Gardiner Economic Development Committee
Gardiner City Council Chambers
Tuesday, August 12th, 2003, 8:00 a.m.
Minutes
Attending: Randy Clark, Anne Davis, Kim Greenleaf, Patricia Rideout, Geri Robbins-Doyle, Francis Grey, Chris Paszyc
Approval of Minutes from Previous Meeting
The minutes were approved as presented.
Loan Applications
Moda Bella
Moda Bella is a women's clothing store that plans to open at 343 Water Street, between the A1 To Go and MacDonald's Bakery. They plan to hold a grand opening celebration at Johnson Hall to announce themselves and also raise awareness for the nonprofit. They want to contribute to local community organizations. Their approach to selling women's clothing is to offer a mixture of high-end and affordable items and to get to know their clients' individual needs. People are already talking about the new store. The committee discussed a desire to get the borrowers to agree to the maximum amount of collateral possible to secure the loan. This loan would require refinancing after 5 years, the same as the last four loans that were approved. Randy Clark motioned, and Geri Robbins-Doyle
seconded, to recommend approval of the loan contingent on a credit check and negotiation of suitable collateral. The motion was approved by unanimous vote of members present.
Regular Review of RLF Accounts
All accounts were current. It was noted that the EDC Resource Report lists $274,000 currently available to lend. The actual number should be lower because our loan to Black Diamond Consultants should be closing very soon.
Other Business
There was none.
Economic Development Director's Report
The City Council approved the TIF for EJP at 75% for six years and 50% for the following four years.
Micro Technologies Inc. is getting ready to build.
We have been having discussions with Oest Associates about possibilities for expanding the Business Park.
The next segment of the Rail Trail is starting construction in Farmingdale and moving toward Gardiner. It should be substantially complete in time for the Fall Bicentennial Celebration.
The re-configured plan for the Arcade Utility Lines goes to the City Council for approval September 4.
The second round of facade grants will be awarded soon.
Schedule Next Meeting
The next meeting was scheduled for Tuesday, September 9 at 8:00 a.m. at Gardiner City Hall.
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