08/25/1997 Council Minutes - Laserfiche WebLink

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• • COUNCIL MINUTES AUGUST 25, 1997 Council Member Bergeson asked Mr. Milbauer to describe the proposed services to be offered by the bank. Mr. Milbauer indicated that his will be a full-service bank with personal customer attention. It will offer all checking, saving and certificate of deposit products available, as well as a variety of loan services. There will be a drive -up window service, an ATM, a mortgage service company, an investment service company, as well as computer services. Council Member Kuether asked what the proposed bank hours of operation would be. Mr. Milbauer stated that he intends to have the bank open for 12 to 13 hours per day, probably from 7:00 A.M. to 6:00 P.M. as well as Saturday lobby and drive -up hours. Council Member Lyden requested a description of the "organizer group". Mr. Milbauer explained that there are presently 8 organizers who have committed to approximately 50% of the total capitalization for this project. Council Member Lyden asked Mr. Milbauer to expand on reference to several of the organizers as being Lino Lakes business owners. Mr. Milbauer indicated his preference that the individual names remain confidential for the time being, adding that additional potential investors are being considered and that a stock offering circular will be forthcoming. Council Member Lyden expressed concern of a possible conflict of interest between the City and potential investors. Mr. Wessel explained that additional review of the entire proposal would be appropriate as the process moves along, and that to delay acquisition of the land would present considerable problems for Mr. Milbauer. Council Member Bergeson stated that it is important that Lino Lakes have local owners for the proposed bank. He added that strict banking regulations prohibit investors from functioning as operators of the bank. Council Member Kuether said that she sees no reason to treat Mr. Milbauer any differently from any other business seeking to locate in Lino Lakes in terms of asking the identity of its investors. She added that a conflict of interest will surface if one exists. Mayor Landers expressed agreement with Council Member Kuether s statement. He expressed confidence in the Staff s ability to properly evaluate each newcomer to the community. Council Member Bergeson asked what the maximum loan amount would be. Mr. Milbauer stated that the legal lending limit for the bank is $600,000, but that through overlines additional credit could be provided. Council Member Bergeson asked if the sale of the subject property would represent an additional pay-off on the Rehbein land contract. Mr. Wessel responded that it would. • Council Member Bergeson asked about access to the property. Mr. Wessel explained that access would be a shared entrance off of Village Drive in order to avoid interruption of the parkway. 21