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EDA MINUTES MARCH 25, 2013 <br />DRAFT <br />DATE : March 25, 2013 <br />TIME STARTED : 6:20 p.m. <br />TIME ENDED : 6:30 p.m. <br />MEMBERS PRESENT : Commissioners O'Donnell, Roeser, <br />Reinert, Rafferty, Stoesz <br />MEMBERS ABSENT : None <br />OTHERS PRESENT: : Mary Divine <br />The meeting was called to order at 6:20 p.m. by President Roeser. <br />CONSIDERATION OF THE MINUTES OF MARCH 11, 2013 <br />EDA Member O'Donnell moved to approve the March 11, 2013 minutes. EDA Member Reinert <br />seconded the motion. Motion carried on a unanimous voice vote. <br />CONSIDERATION OF RESOLUTION NO. 13-04 APPROVING THE SECOND <br />AMENDMENT TO CONTRACT FOR PRIVATE DEVELOPMENT AND <br />SUBORDINGATION AGREEMENT AND FIRST AMENDMENT TO DECLARATION <br />OF COVENANT AND RESTRICTION. <br />Mary Divine, Economic Development Coordinator, explained that the EDA approved an <br />amendment to the original Contract for Private Development so that Lino Lakes Housing <br />Limited Partnership (LLHLP) could acquire the project. She explained that LLHLP is now <br />trying to refinance to take advantage of favorable interest rates. This process requires the <br />execution of the amendments. <br />EDA Member Rafferty moved to approve Resolution No. 13-04 as presented. EDA Member <br />Stoesz seconded the motion. Motion carried on a unanimous voice vote. <br />ADJOURNMENT <br />There being no further business, EDA member Stoesz moved to adjourn. EDA Member Rafferty <br />seconded the motion. Motion carried on a unanimous voice vote. <br />Meeting adjourned at 6:30 p.m. <br />1 <br />