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Minutes of the Economic Development Commission <br /> City of Mounds View <br /> Ramsey County, Minnesota <br /> Regular Meeting <br /> August 27, 1998 <br /> City of Mounds View, Conference Room C <br /> 2401 Highway 10, Mounds View, MN 55112 <br /> 1. CALL TO ORDER <br /> The meeting was called to order at 7:30 a.m. by Chairperson Cindy Carlson. <br /> 2. ROLL CALL: <br /> Members present: Cindy Carlson, Ron Schmidt,Tom Field,Rosemary Goff, Brian Sjoberg, <br /> Wendy Marty, Sean Walther, EDA Liason Roger Stigney <br /> Members absent: none <br /> Staff present: Economic Development Coordinator Kevin Carroll, Community Development <br /> Director Rick Jopke <br /> 3. APPROVAL OF MINUTES: <br /> Motion/Second: Goff/Schmidt to approve the minutes from June 25, 1998 and July 20, 1998. <br /> Motion carried unanimously. <br /> 4. SPECIAL BUSINESS <br /> The EDC and City staff extended a welcome to Wendy Marty and Sean Walther,the newest <br /> members of the EDC. <br /> 5. EDC BUSINESS --Update on Mermaid Hotel &Banquet Center <br /> Economic Development Coordinator Kevin Carroll and Community Development Director Rick <br /> Jopke provided the EDC members with a progress report regarding the Mermaid project. EDC <br /> discussion ensued. EDC members indicated that they generally supported the concept of a <br /> hotel and a banquet facility on the Mermaid property,because of the various benefits such <br /> facilities would provide to the community. However, some members expressed an interest in <br /> seeing more hard data or updated estimates regarding hotel room rates,hotel occupancy rates, <br /> and interest rates on the financing that will be required. EDC members encouraged City staff to <br /> actively seek the advice and input of experienced financial consultants in order to properly <br /> evaluate the reasonableness of the Developer's projections regarding hotel and banquet center <br /> revenue, operating expenses,and financing costs. In addition, several EDC members mentioned <br /> that they would like to learn more about what the Developer plans to do with the existing <br /> bowling alley and restaurant,particularly with regard to the exterior. It was suggested that an <br /> N:\DATA\GROUPS\ECONDEV\EDA EDC\EDC\EDCMIN98\EDCMIN08.98 <br />