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EDA Agenda Memo <br /> October 14, 1997 <br /> Page 4 <br /> Attached to this memo is information from the Central Minnesota <br /> Initiative Fund,regarding their request. This request is made each <br /> year to all cities and counties within their 13 county service territory. <br /> Sherburne County has agreed to provide a $10,000 up front <br /> contribution to the Central Minnesota Initiative Fund. <br /> The City Council reviewed this issue and has asked that the EDA <br /> provide a recommendation on a contribution level, if so decided, to the <br /> City Council. Such contribution could be recommended to come from <br /> EDA funds or the Council Contingency Fund. <br /> From staffs perspective, Central Minnesota Initiative Fund certainly <br /> does provide a positive resource for our local economic development <br /> efforts. They have participated in past projects with their business <br /> loan program and seed capital fund. It is debatable,however, whether <br /> our dollars are better spent in the form of a contribution to Central <br /> Minnesota Initiative Fund or to support existing projects and <br /> programs. Also,if such a contribution request is denied by the EDA, <br /> one can only wonder whether it has any bearing upon future loan <br /> requests to the Central Minnesota Initiative Fund. <br /> • <br /> i <br />