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EDA RESOLUTION 95-5 <br /> A RESOLUTION OF THE ECONOMIC DEVELOPMENT AUTHORITY <br /> • A RESOLUTION REQUESTING THAT CENTRAL MINNESOTA DEVELOPMENT <br /> COMPANY EXTEND ITS SERVICE TERRITORY TO INCLUDE THE CORPORATE <br /> LIMITS OF ELK RIVER, MINNESOTA <br /> WHEREAS, the Central Minnesota Development Company(CMDC)is a private,not- <br /> for- profit organization which pre-screens, packages, and processes Small <br /> Business Administration 504 loans for businesses in Anoka County, and; <br /> WHEREAS, in 1992, CMDC shareholders apptoved a change in its by-laws which <br /> enables CMDC to provide SBA loan processing to other communities and <br /> counties upon request, and; <br /> WHEREAS, the Economic Development Authority for the City of Elk River(EDA)is a <br /> public body corporate and politic that possesses the powers necessary or <br /> convenient to carry out the objectives of pro-active economic development <br /> as provided by Minnesota Statute, and; <br /> WHEREAS, a fundamental objective of the Elk River EDA is to provide financing <br /> assistance to support the expansion, consolidation, or relocation plans of <br /> small businesses in the community, and; <br /> WHEREAS, a primary financing program to support this objective is the SBA 504 loan <br /> program, and; <br /> WHEREAS, a locally-oriented not-for-profit organization similar to CMDC does not <br /> exist in Elk River or in Sherburne County. <br /> NOW,THEREFORE, BE IT RESOLVED by the Economic Development Authority for <br /> the City of Elk River that: <br /> 1. The EDA supports the goal of providing small businesses in Elk River with <br /> improved access to SBA loan programs. <br /> 2. The EDA hereby requests that CMDC provide SBA loan processing to <br /> new or expanding businesses in the City of Elk River. <br /> Passed and adopted by the Economic Development Authority for the City of Elk River <br /> this 13th day of Nov-mber, 19 <br /> Je r1k �I G9go I; Pre 'dent <br /> Elk River Economic Development Authority <br /> ATTEST: <br /> • 41_61/1"1.,--N 1724447t--- <br /> William Rubin, Executive Director <br /> Elk River Economic Development Authority <br /> s:V.soluti\eda95-5.doe <br />