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<br /> <br />City of Elk River <br />Economic Development Authority <br /> <br />Resolution 26-____ <br /> <br />A Resolution of the Economic Development Authority of the City of Elk River <br />Commit Matching Funds for Grant Application. <br /> <br />WHEREAS, the Minnesota Innovative Business Development Public Infrastructure <br />grant program provides funds up to 50% to fund economic development <br />infrastructure needs and may be able to assist a public stormwater pipe relocation <br />to support the building expansion of Crystal Distribution, Inc. (CDI). <br /> <br />WHEREAS, the City of Elk River would be the grant applicant and would seek <br />$92,000 in grant funds to be matched by $150,000 in local funds to fund the <br />stormwater pipe construction estimated at $242,000. <br /> <br />WHEREAS, it is expected the local funds would be sourced from Tax Increment <br />Financing, land sale proceeds related to the CDI project, or a combination of both. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of <br />the City of Elk River, Minnesota, that it pledges $150,000 of EDA funds as local <br />match for this grant application and requests the City Council authorize the <br />submission of the application. <br /> <br />Passed and adopted this 17th day of February 2026. <br /> <br /> <br /> <br /> Matthew Westgaard, President <br /> <br /> <br />ATTEST: <br /> <br /> <br /> <br /> Recording Secretary <br />Page 11 of 13