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<br />r I ~'\( <br />( II <br />1ft< River <br /> <br />. <br /> <br />. <br /> <br />ITEM 7.1. <br /> <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />MAYOR & CITY COUNCIL <br /> <br />FROM: <br /> <br />WILLIAM RUBIN, ECONOMIC <br />DEVELOPMENT COORDINATOfVrL- <br /> <br />AUGUST 22, 1994 <br /> <br />DATE: <br /> <br />SUBJECT: FINAL PUBLIC HEARING ON DTED <br />GRANT/CITY LOAN TO TESCOM <br />CORPORATION <br /> <br />INTRODUCTION <br /> <br />On August 22, 1994, the City of Elk River will conduct a final public hearing <br />on the $250,000 Small Cities Economic Development Program Grant from <br />the Minnesota Department of Trade and Economic Development (DTED) <br />which was subsequently used by the City to assist with an expansion of a <br />local manufacturer. <br /> <br />The public hearing is a requirement of DTED and the notice, as published in <br />the August 10 Star News, is attached to this memo. <br /> <br />BACKGROUND <br /> <br />On October 15, 1992, DTED informed the City of Elk River that its <br />application for an Economic Development Program Grant in the amount of <br />$250,000 had been approved. A copy of this letter from DTED is attached to <br />this memo. <br /> <br />The grant award was made from federal Community Development Block <br />Grant (CDBG) dollars. As such, the activity or activities funded by CBDG <br />dollars must meet at least one of the following federal objectives: <br /> <br />a. benefit to low- and moderate- (LMI) persons; <br />b. prevention or elimination of slums and blight; and, <br />c. alleviation of urgent community development needs. <br /> <br />P.O. Box 490. 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br />