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CITY OF ELK RIVER RESOLUTION 03-20 RESOLUTION OF THE CITY OF ELKI RIVER REQUESTING DESIGNATION OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER AS A LOCAL DEVELOPMENT ORGANIZATION WHEREAS, the City of Elk River (the "City") would like to better utilize the Small Cities federal funds; and, WHEREAS, if the City retains these fuqds and their repayment, the funds retain the federal designation and guidelines foreyer; and, WHEREAS, the City by resolution, can irequest from the Minnesota Department of Trade and Economic Development (MNDTED), authorization to transfer federal Small Cities Development Program (SCDP) funds to a Local Development Organization (LDO); and, , WHEREAS, the Economic Developmer~t Authority of the City of Elk River (the "EDA") is interested in being designated as an LDO and is a non-profit organization serving the community and economic developmentlneeds of a non-entitlement area; and, WHEREAS, the EDA shall adopt proce(tures and guidelines for the use of the federal funds, the repayment of the federal funds plus any interest accrued, earned or paid thereon. NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Elk River that the City hereby requests approval from MNDTED to designate the EDA as a Local Development Organization (LDO), servibg the community and economic development needs of the City and, therefore, authoriLze them to receive the repayments from the Minnesota Investment Fund SCDP Set-Aside loan to Sportech, Inc. ' CERTIFY THAT the above Resolution Was adopted by the City Council of the City of Elk River on the 24th day of March, 2003. SIGNED: Mayod ' WITNESSED: ~ty' Clerk - F:\SHRDOC\Industrial Siting\Sportech ExpansionLMIF Application\LDOresolution.doc