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City Council Minutes Page 3 <br /> June 11, 2004 <br /> ------------------------------------ <br /> COUNCIL MEMBER RYAN MOVED TO CALL A SPECIAL MEETING <br /> OF THE CITY COUNCIL FOR JUNE 24, 2004, AT THE SCHOOL FOR <br /> AN OPEN HOUSE HOSTED BY MNDOT ON THE HIGHWAY 371 <br /> PROJECT. COUNCIL MEMBER JOHNSON SECONDED THE MOTION. <br /> MOTION CARRIED 6-0. <br /> 10. Chamber of Commerce Update <br /> Council Member Akerson arrived at this time (6:05 p.m.) <br /> The City Clerk indicated that she is working with the Chamber of <br /> Commerce regarding the loan for the Chamber building. She indicated <br /> that because the Chamber is unable to pay the monthly payment she is <br /> working with Wells Fargo to refinance the loan in order to make the <br /> payment lower. The Clerk indicated that she will also be working on a <br /> lease agreement for the building between the Chamber and the City. <br /> COUNCIL MEMBER RYAN MOVED TO AUTHORIZE THE CLERK TO <br /> REFINANCE THE BUILDING AT THE FOLLOWING TERMS: 5.79% <br /> PERCENT INTEREST FOR TEN YEARS WITH A BALLOON AT FIVE <br /> YEARS WITH MONTHLY PAYMENTS TO BE APPROXIMATELY $800 <br /> AND THAT THE CLERK DRAFTS A LEASE AGREEMENT BETWEEN <br /> THE CHAMBER AND THE CITY FOR THE CHAMBER OF COMMERCE <br /> BUILDING. COUNCIL MEMBER SJOBLAD SECONDED THE MOTION. <br /> MOTION CARRIED 7-0. <br /> 11. Adjournment <br /> There being no further business, COUNCIL MEMBER BOLZ- <br /> ANDOLSHEK MOVED TO ADJOURN THE MEETING. COUNCIL <br /> MEMBER AKERSON SECONDED THE MOTION. MOTION CARRIED 7- <br /> 0. <br /> The special regular meeting of the City Council adjourned at 6:15 p.m. <br /> Respectfully submitted, <br /> Sandra A. Peine <br /> City Clerk <br />