INFORMATION #4 12-04-1995�lk Ri
ver TO:
Introduction
MEMORANDUM
Mayor & City Council
FROM: William Rubin, ED Coordinate I
DATE: December 4, 1995 I v I !�
SUBJECT: Resolution of Support to the Central
Minnesota Initiative Fund
(Internet Five Loan Request)
The Central Minnesota Initiative Fund is in receipt of a request for a
supplemental business financing loan from Internet Five, Inc. This company
seeks an Elk River location in order to establish a more permanent location
for its operations. As a result, financing needs will be met through a primary
lender, owner equity, an EDA Micro Loan, and a supplemental business loan
is from the Initiative Fund.
As with other loan requests to the Initiative Fund, a governing body is
required to adopt a resolution in support of the business. A draft of this
resolution is attached.
•
Action Requested
The Elk River City Council is asked to adopt the attached resolution of
support for the Internet Five loan request to the Central Minnesota Initiative
Fund.
13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441 -7420 • Fax: (612) 441 -7425
RESOLUTION 95 -
A RESOLUTION FOR THE CITY OF ELK RIVER, MINNESOTA
A RESOLUTION OF SUPPORT TO THE CENTRAL MINNESOTA
INITIATIVE FUND (INTERNET FIVE, INC. PROJECT)
WHEREAS, pursuant to the provisions and requirements of the 1987 Rural
and Economic Development Act, the local governing unit ( "The
City of Elk River ") is required to issue a Sponsoring Resolution
on behalf of businesses requesting financing through the
Central Minnesota Initiative Fund's partnership with the
State of Minnesota's Challenge Grant Program; and,
WHEREAS, the City of Elk River has received a request to issue a
resolution on behalf of Internet Five, Inc.; and,
WHEREAS, it is consistent with the purpose of the City of Elk River to
encourage employment, enhance the tax base, and create more
opportunity for its residents.
NOW, THEREFORE, BE IT RESOLVED that the City of Elk River
supports the project submitted by Internet Five, Inc., to the Central
Minnesota Initiative Fund's partnership with the State of Minnesota's
Challenge Grant Program.
Passed and adopted by the City Council of the City of Elk River, Minnesota
this 4th day of December, 1995.
Henry A. Duitsman, Mayor
ATTEST:
Sandra A. Thackeray, City Clerk
Minutes of the meeting of the City of Elk River adopting this resolution are attached hereto
and made a part hereof.