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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br />Request for Action <br /> <br />To <br />City Council <br />Item Number <br />8.2 <br /> <br />Meeting Date <br />June 16, 2025 <br />Prepared By <br />Joe Stremcha, Business Services Director/Assistant <br />City Administrator <br /> <br />Item Description <br />Resolution 25-33: Establish Cannabis Enterprise <br />Fund <br />Reviewed by <br />Lori Stich <br />Cal Portner <br />Tina Allard <br /> <br />Action Requested <br />Approve, by motion, Resolution 25-33 establishing the Cannabis Enterprise Fund and authorizing a transfer in <br />the amount of $500,000 from the Liquor Fund to the Cannabis Fund. <br /> <br /> <br />Background/Discussion <br />This resolution will transfer $500,000 from the Liquor Fund to a newly created Cannabis Fund. This will <br />provide start-up funds necessary to launch Cannabound. Store architect fees, payroll, etc. will begin to draw <br />down funds as the Cannabis Business Plan is implemented. <br /> <br />Financial Impact <br />$500,000 will be transferred from the Liquor Fund to establish the Cannabis Fund. <br /> <br />Mission/Policy/Goal <br />Responsible for every dollar - good stewards. <br /> <br />Attachments <br />1. Resolution 25-33 to Establish Cannabis Fund <br /> <br /> <br />Page 627 of 637