Laserfiche WebLink
RESOLUTION I 0 - 05 <br />A RESOLUTION OF THE ECONOMIC DEVELOPMENT AUTHORITY <br />A RESOLUTION AUTHORIZING A TRANSFER FROM THE EDA DTED <br />FUND TO THE MICRO LOAN FUND <br />WHEREAS, in April 3, 2003 the City of Elk River was awarded a $200,000 Small Cities <br />Development Program MN Investment Fund grant from MN Department of Trade & <br />Economic Development (DTED) for the purpose of providing a loan to Sportech, Inc. for <br />business expansion, and, <br />WHEREAS, DTED approved the City's request through Resolution 03-20 designating the <br />Economic Development Authority (EDA) as the Local Development Organization and the <br />EDA established the DTED Fund on July 21, 2003, and, <br />WHEREAS, DTED has completed its final audit of the fund, and Sportech, Inc. has <br />repaid the loan in full, and, <br />WHEREAS, The EDA has reviewed the request to transfer the DTED Fund for the <br />purpose of financing community and economic development needs and determined it to be <br />• a sound financial practice; and, <br />WHEREAS, It has been determined that an amount $214,493.16 will be transferred out of <br />the DTED Fund to provide additional community and economic development funding <br />through the policy and guidelines of the Micro Loan Fund; <br />NOW, THEREFORE, BE IT RESOLVED that the Economic Development Authority <br />of the City of Elk River makes the following transfer of funds from the DTED Fund: <br />Micro Loan Fund $214,493.16 <br />Passed and adopted this 11t'' day of October 2010. <br />Ron Touchette, EDA President <br />ATTEST: <br />• Catherine Mehelich, Executive Director <br />N:\Depaztments\Community Development\Economic Development\Resolutions\2010\EDADT'EDtransfer.doc <br />