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<br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />Request for Action <br /> <br /> <br />To <br />Joint Finance Committee <br />Item Number <br />4.1 <br />Agenda Section <br />General Business <br />Meeting Date <br />January 26, 2021 <br />Prepared by <br />Colleen Eddy, Economic Development Director <br />Item Description <br />Job Creation Fund Application for Sportech, LLC <br />Reviewed by <br />Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Review resolution and provide a recommendation to the Economic Development Authority for Sportech <br />LLC’s Job Creation Fund Application. <br /> <br />Background/Discussion <br />Sportech, LLC is a wholly owned subsidiary of Monomoy Capital Partners, a national private equity firm with <br />manufacturing assets across the country. They intend to apply to the Minnesota Department of Employment <br />and Economic Development for an award and/or a rebate from the Job Creation Fund Program. <br /> <br />The applicant proposes to construct a 91,000 sq ft expansion to their existing facility located at 10752 168th <br />Circle NW, Elk River. The added space is expected to account for 55 new jobs and a $2.3 million equipment <br />investment. They have indicated that local and state participation is vital to the project occurring at this <br />location in the reasonably foreseeable future. <br /> <br />The project is proposed to result in an increase in local tax base, provide a direct increase in well-paying local <br />jobs, as well as an increase in indirect and induced jobs in the local economy. The project will result in the <br />retention of Sportech’s existing operations within the city, as well as encourage future growth within the city <br />and state, as opposed to the relocation of operations to one of several out-of-state locations. <br /> <br />The application requires support from the city, in the form of a resolution. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />The purpose of the RLF is to provide financial and technical assistance for the creation and retention of <br />new employment. <br /> <br />Attachments <br /> Resolution of Support <br /> <br />