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July 8,2014 f,, <br /> Brian Beeman,MPA <br /> Director of Economic Development <br /> City of Elk River <br /> 13065 Orono Parkway <br /> Elk River,MN 55330 <br /> Dear Brian, <br /> Thank you so much for meeting with Eric Stommes,Vice President for External Relations at the Initiative <br /> Foundation and me last week.It was great to see you again and I am very pleased to let you know that <br /> the Initiative Foundation has approved two recent grant requests for professional development training <br /> for staff at the City of Elk River EDA totaling$1,750.00. <br /> Additionally,since inception over$1.2 million of grant funds have been invested in Sherburne County <br /> including Three Rivers Community Foundation grants,a component fund of the Foundation. For every <br /> local dollar contributed to the Initiative Foundation,$5.72 has been invested back into Sherburne <br /> County through loans,grants and scholarships. <br /> As discussed,lam including a brief history of former loan clients in Elk River. We do not disclose specific <br /> dollar amounts for individual loans due to the fact they are private businesses but total loans in <br /> Sherburne County are$2,935,000 with jobs created or retained of 447. Some of these companies have <br /> ceased operations and our loans were considered uncollectible and subsequently charged-off. Others <br /> are current/active clients.They include: <br /> • Pomeroy Tool,Elk River Machine Tooling <br /> • Key Pattern,Elk River Pattern Design <br /> • Horn Machine,Elk River Millwork Manufacturing <br /> = Marketech,Inc.,Elk River(2 loans) Electronic Testing Service <br /> • ELK RIVER PKG, INC.,Elk River(2 loans) Microwavabie Packaging <br /> • Rohn Ironworks,Elk River Structural Steel Fabricating <br /> • Sherburne County Insurance,Elk River Insurance Agency <br /> • Brumar,Elk River Welding <br /> • Communication World,Elk River Telecom/phone systems <br /> • Watermark Corporation,Elk River "Fishcam"manufacturer <br /> • Protector Care,Inc.,Elk River Carestair-Half height steps <br /> • Northstar Photonics,Inc.,Elk River High Performance Laser <br /> * Raymond P. Chock Trucking,Elk River Independent Trucking <br /> • Cymbet Corporation,Elk River Lithium-ion Batteries <br /> • K-Netica,Elk River(2 loans) Software Development <br /> * CDC Enterprises,Inc.,Elk River(2 loans) Plastic Duct &Insulation Development <br /> • PK Partners, LTC,I iE<.River Wastewater Treatment Systems <br />