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bit <br /> Commissioner Welsch noted that he would like to see this project be a success. It would provide nice <br /> new townhomes with a lot of money invested in the rehab of a distressed apartment complex. He sees <br /> • this as a benefit to the safety and aesthetics of the community. <br /> There was much discussion regarding the relocation budget and assurances that enough funds are set <br /> aside to cover any relocation of tenants. <br /> Motion/Second: Welsch/Goff moved to recommend approval of the sale of EDA owned land for <br /> $45,000 contingent upon the project moving forward. <br /> Motion Carried 5 ayes 0 nays <br /> Motion/Second: Welsch/Goff moved to recommend approval of the request for a $230,000 deferred <br /> loan for 30years at 1%interest with interest accruing at the closing date and conditioned upon project <br /> moving forward. If the relocation budget decreases the EDC would recommend a condition that the <br /> left over go back to pay the loan after 24 months. In addition, a condition that the loan be paid in full <br /> upon sale of the property. <br /> Motion Carried 5 ayes 0 nays <br /> B. Discussion of Loan Program for Rehabilitation of Manufactured Homes <br /> Deferred to next meeting <br /> C. Information Regarding Highway 10 Design Theme RFP <br /> • Deferred to next meeting. <br /> 6. Reports From Chair, Commissioners and Staff: <br /> No Reports <br /> 7. Adjournment <br /> There being no further business before the Commission, this meeting of the Economic Development <br /> Commission adjourned at 9:18 a.m. <br /> Respectfully Submitted, <br /> Director o conomic Development <br /> • <br /> 1 <br />