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<br />Adoption of 2002 Economic Development Authority (EDA) Budget <br />December 12, 2001 <br />Page 2 of2 <br /> <br />Interfund Loan Payments <br /> <br />As of December 31,2001, the EDA will have made significant progress in reducing the amount <br />of debt outstanding to the Permanent Improvement Revolving (PIR) Fund No. 50 I. Ofthe <br />original three notes totaling $1,125,000 - the Kem Milling acquisition debt (Attachment B) of <br />$225,000 will have a remaining principal balance of $55,000; the soil correction Welsh Project <br />debt (Attachment C) of $250,000 will be totally paid off; and the Indykiewicz Land Acquisition <br />debt (Attachment D) of$650,000 will have an unpaid principal and accrued interest balance of <br />$725,708.08. The Commissioners should note that the planned funding source for liquidating the <br />Indykiewicz debt is repayment from Ramsey County in conjunction with the Highway 96 <br />segment one reconstruction project and/or resale of the remnant parcel. <br /> <br />Recommendation <br /> <br />Staff recommends that the EDA approval the 2002 budget detail contained in Attachment A as <br />part of this memorandum at the December 17, 2001 EDA meeting. <br /> <br />. <br /> <br />tit <br /> <br />. <br />