RES 17-48�= City of Elk River
ver City Council
Resolution 17- 48
A Resolution of the City Council of the City of Elk River Approving an EDA
Fund Transfer to the jobs Incentive Microloan Program Fund from the
Reserve Fund
WHEREAS, The Economic Development Authority of the City of Elk River (the "EDA")
has created and maintains a reserve fund (the "Reserve Fund"); and
WHEREAS, The EDA has created and maintains a fund for the Jobs Incentive Microloan
Program (the "Jobs Incentive Microloan Fund"); and
WHEREAS, The purpose of the Jobs Incentive Microloan Fund is to encourage the creation
of high paying and quality jobs in the city by assisting existing businesses with expansion and
attract new businesses with local operations to expand the local economy; and
WHEREAS, The Jobs Incentive Microloan Fund needs $66,000 to fulfill a potential loan
request; and
WHEREAS, The EDA desires to make a transfer in the amount of $66,000 from the reserve
Fund to the Jobs Incentive Microloan Fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River, Minnesota, as follows: approve a transfer in the amount of $66,000 from the EDA's
Reserve Fund to the EDA's Jobs Incentive Microloan Fund.
City staff and EDA staff and consultants are authorized and directed to take all actions
necessary to effectuate the transfer.
Passed and adopted this 5`h day of September, 2017. `�ww
J 4A J. Aetz, MaFt
ATTEST:
4 C: I
Tina Allard, City Clerk
Plr t R I I Ir
14"A 'URE