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<br /> <br /> 2 <br />5. EDC BUSINESS <br /> <br />A. Mermaid Hotel/Banquet Facility <br /> <br />The EDC members extensively discussed whether the principals of the <br />Developer should be required to provide personal guarantees in connection <br />with any Development Agreement that may ultimately be executed. It was <br />ultimately decided that not enough information is presently available for the <br />EDC to take a formal position on the issue in question. However, an informal <br />Αstraw poll≅ of the EDC members revealed that at least four of the six <br />members present were not currently inclined to require personal guarantees <br />if the eventual Development Agreement include provisions sufficient to <br />protect the City’s financial interests. <br /> <br />B. Comprehensive Guide Plan <br /> <br />EDC Chair Cindy Carlson and Economic Development Coordinator Kevin Carroll led <br />further discussion regarding the preliminary draft of the Economic Development <br />section of the Comprehensive Guide Plan update. EDC members made additional <br />suggestions regarding additions to and/or revisions of various portions of the <br />document. EDC members reviewed the ED sections of certain Comp Guide Plan <br />updates that the city has received from neighboring cities. It was agreed that the <br />discussion of this topic would be continued at a special meeting to be held at 7:30 <br />a.m. on Tuesday, March 23, 1999. <br /> <br />6. ADJOURNMENT <br /> <br />There being no further business before the Commission, this meeting of the <br />Economic Development Commission adjourned at approximately 9:35 a.m. <br /> <br /> <br />Respectfully Submitted, <br /> <br />Kevin Carroll <br />Economic Development Coordinator <br />