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�= City of Elk River <br />ver City Council <br />Resolution 17- 48 <br />A Resolution of the City Council of the City of Elk River Approving an EDA <br />Fund Transfer to the jobs Incentive Microloan Program Fund from the <br />Reserve Fund <br />WHEREAS, The Economic Development Authority of the City of Elk River (the "EDA") <br />has created and maintains a reserve fund (the "Reserve Fund"); and <br />WHEREAS, The EDA has created and maintains a fund for the Jobs Incentive Microloan <br />Program (the "Jobs Incentive Microloan Fund"); and <br />WHEREAS, The purpose of the Jobs Incentive Microloan Fund is to encourage the creation <br />of high paying and quality jobs in the city by assisting existing businesses with expansion and <br />attract new businesses with local operations to expand the local economy; and <br />WHEREAS, The Jobs Incentive Microloan Fund needs $66,000 to fulfill a potential loan <br />request; and <br />WHEREAS, The EDA desires to make a transfer in the amount of $66,000 from the reserve <br />Fund to the Jobs Incentive Microloan Fund. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, as follows: approve a transfer in the amount of $66,000 from the EDA's <br />Reserve Fund to the EDA's Jobs Incentive Microloan Fund. <br />City staff and EDA staff and consultants are authorized and directed to take all actions <br />necessary to effectuate the transfer. <br />Passed and adopted this 5`h day of September, 2017. `�ww <br />J 4A J. Aetz, MaFt <br />ATTEST: <br />4 C: I <br />Tina Allard, City Clerk <br />Plr t R I I Ir <br />14"A 'URE <br />