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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> ?42-H FROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: November 9, 1998 <br /> SUBJECT: Agenda Memo <br /> 6. Central Minnesota Initiative Fund Contribution <br /> Issue <br /> At the last EDA meeting, representatives from the Central Minnesota <br /> Initiative Fund (CMIF) made a presentation regarding a request for <br /> • additional dollars to CMIF by the Economic Development Authority. <br /> Their request was in the amount of approximately $14,000. <br /> In 1997, the EDA and City Council provided a contribution to CMIF in <br /> the total amount of$5,000. CMIF's initial request was in the amount of <br /> $19,000 based upon a per capita figure applied to all cities in their <br /> fourteen county service territory. Staff feels the $5,000 contribution <br /> was, and still is, an appropriate level of contribution from the City of <br /> Elk River. The city already bears most of the burden of economic <br /> development utilizing taxpayer dollars. Staff feels it is most <br /> appropriate for CMIF to maintain its capitalization from sources other <br /> than taxpayer dollars. <br /> Recommendation <br /> Staff recommends denying the CMIF request for an additional <br /> contribution in the amount of approximately $14,000, and to authorize <br /> staff to provide a letter explaining such action to CMIF, <br /> • <br /> 13065 Orono Parkway • P. O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 • Fax (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />