EDSR MEMORANDUM 11-13-1995 - Laserfiche WebLink

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EDA Agenda Memo Page 4 November 13, 1995 support have been solicited from lenders, civic and opinion leaders, • and economic development professionals, etc. A locally-oriented SBA certified development company that would assist lenders, small businesses, and economic development agencies in Elk River and in Sherburne County is not a new topic. By way of review, the following chronology is offered: Mid 1992 - ED Coordinator explores the merits of establishing a non-profit certified development company (CDC) for Elk River and/or Sherburne County Early 1993 - Conclusions are made that a new CDC to serve Elk River/Sherburne County is not feasible due to subsidies required before CDC becomes a self sustaining or self supporting organization. Early 1993 - Discussion begins with Coon Rapids Development Company(CRDC)a successful non profit CDC which was organized in the early 80's to provide SBA financing to small businesses in Coon Rapids; subsequently.CRDC expanded its service territory to include all of Anoka • County. Mid 1993 - Discussions with CRDC suggest that its staff and board of directors may desire to take on the shape of a multi-county CDC; issues such as a name change to reflect its new focus and an expanded board of directors would have to be posed to its shareholders. Mid 1993 - Various letters of support from Sherburne County based organizations are offered to assist CRDC with its territorial expansion. CRDC Board decides to establish a subsidiary named Central Region Development Company which would act as a loan packaging agency. Elk River EDA pulls its support for the CRDC territory expansion. Elk River EDA offers a resolution of support to enable Twin Cities-Metro Certified Development Company the opportunity to expand its service territory to include Sherburne County.