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* *ITEM 5.3.** <br />ty MEMORANDUM <br />ikk TO: • River Mayor &City Council <br />FROM: William Rubin, ED Coordinate <br />DATE: December 18,1995 <br />SUBJECT: Resolution of Support to the Central <br />Minnesota Initiative Fund <br />(ViroGen, Inc. Loan Request) <br />Introduction <br />The Central Minnesota Initiative Fund is in receipt of a request for a <br />supplemental business financing loan from ViroGen, Inc. Founded in early <br />1995, ViroGen is a veterinary biopharmaceutical firm that has developed <br />some closely -held animal vaccine processes. The company seeks an Elk River <br />location in order to establish a more permanent location for its operations. <br />To accomplish this, a variety of financing sources has been pursued, <br />including a supplemental $100,000 business loan from the Initiative Fund. <br />• If approved, $70,000 would be used for various capital improvements on a <br />building and $30,000 would be used for equipment purchases. <br />• <br />As with other loan requests to the Initiative Fund, a governing body is <br />required to adopt a resolution in support of the business. <br />Action Requested <br />The Elk River City Council is asked to adopt a resolution of support for the <br />ViroGen, Inc., loan request to the Central Minnesota Initiative Fund. <br />Attachments: <br />Letter from Initiative Fund loan manager <br />Draft of resolution 95- <br />13065 Orono Parkway - P.O. Box 490 - Elk River, MN 55330 - (612) 441 -7420 - Fax: (612) 441 -7425 <br />