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Item # 8. <br />ver <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Annie Deckert, Director of Economic Development <br />DATE: I 0 October 201 I <br />SUBJECT: Discuss Initiative Foundation Request <br />ATTACHMENTS: <br />• Initiative Foundation donation request <br />DISCUSSION <br />At the August 8th EDA meeting, the EDA voted 3-3 not to move forward with the $2,500 <br />donation request from the Initiative Foundation. At the September 12t`' EDA meeting, the <br />EDA requested this item be put on a future agenda fox discussion. <br />Prior to 2007, the EDA had made a series of annual contributions of $2,500 to the Initiative <br />Foundation, however has not contributed since. In the past two years, the EDA has <br />received $6,500 from the Foundation for the Economic Development Assistant's NDC <br />training and the branding and marketing project. The Initiative Foundation has also <br />provided grants to Energy City, Elk River Area Arts Alliance and Sherburne County Area <br />United Way. If the EDA chooses to approve this request, the $2,500 will be taken out of <br />the Misc. line item. <br />For every dollar donated to the Initiative Foundation, $5.49 is invested back into Sherburne <br />County in the form of grants, business loans and scholarships. In the past 25 years, the <br />Initiative Foundation has provided the following to Sherburne County: <br />• 232 grants totaling $972,000 <br />• 391oans totaling $2.5 million <br />• Over 380 jobs have been secured <br />!•!€®Ei E~ <br />