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Economic Development Agenda Memo <br /> May 6, 1999 <br /> Page 3 <br /> • <br /> 8. Community Venture Network Program <br /> Staff has attached information regarding the Community Venture <br /> Network Program. The City of Elk River EDA was a member of this <br /> program in 1998, but due to some restructuring of the company <br /> running the program, CVN was delayed until this time. <br /> Several months ago staff felt very positive that a plan could be worked <br /> out with the county economic development office whereby Sherburne <br /> County would pay $4,000 to join the program and the cities of Becker, <br /> Big Lake, Princeton, and Elk River would each pay $500 to the county <br /> to access this program. This concept appeared to have been worked <br /> out with Pelstring Capital Corporation, the company running CVN. <br /> Since Michael Darger's departure as economic development <br /> coordinator for Sherburne County, it is now highly unlikely this <br /> scenario will come to fruition. The restructuring of CVN also makes <br /> the "sharing" concept less likely to happen. <br /> Staff is a strong supporter of the EDA's membership in CVN. It is a <br /> method of gaining face to face contact with a minimum of 24 prospects <br /> • per year. Prospects through this program, based upon past experience, <br /> may include any businesses from pre-incubator stage to existing <br /> bankable companies. Protectorcare is one of our business incubator <br /> member companies which was introduced to the City of Elk River <br /> through CVN. <br /> Recommendation <br /> Staff recommends the EDA authorize execution of the attached <br /> contract to join Community Venture Network for one year beginning <br /> June 1, 1999,°and ending May 31, 2000, at a total cost of$3,950. <br />