EDSR MEMORANDUM 01-10-2000 - Laserfiche WebLink

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EDA Agenda Memo January 10, 2000 Meeting Page 3 111 and enabling resolution, which are attached, for suggested changes by the commissioners. 6. Community Venture Network Membership Staff had agreed to bring this issue back before the EDA prior to the next regular meeting of the Community Venture Network (CVN). The next meeting of this group is on February 4, 2000. As you are aware, CVN is a program whereby approximately eighteen communities pay to have a minimum of 24 prospects presented to them over the course of a one-year period. Our current membership runs through July 1, 2000. This includes two more meetings of the CVN and presentation of at least twelve additional prospects. Staff has been noticeably unimpressed to date with prospects presented through CVN. The initial prospects included numerous ".com" companies asking for a significant amount of cash and being able to provide little or no collateral in return. The second meeting included fewer "virtual" companies, but companies that were still unbankable or had other related challenges to completing a project. • Staff had initially felt as the EDA joined CVN last year that the prospect quality would increase due to the hiring of an individual to focus efforts on CVN program. Unfortunately this has not turned out to be the case. Recommendation Staff recommends the EDA authorize a letter to be sent to Pelstring Capital Corporation canceling membership in the CVN program and requesting a pro-rated refund in the amount of approximately $2,000. 7. Rotary Club Committee Presentation Attached is a copy of a memo to the Elk River EDA from a committee of the Elk River Rotary Club. The memo provides a description of a project to complete a barge replica to be used as a performance stage on the river side of the EDA site at Jackson and Main Street. •