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In addition the Initiative Foundation is finalized its new Technology Capital Fund,which <br /> may be useful to company's like Cymbet Corporation having higher capital requirements for <br /> expansion. <br /> Recommendation <br /> The Initiative Foundation has requested a total of$19,929 from the City of Elk River. To <br /> date the City has contributed a total of$5,000 (50/50 EDA &Council) to the Initiative <br /> Foundation. The City Council has provided contributions to the various community service <br /> projects also funded by the Foundation. Therefore staff recommends that the EDA <br /> consider approval of$5,000 for the Initiative Foundation's Year 2003 request to support the <br /> Foundation's economic development programming and services which are of benefit to light <br /> industrial companies starting and expanding in Elk River. <br /> • <br /> • <br />