EDA RES 26-02City of Elk River
Economic Development Authority
Resolution 26-02
A Resolution of the Economic Development Authority of the City of Elk River
Commit Matching Funds for Grant Application.
WHEREAS, the Minnesota Innovative Business Development Public Infrastructure
grant program provides funds up to 50% to fund economic development
infrastructure needs and may be able to assist a public stormwater pipe relocation
to support the building expansion of Crystal Distribution, Inc. (CDI).
WHEREAS, the City of Elk River would be the grant applicant and would seek
$92,000 in grant funds to be matched by $150,000 in local funds to fund the
stormwater pipe construction estimated at $242,000.
WHEREAS, it is expected the local funds would be sourced from Tax Increment
Financing, land sale proceeds related to the CDI project, or a combination of both.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of
the City of Elk River, Minnesota, that it pledges $150,000 of EDA funds as local
match for this grant application and requests the City Council authorize the
submission of the application.
Passed and adopted this 17th day of February 2026.
ATTEST:
Recording Secretary