9. EDSR 01-9-2012 - Laserfiche WebLink

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ITEM # 9. ~~~ .~-.~- ver MEMORANDUM TO: Economic Development Authority FROM: Annie Deckert, Director of Economic Development DATE: January 9, 2012 SUBJECT: Discuss Initiative Foundation Request DISCUSSION At the August 8 EDA meeting, the EDA voted 3-3 not to move forward with the $2,500 donation request from the Initiative Foundation. At the September 12 EDA meeting, the EDA requested this item be put on a future agenda for discussion. At the October 10 EDA meeting, the EDA voted 3-3 not to move forward with the $2,500 donation request. Commissioner Moon directed staff to consult with City Attorney Peter Beck to determine if there were a limit of times the EDA could discuss a particular item. Mr. Beck indicated there was no limit in regard to the number of times an item could be discussed. Commissioner Zerwas requested this item to be placed in the January EDA agenda. Prior to 2007, the EDA had made a series of annual contributions of $2,500 to the Initiative Foundation, however has not contributed since. In the past two years, the EDA has received $6,500 from the Foundation for the Economic Development Assistant's NDC training and the branding and marketing project. The Initiative Foundation has also provided grants to Energy City, Elk River Area Arts Alliance and Sherburne County Area United Way. If the EDA chooses to approve this request, the $2,500 will be taken out of the Misc. line item. For every dollar donated to the Initiative Foundation, $5.49 is invested back into Sherburne County in the form of grants, business loans and scholarships. In the past 25 years, the Initiative Foundation has provided the following to Sherburne County: • 232 grants totaling $972,000 • 391oans totaling $2.5 million • Over 380 jobs have been secured ATTACHMENTS: • Initiative Foundation donation request PO/EDED 11 NA~'UI~~