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<br /> <br /> <br /> <br /> <br />Minutes of the Economic Development Commission <br />City of Mounds View <br />Ramsey County, Minnesota <br /> <br />Regular Meeting <br />August 27, 1998 <br />City of Mounds View, Conference Room C <br />2401 Highway 10, Mounds View, MN 55112 <br /> <br /> <br />1. CALL TO ORDER: <br /> <br />The meeting was called to order at 7:30 a.m. by Chairperson Cindy Carlson. <br /> <br />2. ROLL CALL: <br /> <br />Members present: Cindy Carlson, Ron Schmidt, Tom Field, Rosemary Goff, Brian <br />Sjoberg, Wendy Marty, Sean Walther, EDA Liaison Roger Stigney <br /> Members absent: none <br />Staff present: Economic Development Coordinator Kevin Carroll, Community <br />Development Director Rick Jopke <br /> <br />3. APPROVAL OF MINUTES: <br /> <br />Motion/Second: Goff/Schmidt to approve the minutes from June 25, 1998 and July <br />20, 1998. <br /> <br />Motion carried unanimously. <br /> <br />4. SPECIAL BUSINESS <br /> <br />The EDC and City staff extended a welcome to Wendy Marty and Sean Walther, the <br />newest members of the EDC. <br /> <br />5. EDC BUSINESS -- Update on Mermaid Hotel & Banquet Center <br /> <br />Economic Development Coordinator Kevin Carroll and Community Development <br />Director Rick Jopke provided the EDC members with a progress report regarding the <br />Mermaid project. EDC discussion ensued. EDC members indicated that they <br />generally supported the concept of a hotel and a banquet facility on the Mermaid <br />property, because of the various benefits such facilities would provide to the <br />community. However, some members expressed an interest in seeing more hard <br />data or updated estimates regarding hotel room rates, hotel occupancy rates, and <br />interest rates on the financing that will be required. EDC members encouraged City <br />staff to actively seek the advice and input of experienced financial consultants in <br />order to properly evaluate the reasonableness of the Developer’s projections <br />regarding hotel and banquet center revenue, operating expenses, and financing <br />costs. In addition, several EDC members mentioned that they would like to learn <br />more about what the Developer plans to do with the existing bowling alley and <br />APPROVED