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EDA Agenda Memo Page 5 <br /> November 13, 1995 <br /> • State law establishes changes to the state-wide CDC; <br /> changes include a new name (Minnesota Business <br /> Finance, Inc.) as well as an outstate office headquartered <br /> in St. Cloud instead of St. Paul. In the absence of a <br /> locally-oriented CDC, MBFI becomes the SBA loan <br /> originator/packager for Elk River and Sherburne County. <br /> Late 1993 - CRDC shareholders approve a name change to that <br /> of Central Minnesota Development Company. <br /> Twin Cities-Metro chooses against submitting a request <br /> to SBA for territory expansion to include Sherburne <br /> County. <br /> Mid 1994- Elk River EDA offers a letter of support and <br /> resolution in favor of CMDC related to a temporary, one- <br /> year expansion of its service territory to include <br /> Sherburne County. <br /> Late 1994 CMDC shareholders approve a bylaw change which <br /> expands its board of directors. <br /> • October 1995 - Letter from CMDC regarding its proposal to <br /> expand service area. <br /> Although one could suggest that Elk River and Sherburne County is <br /> serviced by an existing CDC- that of the statewide MBFI - the issue <br /> concerning service territory matters is that of whether a locally- <br /> oriented CDC can provide better service to lenders, small businesses, <br /> and economic development organizations. <br /> Action Requested <br /> The EDA is asked to adopt a resolution requesting that Central <br /> Minnesota Development Company extend its service territory to <br /> include the corporate limits of Elk River, Minnesota. <br />