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City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: January 12, 2004 (' <br /> SUBJECT: Informational Items <br /> The attached items are for informational purposes only. Following is a brief summary: <br /> • "Governor Pawlenty Unveils Job Opportunity Building Zones Statewide",Press <br /> Release December 18, 2003. <br /> • "Tax-free zones raise questions",The Pioneer Press,December 21, 2003. <br /> Describes how the new Job Opportunity Building Zones (JOBZ) areas were selected <br /> and the areas selected. The City of Elk River did not qualify based upon the "need" <br /> criteria,nor did Sherburne County. The City of St. Cloud is the nearest community <br /> that received JOBZ designation. <br /> • "Minnesota Community Capital Fund Making Loans",Northspan Group, Inc. 2003 <br /> Newsletter. <br /> As you may recall,the City of Elk River became a member of the newly formed MN <br /> Community Capital Fund in year 2002 at a$50,000 membership level. Since the <br /> Fund's inception in early 2002,thirteen loan projects have been approved to date in <br /> member communities. Elk River has not had the opportunity with the "right" <br /> project to utilize the Fund yet. However,if a sizeable project comes along Elk River <br /> may be able to partnership with Sherburne County and Great River Energy's <br /> membership for a total$1.75-million loan. <br /> • Correspondence to SoftPac Industries, Inc. regarding completion of job creation and <br /> wage goals. <br /> • Correspondence from the Initiative Foundation for the EDA's 2003 financial <br />• <br /> contribution. <br /> • <br />