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MINUTES <br /> ECONOMIC DEVELOPMENT COMMITTEE <br /> JANUARY 19,2010 <br /> MEMBERS PRESENT: Mark Jurchen, Cindy Rieck and Justin Bolz-Andolshek. <br /> ABSENT: Patrick Smith and Ed Larsen. <br /> ALSO PRESENT: Erika O'Brien, HRA Director; Mayor Adams; Charles Marohn, City <br /> Planner; Elissa Hansen, BLADC; Ruth Ann Hanson, Chamber; and Dawn Bittner, <br /> Zoning Administrator. <br /> The meeting was called to order by Mark Jurchen at 8:02 a.m. <br /> Approval of Minutes: <br /> A motion was made by Cindy Rieck, seconded by Justin Bolz-Andolshek,to approve the <br /> December 15, 2009 EDC Minutes. Motion carried 3-0. <br /> Business Loan Program: <br /> Chad Nelson had requested to appear to discuss the possibility of establishing a business <br /> loan program but was unable to attend due to a sick child. Member Bolz-Andolshek had <br /> spoken with Mr.Nelson and explained that Mr.Nelson had an idea invest money of his <br /> own and others into a find for a seed account for graduating students to come back to <br /> Pequot Lakes to start a business. Mr.Nelson was looking for direction as follows: <br /> • how to move forward; <br /> • who would administer.the fund; <br /> • offer to a Pequot Lakes graduate or resident. <br /> Member Bolz-Andolshek stated that if the school were to administer the fund it may need <br /> to be made available Pequot Lakes' graduates. There could be $15,000 to $20,000 <br /> available for those who wish to come back to Pequot Lakes and, as an example, needed <br /> telephones to start a business in Pequot. <br /> The EDC thought this would be a good idea and would like to explore the possibility of <br /> its creation. Criteria would need to be set. The EDC asked if the City could take on a <br /> fund balance such as this. Staff will direct this question to the City Clerk and Finance <br /> Officer. <br /> Member Jurchen will authorize Mr.Nelson and Member PJ Smith to look at <br /> discrimination and truth in lending and report back to the EDC. There are also questions <br /> of who it should be invested and with whom as it will accumulate money. Elissa Hansen <br /> will also inform Sheila Haverkamp of BLADC of this potential program as she should be <br /> a part of this also. <br /> Minutes 1 <br /> Economic Development Committee <br /> January 19, 2010 <br />