6.0. EDSR 05-12-2003 ITEM # 6.
•
City of
Elk -�-�
River
MEMORANDUM
TO: Economic Development Authority
FROM: Catherine Mehelich, Director of Economic Development
DATE: May 12, 2003
SUBJECT: Sportech Expansion Project Update
Attachment
* Correspondence from DTED Commissioner dated April 18, 2003.
In early April staff submitted the completed MN Investment Fund grant application request
• of$200,000 to the MN Department of Trade & Economic Development. The grant will be
used by the city to provide a loan to Sportech to assist with the company's expansion
project.
The attached letter from DTED Commissioner, Matt Kramer confirmed the grant approval
and award to the city. Similar notice was also provided to the city's legislative
representatives.
Staff is currently working with DTED and Sportech on the appropriate grant and loan
agreements. In addition,a recognition event is being planned for the last week in May.
•
v\\,i v E S 07.
409
10-Trade & ,
conomic
Development
April 1 S. 2003
The Honorable Stephanie Klinzing
Mayor. City of Elk River
13065 Orono Parkway
Elk River, MN 55330
Dear Mayor Klinzing:
I am pleased to inform you that the City of Elk Rivers' application for a Small
Cities Economic Development Set-Aside grant has been approved. As outlined
in the approved application, the city will make a loan of$200,000 to Sportech.
Inc. to assist with the company's expansion plans.
A grant agreement is being prepared by the Business and Community
Development Division staff. They will also provide you with additional
• information about your grant award to help you achieve your economic
development goals.
Also, please note that your approved application becomes part of the grant
agreement. For additional information, contact Paul A. Moe. Director of
Business Finance, at 651/297-1391. -
Finally, let me extend my congratulations to you and your staff for developing a
successful project application to help address your community and economic
development needs.
Sincerely.
4/1%ti\- --\.
Matt Kramer
Commissioner
•
coo Metro Squarc ■ 121 7th Place .5t • Si. P L. Minnesota 55101-2146 ■ USA
www.dted state.mmus 651.297-1291 ■ 800 657 3858 • h?E;6533t-,4-4772 • TTY/TDD 800-627-3529
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