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UNAPPROVED . <br /> ), <br /> 1 EDA Page Thr e <br /> 2 Meeting No. 6 August 8 , <br /> 3 <br /> 4 <br /> 5 Commissioner Trude asked if the wetland issues were solved. <br /> 6 <br /> 7 Cathy Bennett noted that MSP worked out a compromise mitigation plan <br /> 8 with Rice Creek Watershed District. This plan is scheduled to be <br /> _ 9 heard by the Board on August 24 , 1994 . It is expected to be <br /> 10 approved. <br /> 11 - <br /> 12 Commissioner Trude asked why the EDA has to act on this so quickly. <br /> 13 The resolution was just received by the EDA tonight. <br /> 14 <br /> 15 President Linke explained that our attorneys see no legal problem <br /> 16 with this extension since it is a pay as you go agreement. <br /> 17 President Linke stated that it is a request from the Minnesota <br /> 18 Housing and Finance Agency rather than from the Developer in order <br /> 19 to apply for housing credits. <br /> 20 <br /> 21 Commissioner Trude stated that she doesn't like the last minute <br /> 22 decisions that need to be made and she will vote against this item. <br /> 23 Trude stated that the EDA has not rushed through any other business <br /> 24 dealings and is not comfortable with how fast the developer is <br /> 25 requesting the EDA to act without time to properly review the <br /> 26 information presented. <br /> 27 <br /> 1110 <br /> 28 President Linke again explained that it was the state housing <br /> 29 agency's requirement, not the developer's. <br /> 30 <br /> 31 Commissioner Trude stated that maybe the EDA should relook at this <br /> 32 development. <br /> 33 <br /> 34 Vice President Blanchard stated that MSP should have known that <br /> 35 typically construction lenders prefer 18 months to complete such a <br /> 36 project and concurs with Trude's comments. <br /> 37 <br /> 38 Commissioner Trude asked that this be considered at the next <br /> 39 meeting. <br /> 40 <br /> 41 Commissioner Wuori asked about the deadline. <br /> 42 <br /> 43 President Linke stated that the letter had to be in last Friday. <br /> 44 <br /> 45 Paul Harrington, Community Development Coordinator, stated that <br /> 46 there had to be some promise that this item would be brought to the <br /> 47 EDA for action on Monday. MHFA's application was due Friday and the <br /> 48 construction lender would not sign the application without some <br /> 49 indication that the "drop dead" date would be extended. <br /> 50 <br /> 51 Commissioner Trude stated that this must have been an uncomfortable <br /> 52 position for staff to be put in. <br /> 531110 <br /> 54 <br />