05-12-2003 EDA MIN - Laserfiche WebLink

Home Browse Search

Economic Development Authority Minutes Page 2 May 12, 2003 5. Strategic Industrial Marketing Activities Update Economic Development Assistant Heidi Hall presented an update on the strategic industrial marketing activities. Commissioner Kuestex and President Gongoll gave an update on the business retention meeting they held with Jim Barthel of Elk River Machine. 5.1. Consider Authorizing a ~'I2tching Commitment fox Proposed Plrtnershin Progxlm with MN Technology, Inc. Ms. Hall indicated that the EDA nuthonzed staff to submit a preliminary application to the Initiative Foundation for a matching giant request of up to $5,000 for a pilot program between the city and MN Technology Inc. The program is designed to recruit and retain strong manufacturing companies within the city by providing them with technical training services. She indicated that staff is requesting approval to submit the formal grant application and for the EDA's formal commitment of $5,000 for the 2-year program. Discussion was held regarding how the funds would be used and whether there would be a cap on the grant application requests. bls. Hall indicated that the funds are used on a first come, first serve basis. Director of Econotnic Development Catherine Mehelich indicated that staff is in the process of formulating the application criteria and process and is looking fox EDA comments in this regard. Following discussion, it was the EDA consensus to set a cap at ,$2,000 per request. Commissioner Tveite suggested that the companies requesting the grant provide some type of contribution to the program. It was recommended that 25% contribution be required of the applicant. COMMISSION DWYER MOVED TO COMMIT UP TO $5,000 OF THE EDA'S ADVERTISING/MARKETING BUDGET OVER ATWO-YEAR PERIOD AS A MATCH TO THE INITIATIVE FOUNDATION, AND THAT EACH BUSINESS REQUEST IS ALLOWED A MAXIMUM OF $2,000 WHICH IS PAID 50/50 BETWEEN THE EDA AND THE INITIATIVE FOUNDATION, AND ANY REQUEST MUST HAVE A 25% CONTRIBUTION FROM THE BUSINESS. COMMISSIONER MOTIN SECONDED THE MOTION. THE MOTION CARRIED 7-0. It was the consensus that the business grant application requests go through staff for review and approval. 5.2. Industrial Park Development Options Update Ms. i~fehelich indicated that the marketing committee is requesting aone-month extension ro review options and prepare a recommended industrial development strategy fox the EDA.