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#3 be revised to indicate that MHFA will be solely responsible for servicing the loans, and that the paragraphs be renumbered due to the absence of a Paragraph #4, and that the word "dispersed" in Paragraph #8 be changed to "disbursed." Questions were asked and clarifications were provided regarding eligible improvements, particularly with regard to waterproofing of basements, drain tiling, room additions, and repair work related to sewer back-ups, other types of water damage, and storm damage. Under"Scope of Services", it was suggested that more specific information be provided regarding the city's responsibilities, i.e., monitoring the issuance of building permits and using city staff to verify that improvements (for which loan proceeds have been provided) are actually being made. It was also suggested that staff determine whether the loan documentation includes provisions obligating the borrowers to use the loan proceeds for the intended purpose(s). The consensus was that Housing Inspector Dorgan should continue to refine the two program outlines in accordance with the EDC's discussion, so that final drafts could be reviewed and approved at a future EDC meeting. B. Discussion of the Mermaid Project (Hotel/Conference Center) Community Development Director Jopke reviewed his 5-22-98 Memorandum to the EDA. The primary obstacle to the hotel project continues to be the projected cost of acquiring the land needed for the project, including relocation costs, and the related issue of the amount of city financial assistance requested by the project's proponents (which continues to be well in excess of the amount of assistance that the anticipated tax increment could support). City staff members will continue to work with the city's consultants, and others, to explore options and alternatives that might help to "narrow the gap." C. Update on Development Proposals Community Development Director Jopke reviewed recent developments with regard to the proposed Walgreen's proposal (dead, largely due to neighborhood opposition) and the movie theater project (which appears likely to proceed as planned if roadway access issues can be successfully resolved). D. Consideration of EDC Vacancy Staff will continue to receive and review applications for the opening created by Steve Larson's resignation. EDC members were encouraged to notify staff of potential candidates and/or to encourage those candidates to submit applications. E. Consideration of Business Improvement Partnership Loan Program Discussion of this agenda item was deferred to the next meeting due to lack of time. 6. REPORTS FROM CHAIR, COMMISSIONERS, AND STAFF: None other than as noted above. N:\DATA\GROUPS\ECONDEV\EDA-EDC\EDC\EDCMIN98\EDCMIN05.98