EDSR MEMORANDUM 12-13-1994 - Laserfiche WebLink

Home Browse Search

and, although UPA is located in Elk River' s back yard, protocol suggests that the local cooperative be given the first opportunity to help Elk River access these R.E.A. funds. Therefore, a letter requesting AEC' s assistance has been submitted to its general manager. A copy of this letter is enclosed in the agenda packet. During the afternoon of December 13th, an Elk River delegation is scheduled to meet with representatives of AEC at its Anoka office. Hopefully, AEC will agree to participate in the development of an R.E.A. application. Should AEC elect not to participate, a second objective of the meeting is to seek AEC' s approval of allowing UPA to pursue the funds . A verbal update on the results of this meeting will be provided to the EDA Commissioners . Task Force Chair Pat Dwyer and other Task Force members may have additional updates at the EDA meeting. 8 . Update on Certified Development Company EDA Commissioners will recall that an SBA Certified Development Company (CDC) serving Elk River and/or the greater Sherburne County area was part of the 1993 work programa A great deal of time and effort was spent courting a potential relationship with the Coon Rapids Development Company (CRDC) . This included the purchase of stock in the CRDC organization - subject to it Oreorganizing to reflect an agency with a multi-county vision In the end, the CRDC offered to create a "paper" organization which would operate, say, as a subsidiary of CRDC. Proceeds from loans originated in Elk River and Sherburne County through this subsidiary would go to benefit certain marketing objectives in the Coon Rapids city limits only. Subsequent discussions were held with another local CDC whose service territory includes the seven-county metro area with the exception of Anoka County. This organization, Twin Cities-Metro CDC, desires to take on additional service territory and would be interested in serving Sherburne and Wright counties respectively. At its meeting in late July, EDA Commissioners adopted a resolution of support for the proposed Twin Cities-Metro expansion into Sherburne County. The Small Business Administration (SBA) governs and approves issues such as service territory expansions . We believe that a critical element to an expansion request is a resolution of support from the County Board. A "generic" resolution was adopted by the Sherburne County Board in early March. Because no reference in the resolution is made to Twin Cities-Metro specifically, it is likely not enough to enable SBA to consider the expansion request. • Further complicating matters is a new state-wide CDC known as Minnesota Business Financing (MI3FI) . This organization