RES 95-5 EDA RESOLUTION 95-5
A RESOLUTION OF THE ECONOMIC DEVELOPMENT AUTHORITY
• A RESOLUTION REQUESTING THAT CENTRAL MINNESOTA DEVELOPMENT
COMPANY EXTEND ITS SERVICE TERRITORY TO INCLUDE THE CORPORATE
LIMITS OF ELK RIVER, MINNESOTA
WHEREAS, the Central Minnesota Development Company(CMDC)is a private,not-
for- profit organization which pre-screens, packages, and processes Small
Business Administration 504 loans for businesses in Anoka County, and;
WHEREAS, in 1992, CMDC shareholders apptoved a change in its by-laws which
enables CMDC to provide SBA loan processing to other communities and
counties upon request, and;
WHEREAS, the Economic Development Authority for the City of Elk River(EDA)is a
public body corporate and politic that possesses the powers necessary or
convenient to carry out the objectives of pro-active economic development
as provided by Minnesota Statute, and;
WHEREAS, a fundamental objective of the Elk River EDA is to provide financing
assistance to support the expansion, consolidation, or relocation plans of
small businesses in the community, and;
WHEREAS, a primary financing program to support this objective is the SBA 504 loan
program, and;
WHEREAS, a locally-oriented not-for-profit organization similar to CMDC does not
exist in Elk River or in Sherburne County.
NOW,THEREFORE, BE IT RESOLVED by the Economic Development Authority for
the City of Elk River that:
1. The EDA supports the goal of providing small businesses in Elk River with
improved access to SBA loan programs.
2. The EDA hereby requests that CMDC provide SBA loan processing to
new or expanding businesses in the City of Elk River.
Passed and adopted by the Economic Development Authority for the City of Elk River
this 13th day of Nov-mber, 19
Je r1k �I G9go I; Pre 'dent
Elk River Economic Development Authority
ATTEST:
• 41_61/1"1.,--N 1724447t---
William Rubin, Executive Director
Elk River Economic Development Authority
s:V.soluti\eda95-5.doe