092017 EDA Minutes

Mountain Iron Economic Development Authority

Meeting Minutes

September 20, 2017

A meeting of the Mountain Iron Economic Development Authority was called to order by Barb Fivecoate at 5:35 p.m. with the following members present: Andrea Wilson, Peter Zattoni, Barb Fivecoat, Mary Jacobsen, Sue Tuomela and Al Stanaway.  Absent members: Bob Voss.  Also present: Executive Director, Craig Wainio.

Tuomela moved and Zattoni seconded to approve the consent agenda.  Motion carried 6-0 on a roll call vote.

Wainio discussed woodland estates, Viking, county and Gas station.

Jim Zerban, the propose purchaser of Virginia Plastics, was at the meeting to present his plan and review the financials including his contributions, American Bank participation and IRRRB participation.  Tuomela move and Jacobsen seconded to approve a loan in the amount of $50,000 for 10 years at 1% to the project as well as pursue Tax Abetment to help secure our loan.  Motion carried 5-1 with Zattoni opposing.

Advanced notice of projects from CED or IRRRB would be appreciated; Lampa Manufacturing and the condition of Plaza 53 were discussed during open discussion.

Wilson moved and Stanaway supported to adjourn the meeting at 6:24 p.m.  Motion carried unanimously.

Respectfully submitted by:

Craig J. Wainio

Executive Director