ED090897
CITY OF NEW HOPE
4401 XYLON AVENUE NORTH
HENNEPIN COUNTY, MINNESOTA 55428
Approved EDA Minutes September 8, 1997
Meeting #8
CALL TO ORDERPresident Enck called the meeting of the Economic Development Authority
to order at 8:33 p.m.
ROLL CALLPresent: Enck, Cassen, Collier, Norby, Otten
staff Present: Sondrall, Hanson, Donahue, Leone, McDonald, Olson
APPROVE MINUTESMotion was made by Commissioner Otten, seconded by Commissioner
Collier, to approve the EDA minutes of August 25, 1997. Voting in favor: All.
Motion carried.
LOAN REQUEST President Enck introduced for discussion Item 4, Discussion Regarding Low
nd
Item 4 Interest Loan Request by Jay Showalter for Winnetka and 42 76 Station,
4200 Winnetka Avenue North.
Mr. Jay Showalter, owner of 76 Station at 4200 Winnetka Avenue North,
was recognized. He inquired of financial assistance which may be available
through the City. He shared his plans to modify the facility to meet Citgo
requirements.
The EDA explained its limitations for financial assistance and that one
requirement of the City’s policy for granting low interest loans is that there
must be substantial upgrades and an increase in market value.
Discussion took place regarding the vacant site north of Mr. Showalter’s
property and whether Mr. Showalter had any interest in acquiring the
property for expansion purposes. Mr. Showalter stated the purchase price is
significant and at this time he is not pursuing acquiring additional land.
The EDA denied the loan request as it did not meet the City’s financial
assistance policy.
ADJOURNMENT Motion was made by Commissioner Norby, seconded by Commissioner
Cassen, to adjourn the meeting. All present voted in favor. The New Hope
EDA adjourned at 8:55 p.m.
Respectfully submitted,
Valerie Leone
City Clerk
New Hope EDA September 8, 1997
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