6.1. EDSR 08-13-2001 - Laserfiche WebLink

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-‘11d, Item 6.1. r Elk River MEMORANDUM TO: Economic Development Authority FROM: Catherine Mehelich, Director of Economic Development, DATE: August 13, 2001 CC SUBJECT: Consider Initiative Foundation Contribution Request Attachments *July 2001 Initiative Foundation Letter of Request for Year 2002 *August 2000 Staff letter to Foundation * Initiative Foundation Business Investment&Grantmaking Programs Issue The Initiative Foundation is requesting the City's consideration for a contribution of$5,000 in the year 2002 to support the Foundation's programming and services. Background The City has taken the following actions with regard to the Initiative Foundation's past requests: 1997— $5,000 contributed ($2,500 EDA, $2,500 City Council) 1998—2000 Request denied In 2000, the EDA directed staff to provide the attached letter indicating denial of the request for year 2001. In addition, the EDA asked staff to evaluate the programming and services of the Foundation over the next year for reconsideration of the funding request in 2001. While the Foundation has contributed over$100,000 to various community service projects within the City of Elk River in the last year, staff has not had the opportunity to utilize the economic development programs and services offered by the Foundation as a result of a lack of qualifying projects. The Foundation has participated in the past on an investment level with the FDA's Business Incubator companies. Attached is information about the Foundation's business investment and grant making programs. The Foundation's requested amount is based on population. The total amount requested from the City of Elk River has been$19,929. Elk River is the second largest city in the Foundation's region,behind St. Cloud.