5.3. SR 03-24-2003 - Laserfiche WebLink

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MEMORANDUM TO: FROM: DATE: Mayor & City Council Catherine Plehelich, Director of Economic Developmen . March 24, 2003 SUBJECT: Public Hearing on MN Investment Fund Grant Application for Sportech, Inc. Expansion Item 5.3. Attachments · Residential Anti-Displacement, Relocation Assistance and Displacement Minimization Plan and Resolution of Adoption · Local Government Resolution and Compliance Certification · Resolution Requesting Designation of the EDA as a Local Development Organization · Staff memo to the EDA dated March 10, 2003 regarding Local Development Organization Background At its meeting on March 24, 2003, the Elk River City Council will conduct a pubhc hearing on the grant application to the MN Department of Trade and Economic Development 0DTED). The City of Elk River seeks $200,000 from DTED under its MN Investment Fund Program. If awarded, the DTED grant funds will be used by the City to supplement other sources of public and private financing in support of a 20,000 square foot expansion proposed by Sportech, Inc., 15703 Jarvis Street, Elk River. The MN Investment Fund is a grant that is awarded to cities in order to provide loans to assist expanding businesses. As the loan is paid back to the city over the specified loan term the community is able to retain the full $200,000 to be used as a revolving loan fund for economic development purposes. The purpose of the public hearing is to discuss the funding request to DTED and to discuss the impact this proposed grant application has in meeting the City's stated housing and community development objectives. Following the public hearing, the City Council may consider adoption of the applicable resolutions. Staff will be present at the City Council meeting to discuss details of the proposed MN Investment Fund grant application. In addition, Chris Carlson, CEO of Sportech, Inc., may be present at the Council meeting to answer any questions about the project.