The Taconite Capital of the World

City of Mountain Iron, Minnesota

Economic Development Authority Meeting Minutes for October 26, 2011

Mountain Iron Economic Development Authority

Regular Meeting Minutes

October 26, 2011


A meeting of the Mountain Iron Economic Development Authority was called to order by President Tony Zupancich, at 6:30 p.m. with the following members present:  Barb Fivecoate, Bob Voss, Andrea Wilson, Jeremy Jesch and Susan Tuomela. Absent was Alan Stanaway. Also present was Executive Director, Craig Wainio.


Consent Agenda:  A motion was made by Tuomela and supported by Wilson to approve the consent agenda.  Motion passed unanimously by roll call vote.


Jeff Melicher of Advanced Optical was present to discuss his new business going into Plaza 53.  Fivecoate moved and Jesch seconded to provide a $40,000 loan at 2% for 10 years to Advanced Optical contingent on him receiving his SBA loan and meeting the rest of our criteria.  Motion carried unanimously.


Joyce Manning was present to discuss the improvements taking place at Plaza 53 and to request additional financing for further improvements.  Fivecoate moved and Voss supported to table the request until more information is received regarding the use of the last loan and the use proposed additional funding.  Motion carried unanimously.


The Mike Jacobsen project was discussed and it was the consensus of the Board that the project would be better suited for a different location than the one previously proposed.


The 2011 Audit proposal was presented.  Fivecoate moved and Tuomela seconded to accept the 2011 Audit proposal with Walker Giroux and Hahne.  Motion carried unanimously.


Other items were discussed including the appraisal of the Anderson Property and the Parkville dump site.


A motion was made by Wilson and supported by Fivecoate to adjourn the meeting at 7:11 p.m.  Motion passed unanimously.


Respectfully submitted by:



Craig J. Wainio

Executive Director