Minutes

of the

Regular Meeting Of

DETROIT LAKES DEVELOPMENT AUTHORITY

Tuesday, September 19, 2006

 4:30 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 4:30 PM in the Conference Room of the City Administration Building, 1025 Roosevelt Avenue on Tuesday, September 19, 2006. All members of  the Authority having been duly notified of the meeting and the business to be transacted.

II.     Minutes:

        The minutes from the regular meeting held August 22, 2006 were reviewed unanimously approved as presented

III.    Financials:

A.      The financial report and payment of claims for the period ending August 31, 2006 were reviewed and unanimously approved as presented.

IV.    Old Business:

A.      None

V.      New Business

A.      Consideration to Scrappin Memories request for a $44,800 Loan

        Larry Remmen and the Commissioners reviewed and discussed the request for a loan from Scrappin’ Memories for $44,800 at 6% interest rate.  The bank will provide an $85,000 loan, for twenty years at 8.5%.  A motion was made by Commissioner Dixie Johnson, seconded by Commissioner Greg Hildenbrand and carried unanimously to deny the loan request of Scrappin’ Memories for the following reasons:

·        The security of the loan was not adequate;

·        The amount of the Developer’s equity was too low;

·        They did not feel there was adequate ability to repay the loan based on the financial proformas;

B.      Other

          The Authority reviewed the “Becker County Business & Industry Annual Review” booklet published by DL Printing.  This economic development advertising will be viewed by commercial and industrial prospects.  After discussion a motion was made by Commissioner Greg Hildenbrand, seconded by Commissioner Dixie Johnson and carried unanimously to advertise in this publication, half page ad for $599.

VI.    Adjournment

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

                                                                Signed                                                                           

                                                                LarryRemmen   

                                                                Community Development Director