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<br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br />Agenda Section Meeting Date <br />Administration February 6, 2006 <br /> <br />Item Number <br />5.1 <br /> <br />Prepared by <br />Heidi Steinmetz, Assistant Director of <br />Economic Develo ment <br />Reviewed by <br />Catherine Mehelich, Director of <br />Economic Develo ment <br /> <br /> <br />Introduction <br />The City received a $200,000 grant in 2003 from the Minnesota Department of Employment and <br />Economic Development (DEED) under its Minnesota Investment Fund Program. The DEED grant <br />funds were loaned by the City to Sportech, Inc. to assist with the purchase of equipment related to the <br />20,000 square foot manufacturing facility expansion located at 15703 Jarvis Street NW, Elk River, <br />Minnesota. <br /> <br />Discussion <br />A public hearing must be held by the City Council to close out the grant. The purpose is to discuss the <br />outcome of the grant as it relates to the attached Community Need Guideline, which was part of the <br />grant application. Staff will provide a report on the grant outcomes in addition to Chris Carlson, <br />President of Sportech, Inc. <br /> <br />Financial Impact <br />As the loan is paid back to the city by Sportech, Inc. over a period of seven years the city is able to retain <br />the full $200,000 to be used as a revolving loan fund for economic development purposes. The company <br />has remained current on their loan payments. <br /> <br />Attachments <br />Community Need Guideline <br /> <br />Action Requested <br /> <br />There is no action requested other than holding the public hearing. <br /> <br />Council Action <br /> <br />Motion by _ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br />