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EDA MINUTES DECEMBER 18, 2006 <br />DRAFT <br />47 <br />48 Ms. Divine advised Hartford Group and LLAH Limited Partnership are expected to close on the <br />49 financing of the property in late December and begin construction shortly thereafter. Due to <br />50 delay in the start of construction, the City Council will be requested consider an extension of the <br />51 grant agreement at the regular Council meeting this evening. <br />52 <br />53 Ms. Divine noted the developer has requested, in order to facilitate their financing, that the grant <br />54 be provided in the form of a 30-year interest free loan. Because the EDA is the administrator of <br />55 Development District No. 1 in which this project will occur, legal counsel has advised the EDA <br />56 is the appropriate authority to provide this loan. <br />57 <br />58 EDA Member O'Donnell moved to approve Resolution No. 06-05, as presented. EDA Member <br />59 Carlson seconded the motion. Motion carried unanimously. <br />60 <br />61 ADJOURNMENT <br />62 <br />63 There being no further business, EDA Member Bergeson moved to adjourn. EDA Member <br />64 O'Donnell seconded the motion. Motion passed unanimously. <br />65 <br />66 Meeting adjourned at 6:22 p.m. <br />67 <br />2 <br />