6.2. SR 03-11-1996 - Laserfiche WebLink

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'ity of **ITEM 6.2?* 'ver FROM: DATE: SUBJECT: MEMORANDUM Mayor & City Council Pat Klaers, City Administrator March 11, 1996 Consider Resolution of Support to the Central Minnesota Initiative Fund (Marketech Loan Request) Marketech, Inc., is requesting a supplemental business financing loan from the Central Minnesota Initiative Fund (CMIF). Any relevant correspondence that is available between CMIF Loan Representative Dave Hardie, Marketech President Rich Duggan, or the bank will be attached to this memo or distributed at the March 11, 1996, EDA meeting. As the EDA heard at its February meeting, Marketech is looking to relocate and expand its operation to a more permanent location in Elk River. The company anticipates purchasing some land in the McChesney Industrial Park and constructing a facility this spring. The financing for the project will be mainly a primary lender (bank), a city TIF project, and this supplemental business loan from CMIF. It should be noted that an EDA micro loan is not part of the financing package. The city typically approves a resolution of support for projects and has done a number of these in the past. In December the Council approved two resolutions of support to CMIF - one for Internet Five and one for ViroGen, Inc. As with these other loan requests to CMIF, the city is required to adopt a resolution in support of this business. A draft of this resolution is attached. Action Requested The City Council is asked to adopt the attached resolution of support for the Marketech, Inc., loan request to CMIF. s:Xcouncil\markres.doc 13065 Orono Parkway ° P.O. Box 490 · Elk River, MN 55330 ° (612) 441-7420 · Fax: (612) 441-7425