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ITEM # 6. <br /> • <br /> City of <br /> Elk -�-� <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: May 12, 2003 <br /> SUBJECT: Sportech Expansion Project Update <br /> Attachment <br /> * Correspondence from DTED Commissioner dated April 18, 2003. <br /> In early April staff submitted the completed MN Investment Fund grant application request <br /> • of$200,000 to the MN Department of Trade & Economic Development. The grant will be <br /> used by the city to provide a loan to Sportech to assist with the company's expansion <br /> project. <br /> The attached letter from DTED Commissioner, Matt Kramer confirmed the grant approval <br /> and award to the city. Similar notice was also provided to the city's legislative <br /> representatives. <br /> Staff is currently working with DTED and Sportech on the appropriate grant and loan <br /> agreements. In addition,a recognition event is being planned for the last week in May. <br /> • <br />