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�lk Ri <br />ver TO: <br />Introduction <br />MEMORANDUM <br />Mayor & City Council <br />FROM: William Rubin, ED Coordinate I <br />DATE: December 4, 1995 I v I !� <br />SUBJECT: Resolution of Support to the Central <br />Minnesota Initiative Fund <br />(Internet Five Loan Request) <br />The Central Minnesota Initiative Fund is in receipt of a request for a <br />supplemental business financing loan from Internet Five, Inc. This company <br />seeks an Elk River location in order to establish a more permanent location <br />for its operations. As a result, financing needs will be met through a primary <br />lender, owner equity, an EDA Micro Loan, and a supplemental business loan <br />is from the Initiative Fund. <br />As with other loan requests to the Initiative Fund, a governing body is <br />required to adopt a resolution in support of the business. A draft of this <br />resolution is attached. <br />• <br />Action Requested <br />The Elk River City Council is asked to adopt the attached resolution of <br />support for the Internet Five loan request to the Central Minnesota Initiative <br />Fund. <br />13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441 -7420 • Fax: (612) 441 -7425 <br />