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<br /> <br />REQUEST FOR ACTION <br /> <br />To Item Number <br />Mayor & City Council 6.2. <br />Agenda Section Meeting Date Prepared by <br />Community Development April 21, 2008 Catherine Mehelich, Director of <br /> Economic Development <br />Item Description Reviewed by <br />Resolutions in connection with MN Investment Fund Grant Lori Johnson, City Administrator <br />Application for Sportech, Inc. Expansion II Project Reviewed by <br />- Public Hearing <br /> <br />Action Requested <br />After conducting the public hearing on the MN Dept of Employment & Economic Development <br />(DEED) grant application, and after discussion of the city's housing and community development needs, <br />the City Council is asked to adopt the following resolutions: <br />· Resolution Adopting a Residential Anti-Displacement, Relocation Assistance and Displacement <br />Minimization Plan <br />· Resolution Adopting Economic Development Program <br /> <br />Background/Discussion <br />The MN Investment Fund is a grant that is awarded to cities in order to provide loans to assist <br />expanding businesses. As the loan is paid back to the city over the specified loan term the community is <br />able to retain the full $500,000 to be used as a revolving loan fund for economic development purposes. <br /> <br />At its March 10, 2008 meeting, the Elk River City Council authorized the submission of an application <br />in the amount of $500,000 to DEED under its MN Investment Fund Program on behalf of Sportech, <br />Inc. If awarded, the DEED grant funds will be used by the City to supplement other sources of public <br />and private financing in support of an 80,000 square foot light industrial facility proposed by Sportech, <br />Inc. to be located at 17464 Tyler Street NW, Elk River. <br /> <br />A requirement of DEED is that a public hearing on the matter be held prior to submission of the <br />application. The public hearing is an opportunity for citizens to discuss the following items: <br />· Housing and Community Development Needs and Strategies <br />· Details of the funding request to DEED <br /> <br />Staff will be present at the City Council meeting to discuss details of the proposed MN Investment <br />Fund grant application. In addition, Chris Carlson, CEO of Sportech, Inc., may be present at the <br />Council meeting to answer any questions about the project. <br /> <br />S:\Industrial Siting\Sportech Expansion II\Memos\4.21.08 CC Action Requested MIF.doc <br />