6.1 EDSR 05-19-2014 - Laserfiche WebLink

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hi . Request for Action River To Item Number Economic Development Authority 6.1 Agenda Section Meeting Date Prepared by General Business May 19,2014 Brian Beeman,Director of Economic Development Item Description Reviewed by Initiative Foundation Presentation Jeremy Barnhart, Deputy Director, CODD Reviewed by Action Requested Hear presentation by the Initiative Foundation. Background/Discussion The Initiative Foundation was formed in 1986 by a partnership of regional leaders and The McKnight Foundation. It is one of six,Minnesota Initiative Foundations (MIF) serving Greater Minnesota. Each Foundation was created to strengthen its regional economy and communities. The MIF partners share ideas while investing in business loans,nonprofit grants,programs,and donor services.The MIF model is unique to Minnesota. No other U.S. state has a similar foundation network that unites community and economic development. The Initiative Foundation serves 14 counties in Central Minnesota, encompassing more than 700,000 residents,including the St. Cloud area and Twin Cities metro ring counties as well as Brainerd Lakes area, and two tribal nations. Since 1986, the Initiative Foundation has invested more than$69.4 million in the region through targeted grants and business financing investments. Since December 31,2013 this includes: • 4,249 grants totaling$26 million • 704 scholarships totaling$623,172 • 904 business financing investments totaling$43.4 million, securing more than 11,956 quality jobs • $266.5 million in private business investment leveraged • 6,415 community leaders trained Historically the Elk River EDA has supported the Initiative Foundation through an annual contribution of$2,500. Sandy Voigt,Development Officer, from the Initiative Foundation,will provide an informative presentation highlighting key contributions in the Elk River area. Financial Impact None Attachments POVERED 81 Template Updated 4/14 NATURE