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Larson (term ending December 31, 1998) and Wendy Marty for the remainder of the term of Dan Nelson (term ending December 31, 199 8). The 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 Mer `g project. Commissioners asked whether the Halls' "equity investment" of$1. ,illio a " 50,000 + $850,000) consisted of cash, or cash and land/buildmg(s) or land o � � g(s) alone. It was also suggested that the projected 10%interest rate on of .nqu r z '(€' ancing may be significantly higher that the actual rate that could pre�, be obta` I. H,,ia.at the stated year amortization period may be significantly short �an the tie "pie e90 sually -rg for projects of this kind, thereby artificially inflati e annu. •erating 4 `^g' regard to the "Americlnn Hotel Investment Analy a..wa <',ggested that "average daily rates" ranging from $62 to $70 for sugh 5 were on th- ide, and that rates ranging from $75 to $85 would probably . � � urate. Commissioners commented that it might be useful to get some adv ;• hese and other related matters from an objective third party (consultant, alyst, _ „ s- more familiar with revenue projections, anticipated operating expe and finab';< �,ments for projects of this type. � vQJ The Commissioners indicated that ppreci �� 3 i ;..? •rt �'y to learn more about project, and that they are looking fe +ard to .661,w-114' m, the project periodically, as it progresses. 7. ADJOURNMENT a3. h 3 Thi= ing no fur-614'''4"'I' ess befo p, fission, this meeting of the Economic Co e � ournedroximately 7:50 p.m. ectfully Submitted, (evin Carroll Economic Development Coordinator y S N:\DATA\GROUPS\ECONDEV\EDA-EDC\EDC\EDCMIN98\EDCMIN07.98 1