02-10-2003 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes February 10, 2003 Page 3 Catherine indicated that this program was not a budgeted expense. She suggested that if the EDA wanted to put atwo-year commitment to the program that ,$5,000 from the Initiative Foundation and X5,000 from Economic Development Authority would go a long way. She suggested that the EDA funds come from the advertising and marketing budget. Catherine reviewed options fox the City's participation with MTI. The EDA concurred with providing a grant for companies that use i~1TI's fee-based services. Commissioner biotin indicated his concern about spending a lot of staff tune on Elk River developing its own program. Catherine noted that the only staff time required would be the giant application to the foundation and that the public relations consultant would take care of the marketing of the program. President Gongoll indicated that there is a consensus of the EDA to mote forward with the program. Catherine indicated that more information would be provided to the EDA in the future regarding marketing of this program. The EDA authorized Catherine Mehehch to submit an application to the Initiative Foundation fox a grant request of X5,000 fox atwo-year period. 5.4. Update on MN Community Capital Fund (MCCF~ Catherine Mehelich provided an update on the Minnesota Community Capital Fund. She stated that the MCCF is ready to accept loan applications from its member communities. Catherine noted that Elk River's membership allows the city to originate loans up to ~SOQ,000. She stated that loan applications could be obtained by contacting het. 6. Other Business There was no other business. Adjournment There being no other business, PRESIDENT GONGOLL ADJOURNED THE MEETING. The meeting of the Elk River Economic Development Authority adjourned at 6:30 p.m. ~,~.,~.. a. ~~ Sandra Peine Citv Clerk