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r Commissioners also agreed to recommend William Laube as an alternate, in the event that either of the other two recommended candidates accepts an appointment to another City commission or is otherwise unable or unwilling to serve on the EDC. 6. REPORTS FROM CHAIR, COMMISSIONERS,AND STAFF: EDC members and staff commented briefly on the prior discussion of the Mermaid project. Commissioners asked whether the Halls' "equity investment" of$1.1 million ($250,000 + $850,000) consisted of cash, or cash and land/building(s), or land and building(s) alone. It was also suggested that the projected 10% interest rate on the Banquet Center financing may be significantly higher that the actual rate that could probably be obtained, and that the stated 10 year amortization period may be significantly shorter than the time period that is usually used for projects of this kind, thereby artificially inflating the annual operating expenses. With regard to the "Americlnn Hotel Investment Analysis," it was suggested that the projected"average daily rates" ranging from$62 to $70 for years 1 through 5 were on the low side, and that rates ranging from$75 to $85 would probably be more accurate. Commissioners commented that it might be useful to get some advice or input on these and other related matters from an objective third party (consultant, analyst, etc.)who is more familiar with revenue projections, anticipated operating expenses and financing arrangements for projects of this type. The Commissioners indicated that they appreciated the opportunity to learn more about project, and that they are looking forward to hearing more about the project periodically, as it progresses. 7. ADJOURNMENT • There being no further business before the Commission, this meeting of the Economic Development Commission adjourned at . .proximat 7:50 p.m. R:".:ctfully S nutted, / AO/li � /PA 4evin i Carr 1 anomic Development Coordinator • N:\DATA\GROUPS\ECONDEV\EDA-EDC\EDC\EDCMIN98\EDCMIN07.98 1