Economic Development Authority Meeting Minutes for September 21, 2005

September 21, 2005

A meeting of the Mountain Iron Economic Development Authority was called to order by President Tony Zupancich at 5:28 p.m with the following members present: Tony Zupancich, Allen Nelson, Andrea Wilson, Mary Jacobsen and Dale Irish. Also present was Executive Director, Craig J. Wainio.

The Costin Group contract for EDA Marketing Director was reviewed. A motion was made by Mary Jacobsen and supported by Andrea Wilson to accept the contract with the following revisions: I. The contract dates will be October 1, 2005 through September 30, 2006. 2. The contract will contain a 30 day written cancellation clause and 3. Monthly progress reports will be submitted to the EDA by the Costin Group. Motion carried.

Resolution Number 03-05 “Approving Transfer of Part of Development Property by Developer” was reviewed. A motion was made by Dale Irish to delay acting on this resolution until the next meeting. Motion died for lack of support.

Gary Cerkvenik answered questions regarding the transfer, Gary Cerkvenik stated that Mountain Timber Properties cannot, by law, make a profit on this transaction and that all conditions of the development agreement will be followed.

A motion was made by Allen Nelson and supported by Andrea Wilson to approve resolution Number 03-05, Motion carried,

Resolution Number 02-05 “Amendment to Development Agreement” was reviewed. Gary Cerkvenik informed the Authority that the amendment to extend the closing date was needed because the title work has not yet been completed.

A motion was made by Allen Nelson and supported by Andrea Wilson to approve resolution Number 02-05. Motion carried.

A motion was made by Allen Nelson and supported by Dale Irish to approve the minutes of the August 17, 2005 meeting. Motion carried.

A motion was made by Mary Jacobsen and supported by Allen Nelson to approve payment of the bills as presented. Motion passed by roll call vote.

A motion was made by Dale Irish and supported by Allen Nelson to adjourn the meeting. Motion carried. President, Tony Zupancich, adjourned the meeting at 6:06 p.m.

Respectfully Submitted,

Mary Jacobsen