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City of <br /> Elk - Request for Action <br /> River O. <br /> To Item Number <br /> Mayor and City Council 4.3 <br /> Agenda Section Meeting Date Prepared by <br /> Consent January 21, 2014 Brian Beeman,Director of Economic <br /> Development <br /> Item Description Reviewed by <br /> Call for Public Hearing for Sportech Forgivable Jeremy Barnhart,Deputy Director, CODD <br /> Loan Application Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> By motion, establish a public hearing for February 3,2014, to discuss the Sportech Forgivable Loan <br /> Application as recommended by the EDA and required under the city's Business Subsidy Policy. <br /> Background/Discussion <br /> Sportech is a manufacturing company that produces aftermarket products for sporting vehicles. They plan an <br /> expansion of a 6,210 sf upper level Customer Innovation Center that overlooks the production floor. <br /> Although there is no increase in building footprint,the added space will allow the Engineering Department <br /> to observe how their ideas are being implemented. Sportech is anticipating adding 6-8 design engineers <br /> during 2014-2015. A drawing of the proposed expansion is included in the packet.The total project cost is <br /> $263,088 and the project is expected to be completed by the second quarter of 2014. <br /> The EDA is under some pressure from the state to utilize the remaining balance of state DEED funds or <br /> return it to the state by the end of the year;that amount is $111,155.13. <br /> Sportech represents the only project received that would be eligible. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> • Sportech Forgivable Loan Application (will be sent under cover by email due to confidentiality) <br /> • Application Supporting Documents <br /> P a w E n E o A Y <br /> UREJ <br />