5. EDSR 08-09-2010REQUEST FOR ACTION
fiver
To Item Number
Economic Develo ment Authori 5 .
Agenda Section .Meeting Date Prepared by
August 9, 2010 Catherine Mehelich, Director of
Economic Develo ment
Item Description Reviewed by
Consider Year 2011 EDA Budget and Resolution Establishing
EDA Levy Reviewed by
Action Requested
Staff recommends the EDA review and approves the Year 2011 EDA Budget as presented and approve
the attached Resolution Establishing the EDA Tax Levy for Collection in Year 2011. Following the
EDA's action, the City Council must approve and certify the EDA and HRA levies to Sherburne County
in September.
Background/Discussion
The Economic Development Division consists of two separate budgets including:
• Economic Development Authority
• Housing & Redevelopment Authority
Revenues
Since 2003 the EDA and HRA levies have been enough to balance the Economic Development Division
without City General Fund revenues. Revenues generated from the EDA tax levy for 2011 budget
purposes are estimated based on a 3% decrease in taxable market value according to preliminary
information provided by the Sherburne County Assessor and is subject to change as they finalize
numbers. Other revenue sources include interest income and a $3,500 transfer in from HRA funds
toward approximately 40% of shared administrative expenses (office supplies, fuels, telephone,
travel/training).
Expenditures
The attached proposed 2011 budget was developed with the following EDA Goals in mind as indicated
in the attached 2009-2012 Strategic Plan Action Steps:
• Expand city's inventory of available commercial and/or industrial park land for future development
• Continue to implement the Strategic Industrial Marketing Plan strategies with focus on
brokers/developers, medium-large light industrial users, and business retention & expansion
• Identify desired image and create a branding plan that reflects Elk River brand/image
The expenses for the above referenced goals are primarily reflected in the Legal, Professional Services,
and Advertising/Marketing budget line items. The increase in Travel, Conferences & Schools line item is
attributed to continuing education elected by the Economic Development Assistant, in which the city
provides 75% tuition reimbursement up to $3,000 per the city's personnel policy. The proposed budget
N:\Departments\Community Development\Economic Development\EDA to move\Agenda\EDA Budget\08 09 10 Action Requested EDA
budget.doc
also indicates an increase in the Transfer out to General Fund for shared administrative/personnel
services.
In 2004 the Personal Services costs were adjusted from 70/30 percent EDA and HRA respectively to
60/40 percent due to staff time allotted to the downtown construction project and redevelopment
planning. It is proposed that this continue in 2011 due to staff time spent on Neighborhood Stabilization.
Program (NSP) implementation and the anticipated Downtown Redevelopment Plan.
Initiative Foundation Annual Contribution Request
Information about the Initiative Foundation's 2011 request of $5,000 is attached. Similar to the last year,
the 2011 proposed budget does not include a contribution to the Initiative Foundation. Prior to 2007, the
EDA had made a series of annual contributions of $2,500 to the Initiative Foundation. However, over
the years the EDA's involvement with the Foundation has decreased with the lack of participation in the
Foundation's Seed Capital Fund program and the EDA's closure of the Business Incubator program in
2005. If the EDA chooses to include an annual contribution, it should be understood that this is an
ongoing request as part of the Foundation's 5-year capital fundraising program, after which funding needs
are evaluated and a new 5-year campaign initiated.
In 2008 the EDA adopted a Fund Balance Policy to designate a percentage of its cash fund balance at the
end of each year toward an EDA Development Project Account. This account is intended to be used by
the EDA for development expenses such as land acquisition and related assembly costs for future
commercial/industrial parks.
Information -Related EDA Program Fund Balance
In addition to its operating budget the EDA has accessed the following various funds for specific
economic development projects (recent balance sheets attached):
• EDA Micro Loan Fund with a cash balance of $887,165
• EDA DIED Loan with a cash balance of $214,493 (derived from 2003 federal grant for Sportech
expansion)
• City DEED Loan with a cash balance of $241,733 (derived from 2008 federal grant for Sportech
expansion)
• City Development Fund with a cash balance of $222,212 (City-controlled fund for capital projects
such as Northstar Business Park and Gateway Business Park)
Attachments
• Budget Worksheet -Proposed 2011 EDA Revenue & Expenditures
• Resolution Establishing the EDA Levy fox Collection in Year 2011
• Balance Sheet for EDA related Project Accounts as of July 31, 2010
• 2009-2012 Economic Development Strategic Plan Action Steps
• Initiative Foundation -Year 2011 Request for Financial Contribution
Action Motion by Second by Vote
Follow Up
N:\Departments\Community Development\Economic Development\EDA to move\Agenda\EDA Budget\08 09 10 Action Requested EDA
budget.doc
8-05'-203002:14 PM --- CITY OF ELK -RIVER ~ . PAGE: 1-: -~-: '-
PROPOSED BUDGET WORKSHEET
AS OF: JULY 31ST, 2010
920-EDA
' REVENUES
2007 2008
ACTUAL ACTUAL
{--'------------ 2010 ---------------) ~---------- 2011 ---------)
2009 APPROVED CURRENT Y-T-D REQUESTED CITY ADMIN
ACTUAL BUDGET BUDGET ACTUAL BUDGET BUDGET
EDA
Taxes
920-3-0000-3111 Current Ad Valorem Taxes
TOTAL Taxes
Intergovernmental Rev
920-3-0000-3322 MV Credit
920-3-0000-3342 Other Local Grants
TOTAL Intergovernmental Rev
Other Revenue
920-3-0000-3621 Interest Income
920-3-0000-3629 Miscellaneous Revenue
TOTAL Other Revenue
Transfers In
920-3-0000-3949 Transfer-HRA
TOTAL Transfers In
TOTAL EDA
TOTAL REVENUES
347,957 381,818 387,380 383,600 383,600 188,554 375,900 0
347,957 381,818 387,380 383,600 383,600 188,554 375,900 0
15,114 8,295 8,997 0 0 0 0 0
0 0 1,500 0 0 0 0 0
15,114 8,295 10,497 0 0 0 0 0
25,384 24,478 12,421 20,500 20,500 5,017 15,000 0
0 91 0 0 0 190 0 0
25,384 24,569 12,421 20,500 20,500 5,207 15,000 0
3,500 3,500 3,500 3,500 3,500 3,500 3,500 0
3,500 3,500 3,500 3,500 3,500 3,500 3,500 0
391,955 418,181 413,798 407,600 407,600 197,261 394,400 0
391,955 418,181 413,798 407,600 407,600 197,261 394,400 0
B-OS-2
B-OS-2010 02:14 PM
920-EDP.
920-EDA
Economi
Economic Development
EXPENDI
EXPENDITURES
CITY OF ELK RIVER
PROPOSED BUDGET WORKSHEET
AS OF: SULY 31ST, 2010
2007 2008
ACTUAL ACTUAL
...,.. _.... .......PAGE: 2 _.............,.
(- ----- 2010 -----------------)(---------- 2011 --- )
2009 APPROVED CURRENT Y-T-D REQUESTED CITY ADMIN
ACTUAL BUDGET BUDGET ACTUAL BUDGET BUDGET
J
TOTA
Personal Services
Transfe
920-4-6210-4101 Regular Pay
920-4-6 920-4-6210-4102 Overtime Pay
TOTA 920-4-6210-4103 Part-time Pay
920-4-6210-4104 PERA
920-4-6210-4105 FICA
TOTA
920-4-6210-4107 Medicare
920-4-6210-4108 Insurance
920-4-6210-4109 Workers Comp
TOTAL E
TOTAL Personal Services
Supplies
REVENUE 920-4-6210-4201 Office Supplies
Office supplies 0
920-4-6210-4212 Fuels & Lubs
TOTAL Supplies
Other Services & Charges
920-4-6210-4304 Legal Fees
Misc. 0
920-4-6210-4319 Other Professional Services
Mktg Brand Plan 0
920-4-6210-4321 Telephone
920-4-6210-4322 Postage
920-4-6210-4331 Travel, Conferences & Schools
Misc. training 0
Tuition reimbursement 0
920-4-6210-4349 Advertising/Marketing
Web site design 0
Community profiles 0
Advertising (production) 0
Newsletter/direct mail 0
Rotary 0
BRE lunches 0
Promo items 0
Special events 0
MNCAR Exchange 0
920-4-6210-4359 Publishing
920-4-6210-4361 Insurance
920-4-6210-4433 Dues & Subscriptions
EDAM 0
Chamber 0
NAIOP 0
Subscriptions 0
MISC. 0
920-4-6210-4440 Miscellaneous
75,820 68,653 79,740
0 55 0
12,600 12,599 12,604
4,690 4,651 5,615
4,408 4,385 5,044
834 1,025 1,180
9,648 8,081 7,320
270 258 354
108,270 99,707 111,857
2,576 3,634 2,060
0.00
37 97 0
2,613 3,731 2,060
223 6,455 0
0.00
1,865 4,073 87,102
0.00
0 0 0
858 843 737
2,249 8,538 10,014
0.00
0.00
11,163 17,049 16,074
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
156 689 248
197 209 146
1,499 1,382 2,498
0.00
0.00
0.00
0.00
0.00
8,500 6,000 49
79,850 79,850 31,019 79,850 0
0 0 0 0 0
12,600 12,600 5,252 12,600 0
6,100 6,100 2,501 6,300 0
5,750 5,750 2,210 5,750 0
1,350 1,350 522 1,350 0
9,800 9,800 2,754 6,950 0
350 350 196 400 0
115,800 115,800 44,453 113,200 0
4,000 4,000 1,723 2,700 0
2,700
150 150 0 0 0
4,150 4,150 1,723 2,700 0
10,000 10,000 0 10,000 0
10,000
58,000 58,000 14,146 60,000 0
60,000
200 200 100 200 0
2,000 2,000 330 2,000 0
5,000 5,000 3,419 8,500 0
5,500
3,000
58,100 58,100 18,313 35,000 0
1,000
1,700
10,000
7,000
700
800
4,000
8,000
1,800
200 200 0 300 0
200 200 0 150 0
1,700 1,700 1,029 2,000 0
550
250
400
500
300
6,000 6,000 6,000 6,000 0
RESOLUTION 10 -
A RESOLUTION OF THE ELK RIVER
ECONOMIC DEVELOPMENT AUTHORITY
A RESOLUTION ESTABLISHING THE TAX LEVY FOR THE ELK RIVER
ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF
ELK RIVER, MINNESOTA
WHEREAS, Minnesota Statutes, Section 469.107, Subdivision 1, authorizes the
Economic Development Authority to levy an amount not to exceed
.01813 percent of the taxable market value in the city to fund the
Authority's anticipated budget needs for the fiscal year 2011; and,
WHEREAS, the Elk River Economic Development Authority will adopt and approve
its budget and will forward such to the City of Elk River pursuant to
Minnesota Statutes, Section 469.100, Subdivision 2.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in
and for the City of Elk River, Minnesota, that it hereby requests the City Council of the City
of Elk River to levy a tax in the amount of .01813 percent of the taxable market value in the
city for the year 2011 for the benefit of the Authority to be used for Economic
Development Authority purposes as provided by the statute.
Passed and adopted by the Elk River Economic Development Authority this 9t'' day of
August, 2010.
Ron Touchette, EDA President
ATTEST:
Catherine Mehelich, EDA Executive Director
N:\Depaxtments\Community Development\Economic Development\EDA to move\Agenda\EDA Budget\EDALEV2011 Resol.doc
8-03-2010 02:04 PM CITY OF ELK RIVER PAGE: 1
BALANCE SHEET
AS OF: JULY 31ST, 2010
^ 240-MICRO LOAN FUND
ACCOUNT # ACCOUNT DESCRIPTION
ASSETS
240-1010 Cash - Micro Loan Fund
240-1150 ACCOUnts Receivable
240-1190 Notes Receivable
TOTAL ASSETS
LIABILITIES
240-2080 Due to Other Governments
240-2220 Deferred Revenue
TOTAL LIABILITIES
EQUITY
240-2400 Fund Balance
TOTAL BEGINNING EQUITY
BALANCE
887,165.14
50,000.00
557,065.18
1,494,230.32
106,695.99
450,369.19
557,065.18
902,266.09
902,266.09
TOTAL REVENUE 34,899.05
TOTAL REVENUE OVER/(UNDER) EXPENSES 34,899.05
TOTAL EQUITY & REV. OVER/(UNDER) EXP.
937,165.14
1,494,230.32
--------------
--------------
TOTAL LIABILITIES, EQUITY & REV.OVER/(UNDER) EXP. 1,494,230.32
8-03-2010 02:04 PM CITY OF ELK RIVER PAGE: 1
BALANCE SHEET
AS OF: JULY 31ST, 2010
921-EDA DTED
ACCOUNT # ACCOUNT DESCRIPTION
BALANCE
ASSETS
921-1010 Cash - EDA DIED
214,493.16
214,493.16
TOTAL ASSETS
LIABILITIES
EQUITY
921-2400 Fund Balance 214,340.47
TOTAL BEGINNING EQUITY 214,340.47
TOTAL REVENUE 152.69
TOTAL REVENUE OVER/(UNDER) EXPENSES 152.69
TOTAL EQUITY & REV. OVER/(UNDER) EXP. 214,493.16
TOTAL LIABILITIES, EQUITY & REV.OVER/(UNDER) EXP.
214,493.16
214,493.16
8-03-2010 02:04 PM CITY OF ELK RIVER PAGE: 1
BALANCE SHEET
AS OF: JULY 31ST, 2010
241-DEED LOAN FUND
ACCOUNT # ACCOUNT DESCRIPTION
BALANCE
ASSETS
241-1010 Cash - DIED Loan
241-1190 Notes Receivable
TOTAL ASSETS
LIABILITIES
EQUITY
241-2400 Fund Balance
TOTAL BEGINNING EQUITY
TOTAL REVENUE
TOTAL REVENUE OVER/(UNDER) EXPENSES
TOTAL EQUITY & REV. OVER/(UNDER) EXP.
241,733.87
430,465.72
672,199.59
662,493.78
662,493.78
9,705.81
9,705.81
672,199.59
672,199.59
TOTAL LIABILITIES, EQUITY & REV.OVER/(UNDER) EXP. 672,199.59
8-03-2010 02:04 PM CITY OF ELK RIVER PAGE: 1
BALANCE SHEET
AS OF: JULY 31ST, 2010
245-DEVELOPMENT FUND
ACCOUNT # ACCOUNT DESCRIPTION
ASSETS
245-1010 Cash - Development Fund
245-1150 Accounts Receivable
245-1310 Due From Other Funds
BALANCE
222,212.96
108,583.19
166,715.10
497,511.25
TOTAL ASSETS
LIABILITIES
EQUITY
245-2400 Fund Balance 445,544.93
TOTAL BEGINNING EQUITY 445,544.93
TOTAL REVENUE 222,866.49
TOTAL EXPENSES 170,900.17
TOTAL REVENUE OVER/(UNDER) EXPENSES 51,966.32
TOTAL EQUITY & REV. OVER/(UNDER) EXP. 497,511.25
TOTAL LIABILITIES, EQUITY & REV.OVER/(UNDER) EXP.
497,511.25
497,511.25
2009-2012 Economic Development Strategic Plan
Proposed Action Steps
Issue: Industrial Development
Objective: Attract new businesses & expand existing businesses to increase the city's
industrial tax base
Action Steps:
- Expand City's inventory of available C/I land for development.
• Evaluate current inventory of available C/I land.
• Define desired C/I market and rank by priority.
• Conduct research on site amenities required for target markets.
• Identify sites that meet site requirements.
• Evaluate assembly options (ownership, improvements, financing, etc)
• Evaluate financing and focused marketing tools to attract target market.
- Develop a Business Resource Directory highlighting services available from various
partner agencies for start-ups, expansion and relocations. Consider partnering with
Chamber to host Business Resource Expo.
- Enhance and promote TIF, Tax Abatement and Micro Loan programs for eligible
development and redevelopment projects.
- Evaluate and consider fresh approach to consistent marketing image as "The Light
Industrial Hub of the Northwest Metro", materials and methods.
- Maintain and build networks with banks, brokers/developers, chamber, existing
businesses, media and others.
- Maintain annual Business Retention & Expansion visits to manufacturers with
participation from elected/appointed officials.
- Consider DEED's Shovel-Ready Site Certification Program for marketing sites.
- Utilize DEED's Manufacturing Week to showcase existing firms.
- Conduct annual update of Retail Trade Analysis with Uof1V1 Extension Service and
share results with Chamber and business community.
- Maintain marketing participation with the Energy City program to educate existing
business community and recruitment tool for energy-related businesses.
- Consider viability of Business Incubator Program (tenant mix, financing, space).
Issue: Rehabilitation & Redevelopment
Objective: Facilitate rehabilitation and redevelopment of deteriorating commercial
and residential areas.
Action Steps:
- Resume and complete long range master plan for guiding vision of the greater
downtown area. Design connections (to river, businesses, Lions Park, schools,
etc.)
- Joint discussion to determine role of HRA/City/EDA in redevelopment (who
leads in identifying potential areas in need of rehab or redevelopment?).
Empower HRA/EDA to look critically at potential redevelopment areas.
- Examine available financing tools -both for public & private redevelopment.
- Encourage filling vacant C/I space with compatible businesses.
~ Utilize MNCAR/MetroMSP to manage data of available C/I (sale or lease).
• Host a property manager/broker open house to share listing resources.
~ Maintain "Business Development" presence on main city web page.
~ Consider expanding EDA Micro Loan program citywide for to encourage
filling vacant retail/service properties.
• Encourage and partner with Chamber to conduct Business Retention &
Expansion program focused on retaillservice businesses.
• Evaluate potential barriers and options to encourage business relocations (e.g.
ordinances, fees, SAC/WAC rates)
- Identify patterns of vacancy rates to identify areas for potential redevelopment.
- Maintain foreclosure information to monitor and address neighborhood issues.
Evaluate resources to address issue (e.g. NSP).
- Conduct Housing Market Study to identify gaps in market, identify priorities, and
role in addressing housing needs (after 2010 census?)
- Identify, preserve and maintain prime commercial areas for future development.
Ensure tools in place to attract desired development (e.g. ordinances).
Issue: Community Image & Marketing
Objective: Identify desired image and strategies to effect necessary changes
Action Steps:
- Joint discussion to determine role of EDA/HRA/Council to define and marlcet
citywide image (who leads?)
- Determine best approach or a structure to develop the community's vision.
- Create marketing plan that reflects Elk River brand/image in a way that
complements other local efforts to promote the city internally and externally
(Chamber, School, County).
Issue: Transportation
Objective: Advocate proactive transportation planning and improvements that
complement economic growth.
Action Steps:
- Undertake a local proactive advocacy role to generate improvements
• Consider connections, service roads within developments
• Limit development by land use (interim uses to preserve future corridors)
• Make necessary improvements to existing roads.
• Consider alternative routes for east/west connections (partner regionally)
• Encourage service drives along new commercial areas (e.g. East Hwy 10)
- Consider transportation improvements in areas with redevelopment/development
opportunities.
- Consider transportation connections/traffic flow for problem areas.
- Maintain reasonable accessibility for businesses along Highways 10 and 169
- Support the City's Transportation Plan; support the Planning and Public
Works/Engineering staff in the Plan's implementation.
Initiative
FOUNDATION
www.ifound.org
Ms. Catherine Mehelich
Economic Development Authority
13065 Orono Pkwy NW
Elk River, MN 55330-5600
RE: 2011 Budget Request for Initiative Foundation Support of $5,000.
Dear Ms. Mehelich,
June 25, 2010
The past two years will be "writ large" in our hearts and minds for generations to come. As we continue to navigate in
the wake of an economic storm; it is gratifying to see signs of recovery. With the help and support of many central
Minnesota friends, the Initiative Foundation has provided technical assistance to struggling businesses, focused our
discretionary grant-making on helping displaced workers and families in crisis, and worked hard to continue providing
loans and support to get the economy back on track.
Sadly, like many of you, we were forced to accomplish this while freezing salaries for a second consecutive year,
reducing staff levels, setting aside important and long-planned projects, and furloughing hours for a number of our
employees. But as ever ... we are still here and still fighting for central Minnesota's home towns!
As we continue working together to build strong communities with vibrant local economies, please be mindful of the
Initiative Foundation's impact on you and your constituents (details are enclosed):
• Our business financing programs have helped to secure 380 quality jobs in Sherburne County.
• Leadership programs and grants have encouraged citizen engagement, provided a safety net for important
nonprofit organizations, and helped preserve the region's precious natural resources.
• Early childhood and youth leadership efforts helped prepare central Minnesota's future workforce.
• Donors in Sherburne County have received a 449% return on their Initiative Foundation investments, in the
form of grants and economic development loans.
We've been serving the City of Elk River and all of Sherburne County for nearlytwenty-five years with a mission that
demands nothing more-and nothing less-than healthy, sustainable communities. Will you help us continue this
important work? Please note especially that your gift will leverage an immediate dollar for-dollar match from The
McKnight Foundation!
We respectfully ask that you consider our request for $5,000 from the City of Elk River in 2011.
Thank you for your consideration!
i~cerelyn
,d,
~~
urt Hanson
Vice President for Donor Services
cc: Lee Hanson, Chair, Initiative Foundation Board of Trustees
Kathy Gaalswyk, President
Enclosures
405 First St. SF Little Fa(Is; MN 56345 320.632.9255 Equaf Opportunity Lender, Provider and Employer
INITIATIVE
FOUNDATION
FOUNDATION FACTS
Mission: To unlock the power of central
Minnesota people to build and sustain healthy
communities.
IMPACT UPDATE
Benton • 97 grants totaling $354,690.
COUnty • 34 loans totaling $2,689,480.
. Created or retained 958 jobs.
. $19,253,875 in private leverage.
Kanabec . 65 grants totaling $482,047.
COUnty • 17 loans totaling $256,328.
. Created or retained 99 jobs.
• $820,600 in private leverage.
Key Focus Areas for 2007-2012: Ca88
COUnt~/ •255 grants totaling $1,606,362.
• 43 loans totaling $1,727,214. Mille Lacs
COUnt~/ • 138 grants totaling $776,404.
• 117 scholarships totaling $110,214.
Economic Opportunity
• Key Places & Natural Resources .Created or retained 350 jobs. . 76 loans totaling $1,997,651.
• Children
Youth & Families . $12,303,321 in private leverage. .Created or retained 610 jobs.
, • $8,578,956 in private leverage.
• Or anizational Effectiveness
g Princeton Economic Development
• Fund Development OnamiaEconomicDevelopment
Isle Area Community Foundation
History: Established in 1986 by The McKnight Chisa O •123 grants totaling $821,134. Morrison • 292 grants totaling $1,358,139.
Foundation to address COUnt~/
- • 28 loans totaling $1,452,900.
' County • 166 scholarships totaling $189,289.
human and economic needs in Central .Created or retained 322
obs.
~
. $7,262,018 in private leverage.
75 loans totaling $3,603,804.
.Created or retained 998 jobs.
Minnesota. The Foundation is an independent, . $44,342,611 in private leverage.
nonprofit philanthropic organization. Morrison county Area Foundation
Shawn Grinner Memorial Scholarship Fund
Activities: Crow Wing • 422 grants totaling $2,454,649. Pine .158 grants totaling $870,347.
• Gap-lending for new and expanding COUnt~/ • 4 scholarships totaling $4,000. COUntj/ • 34 loans totaling $1,365,090.
businesses. .149 loans totaling $5,584,450. .Created or retained 452 jobs.
• Grants for community and economic ~ • Created or retained 1,534 jobs. . $7,756,517 in private leverage.
development activities. • $27,078,860 in private leverage. Greater Pine area Endowment
Leadership training to build the
• BettyForoMenzelScholershipFund
capacity of communities
• Fundraising programs to support the Isantl • 160 grants totaling $627,251. Sherburne • 203 grants totaling $819,594.
Foundation and increase the level of COUnty • 37 loans totaling $1,777,500. COUnty ' 180 scholarships totaling $108,725.
philanthropy in Central Minnesota. .Created or retained 22s jobs. . 39 loans totaling $2,510,000.
. $15,761,116 in private leverage. .Created or retained 380 jobs.
. $15,262,955 in private leverage.
Three Rivers Community Foundation
Stearns • 607 grants totaling $4,212,804.
COUnt~/ • 128 loans totaling $7,265,212.
. Created or retained 1,476 jobs.
. $34,326,040 in private leverage.
Todd ' 210 grants totaling $1,274,030.
COUnt ' 131 scholarships totaling $46,525.
y • 65 loans totaling $1,479,759.
. Created or retained 855 jobs.
• $8,076,725 in private leverage.
Todd-Wadena ED Loan Fund
Wadena • 115 grants totaling $770,645.
COUnt~/ • 63 loans totaling $2,051,940.
• Created or retained 757 jobs.
. $14,575,184 in private leverage.
Menehga ED Loan Fund
Wright ' 189 grants totaling $1,016,984.
. 58 loans totaling $3,165,212.
COUnt~/ .Created or retained 950 jobs.
. $19,808,635 in private leverage.
Staples Community Foundation
REGIONAL IMPACT
Since inception, the Initiative Foundation has:
. Made 3,208 grants totaling $20 million.
. Awarded 598 scholarships totaling $445,920.
. Made 846 loans totaling $36.9 million.
. Leveraged over $235.2 million in private business investment.
. Created/retained over 10,290 jobs.
. Provided training and assistance to:
.1,611 people (129 communities) through the Healthy Communities Partnership program.;
. 938 people (109 nonprofit organizations) through the Healthy Organizations Partnership program;
.1,407 people (199 lake associations) through the Healthy Lakes and Rivers Partnership program;
. 825 people (15 early childhood and 2 early childhood mental health community coalitions) through
the Early Childhood Initiative;
.111 people through the Inside-Out Connections program.
Initiative Foundation
405 First Street SE
Little Falls, MN 56345
Phone: 320-632-9255
Toll-free: 877-632-9255
Fax: 320-632-9258
www. ifound.org 3/31 /10
Projects :Funded in Sherburne County
(through 3/31/10).
RECENT GRANTS AWARDED....
ORGANIZATION NAME
CY 2010
Baldwin Township, Sherbume County
City of Elk River Economic Development Authority
FCY 2009
Caring Rivers United Way, Elk River
City of Elk River Economic Development Authority
Elk River School District
Friends of the Elk River Library'
Saran Lutheran Church, Big Lake
FY 2008
Caring Rivers United Way, Elk River
Central Lutheran Church, Etk River *
City of Big Lake
City of Big Lake
Gommand Performance Choirs, Elk River *
Community Chest Foundation, Rogers *
Elk River Area Arts Alliance *
Elk. River School District *
Elk River School District *
Elk River School District *
Elk River Senior Center
Elk River YMCA
Friends of Sherbume National Wildlife Refuge, Zimmerman
Ivan Sand Community School, Elk River *
New pathways, Inc., Cambridge
Palmer Township, Clear Lake
RiteCare Clinic, Elk River *
Sherburne County Social Services, Elk River *
The 2001 Committee, Inc., Elk River *
FY 2007
Caring Rivers United Way, Elk River
Caring Rivers United Way, Elk River
Central Lutheran Church, Elk River *
City of Big Lake
Command Performance Choirs, Elk River "*
Elk River School District **
Faith in Action in Greater Sherburne County, Big Lake
Hoofbeats and Heartbeats, Inc., Elk River
Rogers School District **
Sherburne County Social Services, Elk River
FY 2006
Boys & Girls Club of Elk River *
Caring Rivers United Way, :Elk River
Elk River Area Arts Alliance *
Faith in Action in Sherbume County *
Palmer Township, Glear Lake
Sherburne Soil & Water Conservation District
Special Olympics of Elk River
,~
INITIATIWE
FOUNDATION
PROJECT TITLE AMOUNT
Healthy Community Partnership Training $10,000
4th Annual Energy Expo 1,000
Communication and Outreach 2,500
Economic Development Certification 1;500
Elk River Area Early Childhood Coalition 10,000
Display Wall for Children's Area & Books 3,000
Hospitality Committee Famiry Outreach 1,000.
"The Next Best Thing" Community Forum 1,000
Community Thanksgiving Dinner 1,500
Eco. Devo. Finance Professional Certification 2,000
Transit Oriented Development Planning Svcs. 5,000
Spring Chorale Series 1,000.
Setf Protection Classes 1,435
Main Street Storefront 2,000
Alcohol Awareness and Prevention 2,500
Arts Magnet Program 2,500
LEGO Mindstorms 1,700
Fitness Equipment 2,000
Leaders Club 5,000
Fund Development Planning and. Training 2.,500
Music Lab with Michael Monroe 1,400
Building Phone Conferencing Capacity 2,500
Water Quality Data Summit 1.,000
Video Modeling 1,000
National Youth Behavior Mod cation Program 1,865
.Promote Civic Engagement 1,000
Healthy Organizations Partnership (Multi-year) 5,500
Maximizing the Potential of Our Community Forum 1,000
Assistance for the Homeless 200
Enterprise Network System Analysis 7,500
Girls Choir 1,000
Professional Artist Series 1,800
Ongoing Support 5,000
Indoor Riding Arena 3,700.:
Guest Artist from the. Clay Empire 1,500
Volunteer Bridge information and Referral 2,000
Youth in Community Program 1,600
Demographic Community Forum 500.
Art Crawl of Mississippi River Artists 1,700
Caregiver Program 1,600
Township P!anrirg 2,500
Briggs Lake Chain Water Sampling & Poll. Prevention 5,000
Special Olympics Team 1,600.
FY 2006 -PRESENT (43): $111,600
PRIOR YEARS (160): $707,994
TOTAL GRANTS (203):.. .$819,594
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SCHOLARSHIPS AWARDED ...
-FUND NAME
CY 2010
Powell Scholarship Fund*
Zimmerman Lions PT0*
FCY 2009
Charity Evenson Memoriai*
Powell Scholarship Fund*
Three Rivers Community Foundation*
Zimmerman Lions PT0*
FY 2008
Charity Evenson Memorial'
Powell ScholarshipFund*
Three Rivers Community Foundation*
Zimmerman Lions PTO"
FY 2007
Charity Evenson Memorial*
Charity Evenson Memorial*
Powell Scholarship Fund*
Three Rivers. Community Foundation*
Zimmerman Lions PTO*
FY 2006
Powell Scholarship Fund*
Zimmerman Lions PTO*
FY 2005
Charity Evenson Memorial *
Charity Evenson Memorial*
Charity Evenson Memorial*
Charity Evenson Memorial*
Charity Evenson Memorat*
Charity Eventon Memorial*
Powell Scholarship Fund*
Zimmerman Lions PTO*
RECIPIENT/COMMUNITY AMOUNT
2010 Award $500
Westwood Elementary (1 award) 750
2009 Awards (5) 2.,500
2009 Award 500
2009 Awards (11) 11,000
2009 Award 500
2008 Awards (6) 3,000
2008 Award 500
2008 Awards (19) 20,000
Westwood Elementary (4 awards) 800
2007 Awards (8) 4,000
2006 Awards (8) 4,000
2007 Award 500
2007 Awards (20) 22,000
Westwood Elementary (4 awards) 800'
Elk River High School 250
Westwood Elementary (4 awards) 725
Additiona12005 Awards (8) 4,000
Anoka Technical College 500
Crown College (3 awards) 9,500
Northwestern College 50p
St. Cloud State University 500
University of Minnesota (2 awards) 1,000
Elk River High School (2 awards) 500
Zimmerman Elementary (4 awards) 725.
FY 2005 -PRESENT (118): $81,550
PRIOR YEARS (62): $27,175
TOTAL SCHOLARSHIPS 180 • $108 725
( )•
* Denotes grant and scholarship awards made by the Three Rivers Community Foundation,
a component fund of the Jnitiative Foundation, which serves needs and opportunities
generally within Independent School District #728.
** Denotes grant awards made by The Josh Richardson Youth Arts Fund memorializing Josh Richardson
by engaging Three Rivers area youth in art activities and exposing them to art education.
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RECENT BUSINESS FINANCING INVESTMENTS:
BUSINESS NAME BUSINESS TYPE LOAN TYPE
FCY 2009
Tropical Brew, Big Lake Retail Coffee Shop Start-up
(M&I Bank, Hopkins)
FY 2008
Biomatrix, Inc., Princeton Development and Manufacturing Expansion
FY 2006
Gordon Training Center, Princeton Horse Training, Showing and Breeding Start-up
(The Bank of Elk River)
PK Partners, LLC, Elk River Distributor of W astewater Treatment Systems Expansion
(The Bank of Elk River)
FY 2005
CDC Enterprises, Inc., Elk River Plastic Duct & Insulation Development Expansion
(Peoples Bank of Commerce, Cambridge)
D's Pizza Paradise, Becker Take and Bake Pizza Expansion
(State Bank of Delano)
FY 2004
Advanced Extrusion, Inc., Becker Manufacturing Expansion
K-Netica, Elk River Software Development Expansion
FY 2003
K-Netica, Elk River Software Development Start-up
Meadow View Townhomes of Zimmerman Affordable Housing Project Start-up
FY 2002
A.J. Machinery Company, Inc., Big Lake Equipment Distributor Expansion
(The Bank of Elk River)
Advanced Extrusion, Inc., Becker Manufacturing Start-up
(Associated Bank, Plymouth)
Injection Mold Technology, Inc., Big Lake Manufacturing Expansion
(First National Bank -Elk River)
FY 2001
Cymbet Corporation, Elk River Mfg. Lithium-ion Rechargable Batteries Start-up
FY 2000
Eighth Street House, Big Lake Group Foster Home Expansion
(Buffalo National Bank)
Raymond P. Chock Trucking, Elk River Independent Truck Driver Start-up
(The Bank of Elk River)
FY 1998
Windmark, Inc., Zimmerman
(Breda Savings Bank -Breda, IA) Design/Mfg. Rescue Air Boats Start-up
FY 1996
Marketech, Inc., Elk River
(First National Bank -Elk River) Electronic Testing Service Expansion
FY 1996 -PRESENT (24): $2,161,700
PRIOR YEAR LOANS (15): $348,300
TOTAL LOANS (39): $2,510,000
Total Business Investment Leveraged: $15,262,955
Total Jobs Created or Retained: 380
GRAND TOTAL OF GRANTS, LOANS & SCHOLARSHIPS
IN SHERBURNE COUNTY $3,438,319
For business start-up and expansion projects, Initiative Foundation Business Financing
Investments meet the "gap" between the financing a local lender is able to provide and
the equity the owner is able to contribute. By offering gap financing to supplement owner
equity and taking a position as a subordinate lender, Initiative Foundation business financing
programs are a tool to help lending institutions better serve local businesses.
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