RES 10-05 EDARESOLUTION I 0 - 05
A RESOLUTION OF THE ECONOMIC DEVELOPMENT AUTHORITY
A RESOLUTION AUTHORIZING A TRANSFER FROM THE EDA DTED
FUND TO THE MICRO LOAN FUND
WHEREAS, in April 3, 2003 the City of Elk River was awarded a $200,000 Small Cities
Development Program MN Investment Fund grant from MN Department of Trade &
Economic Development (DTED) for the purpose of providing a loan to Sportech, Inc. for
business expansion, and,
WHEREAS, DTED approved the City's request through Resolution 03-20 designating the
Economic Development Authority (EDA) as the Local Development Organization and the
EDA established the DTED Fund on July 21, 2003, and,
WHEREAS, DTED has completed its final audit of the fund, and Sportech, Inc. has
repaid the loan in full, and,
WHEREAS, The EDA has reviewed the request to transfer the DTED Fund for the
purpose of financing community and economic development needs and determined it to be
• a sound financial practice; and,
WHEREAS, It has been determined that an amount $214,493.16 will be transferred out of
the DTED Fund to provide additional community and economic development funding
through the policy and guidelines of the Micro Loan Fund;
NOW, THEREFORE, BE IT RESOLVED that the Economic Development Authority
of the City of Elk River makes the following transfer of funds from the DTED Fund:
Micro Loan Fund $214,493.16
Passed and adopted this 11t'' day of October 2010.
Ron Touchette, EDA President
ATTEST:
• Catherine Mehelich, Executive Director
N:\Depaztments\Community Development\Economic Development\Resolutions\2010\EDADT'EDtransfer.doc