reviewed the request of MMCDC to the City of Detroit Lakes to forgive a $600,000 note and mortgage, which matures December 31, 2009 for the renovation of the Graystone Hotel.  In the letter to the Authority, MMCDC referenced their compliance with the income limits set by HUD which is lower than the required income levels set by the Development Authority.   Larry Remmen reported he has contacted the State of Minnesota and is waiting for a letter indicating that they will allow early forgiveness of the  note and Mortgage.   It was unanimously agreed to table this item for discussion at the next

Development Authority

        Development Authority meeting and request that an MMCDC representative be present to discuss the matter.

C.      OTHER

          None

VI.    ADJOURNMENT

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

                                                        Signed                                              

                                                        Larry Remmen  

                                                        Community Development Director