6.1 EDSR 05-19-2014 hi . Request for Action
River
To Item Number
Economic Development Authority 6.1
Agenda Section Meeting Date Prepared by
General Business May 19,2014 Brian Beeman,Director of Economic
Development
Item Description Reviewed by
Initiative Foundation Presentation Jeremy Barnhart, Deputy Director, CODD
Reviewed by
Action Requested
Hear presentation by the Initiative Foundation.
Background/Discussion
The Initiative Foundation was formed in 1986 by a partnership of regional leaders and The McKnight
Foundation. It is one of six,Minnesota Initiative Foundations (MIF) serving Greater Minnesota. Each
Foundation was created to strengthen its regional economy and communities. The MIF partners share
ideas while investing in business loans,nonprofit grants,programs,and donor services.The MIF model is
unique to Minnesota. No other U.S. state has a similar foundation network that unites community and
economic development.
The Initiative Foundation serves 14 counties in Central Minnesota, encompassing more than 700,000
residents,including the St. Cloud area and Twin Cities metro ring counties as well as Brainerd Lakes area,
and two tribal nations.
Since 1986, the Initiative Foundation has invested more than$69.4 million in the region through targeted
grants and business financing investments. Since December 31,2013 this includes:
• 4,249 grants totaling$26 million
• 704 scholarships totaling$623,172
• 904 business financing investments totaling$43.4 million, securing more than 11,956 quality jobs
• $266.5 million in private business investment leveraged
• 6,415 community leaders trained
Historically the Elk River EDA has supported the Initiative Foundation through an annual contribution
of$2,500. Sandy Voigt,Development Officer, from the Initiative Foundation,will provide an informative
presentation highlighting key contributions in the Elk River area.
Financial Impact
None
Attachments
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Initiative Foundation Presentation.docxDocumcnt2