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Economic Development Committee December 11, 2007 Page 2 of 3 MARK JURCHEN MOVED TO GO AHEAD WITH THE SURVEY. PATRICK SMITH SECONDED THE MOTION. MOTION CARRIED 4-0. 5. Business Updates Precision Water Jet Sheila Haverkamp indicated that Precision Water Jet has made the decision to move to Jenkins. The main reason for this decision is because Pequot Lakes does not have enough space available in its Industrial Park. The Company would like at least five acres. The Committee discussed options to try to keep Precision Water Jet in the City. One option discussed was the possibility of adding 3-4 additional lots adjacent to the existing park which would be located in the spray irrigation field. The Clerk indicated that the preliminary cost for extension of utilities is $250,000. The Committee decided that this would not be feasible for only 3-4 lots. The Committee talked about the importance of long term planning and the possibility of looking at a second phase of the industrial park. Diamond Willow Assisted Living Update Cathy Malecha informed the Committee that Diamond Willow is still considering locating in Pequot Lakes. The Committee suggested sending letters of support from BLADC and the EDC to let Diamond Willow know that the City is very interested in the project. The Committee discussed the possibility of the City purchasing property for the purpose of developing a medical park. This concept was discussed by the Committee. It was noted that the City should be looking at some type of strategic planning in order to plan for this type of use. 6. Next Meeting Date January 15, 2008, 8:00 a.m. 7. Other Business Cathy Malecha informed the Committee that she and Sheila Haverkamp visited a retail incubator located in the City of Wadena. She indicated that she would like