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