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City of <br /> Elk Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 7.1 <br /> Agenda Section Meeting Date Prepared by <br /> Public Hearings February 3, 2014 Brian Beeman,Director of Economic <br /> Development <br /> Item Description Reviewed by <br /> Sportech Forgivable Loan Jeremy Barnhart,Deputy Director, CODD <br /> Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> 1. Open a Public Hearing to consider the Sportech Forgivable Loan. <br /> 2. Approve,by motion, a Forgivable Loan in the amount of$111,155.13 and authorize the execution of <br /> associated agreements. <br /> Background/Discussion <br /> On January 21, 2014, the Economic Development Authority (FDA) approved the forgivable loan application <br /> for Sportech. The forgivable loan would total $111,155.13 and be used to facilitate construction of a 6,210 <br /> sq. ft. Customer Innovation Center,in an upper level of the existing building at 10800 175"'Avenue. <br /> Sportech is anticipating adding 6-8 design engineers during 2014-2015. <br /> The city's Business Subsidy Policy requires a public hearing for any amount over$100,000 and Council <br /> approval. <br /> Financial Impact <br /> The total estimated cost of the project is $263,088,including$111,155.13 in public financing (42% of <br /> project cost). This will zero out the balance for this loan program and satisfy the requirements as <br /> requested from the State Department of Economic Development. <br /> Attachments <br /> ■ FDA packet information dated January 21, 2014, (Loan Application was emailed to Council as <br /> part of January 21, 2014,regular meeting) <br /> P a w E n E o A Y <br /> UREJ <br />