5.1. EDSR 05-12-2003 - Laserfiche WebLink

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• • The Tax Rebate Financing Policy and Economic Development Micro Loan Program Guidelines were refined. • The Business Subsidy Policy was adopted and the EDA chose to participate in the MN Community Capital Fund. • In the spring the Economic Development Assistant completed visits to 20 local manufacturers out of the total 37. • The Incubator sub-lease with Vertical Publishing was renewed upon the company's hiring of a new CEO. In April the EDA welcomed a new incubator tenant, KnowledGenetica Corporation. In the summer, Incubator tenant Bixby Energy Systems graduated into market-rate space in Rogers, MN. In August, staff proposed a new location of the incubator in conjunction with an expansion proposal for incubator graduate, Cymbet Corporation. In January 2003 the EDA renewed a two- year lease extension of the current incubator facility. D. The EDA's relationship and role with other organizations working with similar missions The EDA works with several organizations with a similar mission,including: • Sherburne County Economic Development Association (SCEDA) • MN Dept. of Trade & Economic Development (DTED) • Economic Development Association of MN (EDAM) • MN Technology, Inc. (MTI) ill The EDA works to support local economic development. The other organizations support economic development on a regional and statewide level. E. Board members, Staff, and Volunteers Seven members sit on the EDA board (see enclosed list of board members). There are two full-time Economic Development Department staff members: The Director of Economic Development, Catherine Mehelich and the Economic Development Assistant, Heidi Hall (see enclosed staff descriptions). The City of Elk River as a whole has 94 full-time and 17 part-time paid staff. There are 35 paid on-call firefighters. There are also a number of Recreation,Parks,Arena, and Police Reserve employees (employee counts vary depending on the time of year). Approximately 55 people volunteer their time to the City of Elk River. I I. Purpose of Grant B. All Other Proposal Types 1. Situation a. Need The proposal addresses the need to recruit and retain strong manufacturing companies in the City of Elk River by providing a technical assistance incentive. This technical assistance strengthens the local economy by assisting local manufacturers to be more efficient and productive. S Page 2 of 4 Proposal Narrative