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jfk~~'~"`. 1~ REQUEST FOR ACTION <br />ver <br />To Item Number <br />Economic Develo ment Authori 3.6. <br />Agenda Section Meeting Date Prepared by <br /> 8 June 2009 Annie Deckert, Economic <br /> Develo ment Assistant <br />Item Description Reviewed by <br />Consider request to submit grant application to Initiative Cathy Mehelich, Economic <br />Foundation for tuition for National Development Council Develo ment Director <br />(NDC) training Reviewed by <br />Action Requested <br />Authorize staff to apply fora $1,500 grant from the Initiative Foundation to help cover a portion of the <br />costs for Economic Development Assistant's NDC Economic Development Finance Professional <br />(EDFP) certification. <br />Background/Discussion <br />NDC EDFP certification is a typical requirement of the Economic Development Assistant position in <br />Elk River. A primary function of the position is managing and administering the EDA's micro loan <br />program. The EDFP certification provides the necessary tools and techniques of economic development <br />financing including, business credit and real estate finance analysis, loan packaging, negotiation, problem <br />solving, and deal structuring. The EDA typically funds the training through its conferences/schools <br />budget. $4,000 was budgeted for this training in the EDA's 2009 budget. Following completion of the <br />EDA's 2009 budget, it came to our attention that the NDC courses would not be offered in Minnesota <br />for the year 2009. As a result this has dramatically impacted the city's expense (now including air travel & <br />hotel) to undertake the training, particularly in a tight budget year. The Initiative Foundation grant <br />offsets the EDA's additional out of pocket expenses and allows the EDA to support the Assistant's <br />completion of the training as soon as possible in order for the city to benefit from the economic <br />development financing skills that supports business growth, creates jobs and increases the city's tax base. <br />Financial Impact <br />Applying for and receiving this grant would offset the EDA's expense to undertake the NDC EDFP <br />training by $1,500 to help cover a portion of the cost of tuition. Staff has already applied and received a <br />$500 scholarship from the Economic Development Association of MN to assist in covering a portion of <br />the tuition costs (totaling $3,510) <br />Action Motion by Second by Vote <br />Follow Up <br />G:\My Documents\~lk River\NDC\Action Requested- 6.8.09.doc <br />