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City of <br /> Elk = Request for Action <br /> Diver <br /> To Item Number <br /> Economic Development Authori 7.1 <br /> Agenda Section Meeting Date Prepared by <br /> General Business February 16, 2021 Colleen Eddy, Economic Development Director <br /> Item Description Reviewed by <br /> Support for Sportech LLC's Job Creation Fund Cal Portner, City Administrator <br /> Grant Application Reviewed by <br /> Action Requested <br /> Recommend,by motion,that the city council adopts approval of the resolution of support for Sportech <br /> LLC's Job Creation Fund UCF) grant application. <br /> Background/Discussion <br /> Sportech,LLC is a wholly owned subsidiary of Monomoy Capital Partners, a national private equity firm with <br /> manufacturing assets across the country. The applicant proposes to construct a 91,000 sq ft expansion to <br /> their existing facility located at 10752 168`'' Circle NW, Elk River. The added space is expected to account for <br /> 55 new jobs and a $2.3 million equipment investment. <br /> The project is proposed to result in an increase in local tax base,provide a direct increase in well-paying local <br /> jobs, as well as an increase in indirect and induced jobs in the local economy. The project will result in the <br /> retention of Sportech's existing operations within the city,as well as encourage future growth within the city <br /> and state,as opposed to the relocation of operations to one of several out-of-state locations. Sportech has <br /> indicated that local and state participation is vital to the project occurring at this location in the reasonably <br /> foreseeable future. <br /> At the January 26, 2021 Joint Finance Committee meeting, the committee recommended approval of the <br /> letter of support for the Sportech JCF Grant Application. The application requires support from the city, <br /> in the form of a resolution. <br /> Financial Impact <br /> N/A <br /> Mission/Policy/Goal <br /> The purpose of the RLF is to provide financial and technical assistance for the creation and retention of <br /> new employment. <br /> Attachments <br /> ■ Resolution of Support <br /> ■ January 26, 2021,Joint Finance Committee Meeting Packet <br /> The Elk River Vision <br /> A Y�elcoming community nvith revolutionary and spirited resourcefulness, exceptional P U W E H E o s r <br /> service, and community engagement that encourages and inspires prosperity ,g /` UR <br />