CITY OF SAINT PETER, MINNESOTA

ECONOMIC DEVELOPMENT AUTHORITY

REGULAR MEETING MINUTES – July 22, 2010

Saint Peter Community Center – Governors Room

 

 

The regular meeting of the Saint Peter Economic Development Authority was called to order at 12:02  p.m. by Mike Favre.  Roll call was taken with EDA members Mike Favre, Ken Eichmann, Jay Hansen, and Marilyn Rundell in attendance, Member Bob Southworth, James Dunn and John Kvamme were absent.  Community Development Director Russ Wille and Administrative Secretary Cindy Moulton were present.  Visitors present were Margo O’Brien and Jennifer Luhman of the Saint Peter Food Coop. 

 

Agenda

 

A motion was made by Favre, seconded by Eichmann to approve the agenda as presented.  All members voting aye the motion carried.

 

Minutes

 

A motion was made by Rundell, seconded by Eichmann to approve the Minutes of the June 24, 2010 meeting.  All voting in favor, the minutes were approved as presented.

 

St. Peter Food Coop

 

Wille stated that the St. Peter Food Coop is moving forward with the proposed purchase of the former Nielsen Chevrolet building located at 224 Mulberry.  It is anticipated that the Food Coop will be making a formal application to access approximately $350,000 in revolving loan funds to help finance their project.  Wille stated that the Food Coop will seek additional funds from the following; Wells Federal Bank ($1,600,000), NCDF ($300,000), “C” Shares ($350,000), “D” Shares ($350,000) and Owner Cash ($350,000).  Wille stated that the EDA will hold a second or third position and there will not be a Personal Guarantee.           

 

O’Brien addressed the EDA.  She stated that the Food Coop has obtained an extension on their Purchase Option to allow them to continue with their fundraising efforts in order to reach their monetary goal that will be injected into the project. 

 

Wille stated that before the project gets underway, financing needs to be in place (Revolving Loan, etc), storm water issues addressed, and exterior renovations and additions reviewed by the Heritage Preservation Commission.

 

Favre asked what the estimated time was before the Coop started to cash flow.  Favre also asked if the Coop would consider repaying their revolving loan fund early if they do not need the funds.  O’Brien said they would like to help out as the EDA has been very helpful.

 

 JP Olson (Creditor Meeting)

 

Wille reported that Brandt and Finance Director Paula O’Connell attended the Creditor Meeting for David and Joan Olson.  Brandt said that the Trustee asked the Olson’s a number of questions and then gave him an opportunity to ask questions.  Brandt stated that the inventory from “The Spoke”, worth approximately $240,000, was not listed on the bankruptcy.  Brandt indicated there are $60,000 due in back taxes which would be paid before any of the creditors.

 

Reports

 

Cash Flow Challenges  -  Wille reported that there are a number of projects that may request revolving funds in the near future.   He indicated that the revolving loan funds are nearly depleted and that City Staff would be looking at alternate funding resources.

 

Adjournment

 

Motion by Hansen, seconded by Rundell to adjourn.  All voting in favor, the meeting was adjourned at approximately 12:40 p.m.

 

 

 

CITY OF SAINT PETER, MINNESOTA

ECONOMIC DEVELOPMENT AUTHORITY

SPECIAL MEETING MINUTES – June 24, 2010

Saint Peter Community Center – Governors Room

 

 

The regular meeting of the Saint Peter Economic Development Authority was called to order at 12:02  p.m. by Vice President John Kvamme.  Roll call was taken with EDA members Kvamme, Ken Eichmann, Jay Hansen, Marilyn Rundell, and James Dunn in attendance, Member Favre and Bob Southworth were absent.  Community Development Director Russ Wille and Administrative Secretary Cindy Moulton were present.  Visitor present was Mike Steele of Chippewa Packaging. 

 

Agenda

 

A motion was made by Eichmann, seconded by Rundell to approve the agenda as presented.  All members voting aye the motion carried.

 

Minutes

 

A motion was made by Hansen, seconded by Dunn to approve the Minutes of the April 21, 2010 meeting.  All voting in favor, the minutes were approved as presented.

 

A motion was made by Rundell, seconded by Eichmann to approve the Minutes of the May 12, 2010 meeting.  All voting in favor, the minutes were approved as presented.

 

Chippewa Packaging Revolving Loan – Extend Balloon(s)

 

Wille reviewed the history of the Chippewa Packaging loans to the EDA.  He stated that in 2005, the City provided a $100,000 revolving to partially finance the start-up of Chippewa Packaging.  The loan was established at an interest rate of 5%.  In 2007, the City Council approved an additional $100,000 needed for working capital.  The loan was established at a 3% interest rate and was established to balloon after twelve months.  Wille said that at that time, the Council reduced the interest rate of the 2005 loan to 3% and allowed for “interest only” payments. In 2009, the Council approved extending the “interest only” payments on the two Chippewa Packaging loans through 2009.  The regular principal and interest payments were to resume with the January 2010 payment.  Wille stated that in reviewing the City’s records the 2005 note is due as per the established balloon date in the original promissory note,  and the 2007 loan was to revert to principal and interest payments beginning with the February, 2010 payment. 

 

Wille stated that he received correspondence from Chippewa Packaging indicating that they would be unable to honor the scheduled balloon payment of the 2005 note.  Wille said that Chippewa has approached their primary lender and inquired as to the ability to refinance the company financials to allow for the repayment of one or both of the Chippewa notes.  The primary lender was unable to extend additional credit to Chippewa at this time.

 

Wille stated that after reviewing the company’s financial reports, it is evident that Chippewa Packaging is unable to provide for repayment of the note(s) without refinancing with the primary lender.  Wille stated that Chippewa has requested that the due dates of the note(s) be extended through 2012.  Wille said the extension would provide Chippewa Packaging the ability to continue to grow their businesses while maintaining acceptable cash.

 

Mike Steele, Chippewa Packaging, addressed the EDA.  He stated that their business has increased dramatically and that they will be adding approximately 5 – 6 bakers on a second shift.  He also stated that there are a number of new opportunities to grow.  He said they face a problem in the near future with warehouse space. 

 

 

 

A motion was made by Eichmann, seconded by Rundell to introduce Resolution No. 2010-04 entitled, “A Resolution Recommending Modification Of Loan Terms For Two Revolving Loans Previously Provided To Chippewa Packaging, Inc”.  With no further discussion, Members Eichmann, Kvamme, Dunn, and Rundell  voting in aye, Member Hansen abstaining, the resolution was passed and adopted.

 

Reports

 

Richard’s Pub  Wille reported that the property has changed hands, all of the utility payments are up to date, the EDA has received the $20,000.

 

Autotronics   Is currently under construction.

 

Saint Peter Food Coop    Planning to move to their store to the Nielsen Chev/Olds building.  They are in the process of fundraising.

 

Creation Technologies   Wille announced that Creation Technologies will be 100% vacated from the Ritt Street location by the end of June.  He indicated that there has not been a lot of interest in the building. 

 

Kentucky Fried Chicken  David Kerr is in the process of bidding the construction project.

 

Counseling Services of Southern Minnesota    Wille stated that REST, LLC has signed a purchase option on a lot in the North Industrial Park.

 

Sweat Equity  Has not closed on their $75,000 revolving loan.

 

Ooodles   Dwight Schmitz of Ooodles will be paying off his revolving loan as he is retiring and selling the café.

 

North Industrial Park - Wille stated that he met with Randy and Jo Frey Hawkins.  He said they have expressed an interest in constructing an office for his Group Homes as well as an office for counseling services.

 

EI Microcircuits  Wille reported that Eric Else is considering an expansion of EI Microcircuits in Saint Peter or Mankato.  Wille stated that they have an option on Lots 4 and 6 in the North industrial Park that is due to expire the end of July.  Wille indicated that they are looking at renewing the option.

 

Old Hospital Property    The City Council is investigating the demolition of the old hospital property.   They are trying to determine where they could relocate the daycare that is currently occupying a portion of the old nursing home property.

 

Kwik Trip  Wille stated that the Kwik Trip building permit will be ready to issue in July. 

 

Design Build  - Hansen asked whatever came of the design build for the Saint Peter Ford/Four Seasons property.    Wille stated that Fischer Development did not ask the City to pay for them so the City does not have a right to copies.

 

Revolving Loan - Hansen also what the maximum one person can borrow from the Revolving Loan Fund.  Wille indicated that it depends on each individual project.

 

Adjournment

 

Motion by Dunn, seconded by Hansen to adjourn.  All voting in favor, the meeting was adjourned at approximately 12:50 p.m.

 

 

CITY OF SAINT PETER, MINNESOTA

ECONOMIC DEVELOPMENT AUTHORITY

REGULAR MEETING MINUTES – March 25, 2010

Saint Peter Community Center – Governors Room

 

 

The meeting of the Saint Peter Economic Development Authority was called to order by President Mike Favre at approximately 12:00 p.m.  Roll call was taken with Mike Favre, John Kvamme, Jay Hansen, Ken Eichmann, Bob Southworth, Marilyn Rundell and James Dunn in attendance.  City staff present were; Community Development Director Russ Wille, Administrative Secretary Cindy Moulton, and City Attorney Jim Brandt.  Visitor present was Mike Riley (Brick Zen Mortar).

 

Approval of Agenda:

 

A motion was made by Southworth, seconded by Eichmann to approve the agenda.  All voting in favor, motion carried.

 

Minutes

 

A motion was made by Kvamme, seconded by Favre to approve the special meeting minutes of March 4, 2010 .  All members voting aye, the minutes were approved as presented.

 

Brick Zen Mortar – Subordination Request

 

Wille stated that at the March 4, 2010 Special EDA meeting, the EDA tabled Brick Zen Mortar’s (BZM) request to accept subordination of two City mortgages to new bank financing.  Wille indicated that Tanis/Riley (BZM) are obtaining conventional financing from Nicollet County Bank to pay off two of their EDA loans.

 

Wille said that if the EDA were to authorize the subordination as requested the EDA loans would continue to be collateralized at a level required by the EDA loan guidelines.  He reminded members that the City mortgage would continue to be a “blanket” mortgage recorded against all three of the Tanis/Riley properties. 

 

Riley was available at the meeting to answer questions.  He indicated that the request did not include financing any additional funds.   

 

A motion was made by Favre, seconded by Southworth to introduce Resolution No. 2010 – 01 entitled, “Resolution Recommending The Subordination of City Mortgages To Facilitate The Refinancing Of The Brick Zen Mortar (Tanis/Riley) Debt”  Members Kvamme, Favre,  Eichmann, Southworth and Rundell voting aye, Members Dunn and Hansen abstaining.  The Resolution was passed and adopted.

 

Richards Pub

 

Wille stated that the City has received a request from Pioneer Bank asking that the City authorize the “short sale” of the real estate and assets of JP Olson, LLC to Kasota Properties, LLC.  Wille added that SBA has also received the same request.

 

Members discussed the request.  Southworth asked if this was a “take it” or “leave it” request.  Willle stated that they did not offer the City any incentive to authorize the short sale nor does he feel they are expecting a counter offer.

 

Brandt stated that if a short sale does not occur, the business will likely close and the City will remain in the same position they are now.  He added that any decision the EDA makes on the “short sale” does not affect the pursuit of the personal guarantee signed by Joan and David Olson.

 

Favre asked what, if any comments the City staff had.  Wille stated that the administration will support the EDA.  Wille suggested that the EDA decline to participate in the “short sale”.  Members felt that the City, Pioneer Bank and SBA should more equally share in the project losses. 

 

Dunn asked if the EDA’s intention was to counter offer and try to recoup some of the money.  It was decided to forgo a counteroffer and to wait for a response from Pioneer Bank.

 

Kvamme asked if it was necessary to make a decision before the SBA decides whether to participate or not. 

 

Hansen said that waiting may pressure Pioneer Bank to come up with a counter offer or start foreclosure. 

 

Kvamme said that as an EDA member he felt they should decline the offer and independently go after the personal guarantee.   He also stated as a City Council member he would look at it differently as to the profit the City receives from utilities and license fees.

 

Southworth asked if Richard’s would be a viable business if this is approved. 

 

Favre felt that the EDA should maximize the amount of money they could get back. Members agreed that a proposed sale to an immediate family member did not look good.

 

A motion was made by Favre, seconded by Kvamme to introduce Resolution No. 2010 – 02 entitled, A Resolution Recommending That The City Council Decline To Accept The Terms Of A Short Sale Of JP Olson, LLC Assets As Proposed By Pioneer Bank And JP Olson, LLC”.  All members voting aye, the Resolution was passed and adopted.

 

Reports

 

Jefferson Avenue Reconstruction - The City Council has accepted the plans and specifications for the Jefferson Avenue Reconstruction.  An advertisement for bids will be published and bids opened in April.   Wille stated that Development Agreements have been prepared for Arby’s and Autotronics pertaining to the project.

 

Autotronics –  Wille stated that MPCA has determined that there is minor contamination on the gravel lot located at the corner of Jefferson Avenue and Front Street, which is currently owned by Robert Johnson.  Wille stated that Arvin VanderPlas is in the process of purchasing the lot in order to construct a new building for Autotronics .  During construction the soil will be tested and proper disposal completed.  Construction is expected to begin this spring.

 

Kwik Trip  -  Construction is scheduled to begin in July.

 

Ecumen Sr. Housing - Wille stated that Kirk Bernhagen has made a request to the City to authorize assignment of his purchase option for the property located in the North Industrial Park (Blk 1 Lots 4, 5 & 6), to Ecumen Sr. Housing.  If approved by the City Council on April 12^th, Ecumen would be required to resubmit a design and landscaping plan for their assisted living project.

 

Kentucky Fried Chicken -  A building permit will be issued next week for the new KFC.

 

Highway 169 Project –  Wille announced that property/business owners located between Jefferson Avenue and Union Street and those located in the Central Business District have been invited to attend a meeting to update them on the Hwy 169 reconstruction completion.  The meeting will be held on Wednesday, April 7^th at 7:00 a.m. in the Senior Center.   

 

Saint Peter Food Coop – The Saint Peter Food Coop continues to negotiate the purchase of a vacant downtown building.  The City Council has passed a resolution supporting the Food Coop’s expansion and application to the United States Department of Agriculture for access to the Community Facilities Loan Guarantee Program.

 

Adjourn

 

With no additional business to conduct, a motion was made by Southworth, seconded by Favre to adjourn.  All voting in favor, the meeting was adjourned at approximately 12:44 p.m.

 

 

 

CITY OF SAINT PETER, MINNESOTA

ECONOMIC DEVELOPMENT AUTHORITY

SPECIAL MEETING MINUTES – March 4, 2010

Saint Peter Community Center – Governors Room

 

 

The meeting of the Saint Peter Economic Development Authority was called to order by Community Development Director Russ Wille, at approximately 12:00 p.m.  Roll call was taken with Mike Favre, John Kvamme, Jay Hansen, Ken Eichmann, Bob Southworth, and Marilyn Rundell in attendance; James Dunn was absent.  City staff present were; Community Development Director Russ Wille, Administrative Secretary Cindy Moulton, and City Attorney Jim Brandt. 

 

Approval of Agenda:

 

A motion was made by Kvamme, seconded by Southworth to approve the agenda.  All voting in favor, motion carried.

 

Minutes

 

A motion was made by Rundell, seconded by Favre to approve the minutes of January 28, 2010.  All members voting aye, the minutes were approved as presented.

 

Richard’s Pub

 

Wille reported that Pioneer Bank is attempting to negotiate a “short sale” of the real estate and assets of Richards Pub.  Pioneer Bank is to prepare the appropriate short sale disclosure for EDA consideration.  The EDA / City Council and Small Business Administration would both need to authorize the short sale.  Either could decline, forcing Pioneer Bank to go through the time and expense of the formal foreclosure process.  Wille indicated that if the short sale does not take place, Richards Restaurant would likely be forced to close. 

 

The EDA is expected to receive the disclosure in time for the regular March meeting of the EDA.  The EDA will consider the request at that time and recommend the appropriate action to the City Council.

 

Wille stated that at the last EDA Meeting members directed City Attorney Brandt to mail correspondence to J.P. Olson, LLC demanding payment of the delinquent note.  Wille indicated to date that he has not received any response from J.P. Olson, LLC and that no payment was made as demanded.

 

A motion was made by Hansen, seconded by Southworth to direct the City Attorney to prepare and mail a summons to J.P Olson, LLC.  All members voting aye, the motion carried.

 

Brick Zen Mortar – Amend Collateralization

 

Wille stated that Paul Tanis, Jr. and Michael Riley own 326 South Minnesota, 324 South Minnesota, and 322 South Minnesota in Saint Peter.  Wille stated that they are prepared to pay off two of their four notes.  The two loans that remain include a $60,000 loan made in 2007 (balance $56,014) and $20,000 loan made in 2002 (balance $10,342).

 

The $60,000 loan is secured by a “blanket” mortgage recorded against the three properties.  The $20,000 loan is secured by a mortgage recorded against the 326 South Minnesota building.  The two City mortgages are subordinate to a $62,000 first mortgage held by Nicollet County Bank.

 

Wille stated that Tanis/Riley are obtaining conventional financing from Nicollet County Bank to pay off the two EDA loans.  NCB and Tanis/Riley have requested that the City approve the continued subordination to the new bank financing.  Wille stated the specific request is to accept subordination of the two City mortgages behind a new $142,800 NCB mortgage.

 

Wille said that for taxation purposes, Nicollet County has determined that the EMV of the Joseph Mason Building is $190,000.  Wille said that in the absence of a current appraisal, the EDA loan guidelines allow the use of up to 125% of the EMV to determine lending limits and minimum collateralization levels.  The limit for the Joseph Mason building would then be calculated to be $237,500.

 

Wille said that if the EDA were to authorize the subordination as requested, the EDA loans would continue to be collateralized at a level required by the EDA loan guidelines.  Wille indicated that the perceived risk would also be mitigated due to the fact that the City mortgage would continue to be a “blanket” mortgage recorded against all three of the Tanis/Riley properties.

 

Southworth asked if any additional funding would be added.  He was interested in obtaining additional information on the entire transaction.

 

A motion was made by Kvamme, seconded by Favre to table the request until additional information could be obtained.   All members voting aye, with Hansen abstaining, the motion carried.

 

Reports

 

Public vs Private Data  - City Attorney Brandt addressed the EDA regarding what would constitute public information when application is made to access revolving loan dollars.  The City Attorney suggested that the company could declare their submittals to consist of materials classified as “trade secrets”.  The statute notes that information constituting a trade secret would be exempt from disclosure as public information.  The Community Development Director would protect the disclosure of materials classified by the applicant as a trade secret. 

 

Mary’s Flowers Revolving Loan – Loan is set to close next week.

 

Jefferson Avenue Improvement – A public hearing will be held on Monday, March 8, 2010 regarding the Jefferson Avenue Improvement.

 

Kwik Trip – Set to begin construction July, 2010.

 

Kentucky Fried Chicken – The City has received plans for the Kentucky Fried Chicken building.

 

Bernhagen Sr. Housing – Wille reported that Bernhagen’s senior housing option expires April 1, 2020.  He indicated that a six month extension would be done if necessary.

 

St. Peter Food Coop -  Wille stated that the Saint Peter Food Coop continues to explore the Nielsen building purchase of the parking lot.  Nielsen’s would maintain the remaining property and perhaps construct a new building.

 

Hwy 169 Project Update Meeting  - Wille announced there will be a meeting held with business owners/building owners/residents that operate/live along Highway 169 from Jefferson Avenue to Union Street  The meeting will be held on April 7, 2010 at 7 a.m. in the Senior Center of the Community Center.

 

EI Microcircuits -      Wille reported that EI Microcircuits has completed their JOBZ form and they are in compliance.  He stated that this report is filed annually.   Wille also added that EI Microcircuits option on the adjoining lot is ready to expire and that they may want to extend their option.

 

Adjourn

 

With no additional business to conduct, a motion was made by Favre, seconded by Southworth to adjourn.  All voting in favor, the meeting was adjourned at approximately 12:52 p.m.

 

 

CITY OF SAINT PETER, MINNESOTA

ECONOMIC DEVELOPMENT AUTHORITY

MEETING MINUTES – January 28, 2010

Saint Peter Community Center – Governors Room

 

 

The meeting of the Saint Peter Economic Development Authority was called to order by Community Development Director Russ Wille, at approximately 12:00 p.m.  Roll call was taken with Mike Favre, John Kvamme, Jay Hansen, Ken Eichmann, Bob Southworth, Marilyn Rundell and James Dunn in attendance.  City staff present were; Community Development Director Russ Wille, Administrative Secretary Cindy Moulton, and City Attorney Jim Brandt.  Visitors present were Liz and Jeff Beaudry (Envision).

 

Approval of Agenda:

 

A motion was made by Favre, seconded by Kvamme to approve the agenda.  All voting in favor, motion carried.

 

Oath Of Office

 

The Oath of Office was administered to all of the EDA Members. 

 

Election of Officers

 

A motion was made by Southworth, seconded by Hansen to nominate Favre as President.    Wille closed nominations.  All members voting aye, Favre was elected President.

 

A motion was made by Kvamme, seconded by Eichmann to nominate Hansen as Vice President.  Kvamme closed nominations.  All members voting aye, Hansen was elected Vice President.

 

A motion was made by Kvamme, seconded by Southworth to nominate the Community Development Director.  All members voting aye, the Community Development Director was elected Secretary.

 

A motion was made by Hansen, seconded by Eichmann to nominate the Finance Director as Treasurer.  All members voting aye, the Finance Director was elected Treasurer.

 

Minutes

 

A motion was made by Favre, seconded by Eichmann to approve the minutes of the December 9, 2009.  All members voting aye, the minutes were approved as presented.

 

Liz Beaudry (Envision) – Revolving Loan Fund

 

Liz and Jeff Beaudry, owners of Envision, appeared before the EDA to inquire about the parameters of the revolving loan guidelines. Liz Beaudry expressed her interest in moving her business to their home office outside of the city limits.  She indicated that Envision would obtain a satellite office in Saint Peter if it were necessary to allow them to continue their regular revolving loan payments with the balloon being February 1, 2012. 

 

Wille said that the Promissory Note states that, “if the borrower partially or wholly relocated the principle operations outside of the corporate city limits of Saint Peter; then, in such event, the holder hereof may, at its option, declare this Note to be immediately due and payable …….”   Wille explained that it is a grey area and that the EDA can evaluate these situations on a case by case basis. 

 

Favre was in favor of deferring the balloon until such time that it is due as long as Envision has minimal office space in Saint Peter.  Favre did express his concern with setting precedence. 

 

Wille indicated that Envision has exceptional payment history on their revolving loan.  He stated that there is no action required at this time. 

 

Richards Pub

 

Wille stated that JP Olson, LLC (Richards Pub) delinquency remains with the City, Pioneer Bank and SBA.  Wille said that he is aware of a “short sale” being potentially negotiated.  He indicated that the City and SBA probably would not be receiving any money depending on negotiations. 

 

Members expressed their hope in that the EDA would receive some type of compensation for allowing JP Olson, LLC to avoid foreclosure and the costs associated.

 

A motion was made by Hansen, seconded Eichmann to direct City Attorney Brandt to correspond with JP Olson, LLC demanding payment within 30 days.  All members voting aye, the motion carried.

 

Reports

 

Churchill/Bell Helicopter  - Churchill purchased Bell 47.  

 

St. Peter Community Childcare –  St. Peter Community Childcare is current on their revolving loan fund note.  Wille reported that they are seeking additional financing from the EDA and that he discouraged them.  He indicated that they were significantly delinquent on their lease with the City

 

Greater Mankato Growth – Recruitment  - The City has submitted a Confidential Request of Information to Greater Mankato Growth for a potential business development prospect.  Wille indicated the business has expressed an interest in Saint Peter and Mankato.

 

CMMLP – Final Report – Twenty-four construction mitigation loans were made for a total of $130,874.  The loans have been deferred until February 2011 at 0% interest.  Automatic payments will be set up with each borrower. 

 

Kwik Trip – Construction is scheduled to begin in July.

 

Autotronics – Is in the process of negotiating the cost for the lot clean-up with Shorty Johnson (seller).  Construction will not begin until the lot has been cleaned-up.

 

Sioux Trails -  Will be leasing space in the vacated ISJ Clinic off of Sunrise Drive. 

 

KFC – David Kerr is looking at constructing a new KFC this spring (2010).  He is in the process of drafting new plans.

 

Creation Technologies – Construction is progressing.  Estimated time of possession is April 1^st.  Wille reported that it could take up to 6 weeks to relocate into the new facility.  Creation Technologies must give the City 60 days notice to cut the lease.

 

Mary’s Flowers  - Will be closing on their revolving loan in the near future.

 

Tanis Revolving Loans  - Tanis will be paying off two of his existing revolving loans on March 1, 2010.

 

State Long Range Rail Plan -  Wille attend the State Long Range Rail Plan Meeting.  He indicated that there will be some type of train service between Mankato and Minneapolis in the next 5 – 6 years.  It said it is unlikely the service would stop in St. Peter.

 

Ford Site -  The renderings are completed for the St. Peter Ford Site (Wille will mail them to members).  Wille stated that he met with a potential developer that was interested in the site for a dinner theater/convention site.  Wille suggested to the developer that he put together financing and a business plan.

 

Nielsen Chev-Olds Site -  The Saint Peter Food Coop continues to look at the Nielsen site.

 

Adjourn

 

With no additional business to conduct, a motion was made by Favre, seconded by Southworth to adjourn.  All voting in favor, the meeting was adjourned at approximately 12:59 p.m.