7. EDSR 08-11-2008ITEM ~ 7.
of
fiver
MEMORANDUM
TO: Economic Development Authority
FROM: Catherine Mehelich, Director of Economic Developmen
DATE: August 11, 2008
SUBJECT: Consider Year 2009 EDA Budget and Resolution Regarding EDA Levy
and Resolution Regarding YMCA Levy
Attachments
• Budget Worksheet -Proposed 2009 EDA Revenue & Expenditures
• Initiative Foundation information
• Draft EDA Fund Balance Designation Policy and Sample Balance Sheet
• Fund Balance Sheets -Micro Loan Fund, EDA DTED Loan and Development Fund
Resolution Establishing the EDA Tax Levy for Collection in Year 2009
• Resolution Establishing the 2009 Referendum Tax Levy for YMCA
Summary
The Economic Development Division is funded through two separate budgets including:
• Economic Development Authority
• Housing & Redevelopment Authority
Revenues
Since 2003, the EDA and HRA levies have been enough to balance the Economic Development
Division without General Fund revenues. EDA revenues are estimated at 2% growth in market
value (estimated market value $2.2million) for the year 2009. Other revenue sources include interest
income and a $3,500 transfer in from HRA funds toward approximately 40% of shared
administrative expenses (office supplies, fuels, telephone and travel).
Expenditures
The budget was developed with the attached 2008-2009 EDA Goals/Projects in mind.
There are no significant changes in the proposed EDA expenditures for 2009 as indicated on the
attached Budget Worksheet. In 2004 the Personal Services costs (salaries and benefits) were
adjusted from 70/30 percent EDA and HRA respectively, to 60/40 percent due to staff time
allotted to the HRA's Downtown Revitalization Project. It is proposed that this continue in 2009.
r
Consider Year 2009 EDA Budget and Resolution Regarding EDA Levy
August 11, 2008 EDA Meeting
Page 2 of 3
Below is a line item analysis of the proposed Year 2009 expenditures for the EDA:
• Personal Services (including Commissioners compensation) $ 117,250
• Office supplies (shared with HRA) $ 2,700
• Fuels (shared with HRA) $ 150
• Legal Fees $ 10,000
• Other Professional Services $ 58,000
o Ehlers & Associates (feasibility studies, TIF runs)
o Engineering Fees (Gateway/Northstar Business Park)
o Focused Area Studies
o Update Economic Development Strategic Plan
• Telephone (shared with HRA) $ 200
• Postage $ 2,000
• Travel, Conference and Schools (shared with HRA) $ 8,700
o Economic Devel. Finance Certification fox Assistant
• Advertising/Marketing $ 58,600
o Economic Development Website
o Community Profiles (design & print)
o Advertising (production & publication)
o Newsletter/Direct Mail (4x design & print)
o News Releases (6x)
o Special Events (manufacturers week/broker event)
o Business Retention lunches
• Publishing $ 600
• Insurance $ 200
• Dues & Subscriptions $ 1,700
• Miscellaneous $ 6,000
o Chamber of Commerce July 4~' Celebration contribution
• Transfer out to General Fund (support staff, etc.) 17 000
Total EDA Year 2009 Proposed Expenditures: $283,100
Total EDA Year 2009 Proposed Revenue: 43$ 2,500
Difference $149,400
Initiative Foundation Annual Contribution Request
Information about the Initiative Foundation's 2009 request of $5,000 is attached. Sirnilar to the last
year, the 2009 proposed budget does not include a contribution to the Initiative Foundation. Prior
to 2007, the EDA had made a series of annual contributions of $2,500 to the Initiative Foundation.
However, over the years the EDA's involvement with the Foundation has decreased with the lack of
its Seed Capital Fund program and the EDA's closure of the Business Incubator program in 2005.
If the EDA chooses to include an annual contribution, it should be understood that this is an
ongoing request as part of the Foundation's 5-year capital fundraising program, after which funding
needs are evaluated and a new 5-year campaign initiated. Staff recommends this request be
reconsidered when the EDA increases its involvement and participation in the Initiative
Foundation's programming and services.
S:~EDA~ED Admin~EDA Budget~EDA 09 BUDGET v2.DOC
Consider Year 2009 EDA Budget and Resolution Regarding EDA Levy
August 11, 2008 EDA Meeting
Page 3 of 3
EDA Fund Balance Designation Policv
An amount of $149,400, which reflects the estimated cash balance after general operating expenses,
is proposed to be designated within cash reserves fox future economic development project
expenses. Capitalizing this fund is especially critical fox the EDA to have the financial means to
secure property for future industrial or commercial development needs. As the EDA builds up a
reserve balance for future EDA projects we should review the idea of adopting a fund balance policy
to designate funds to meet this goal. The EDA generally receives two tax settlements a year in July
and December, and in setting a fund balance policy we should retain funds at year end for cash flow
purposes and designate the remaining for EDA development projects. Please see the attached draft
policy which is consistent with the City's fund balance policy. Finance Director Tim Simon put
together a draft policy for discussion purposes.
Information -Related EDA Program Fund Balance
A copy of the most recent balance sheets for the various funds which the EDA has accessed fox
projects axe attached as information. These funds include the:
• EDA Micro Loan Fund with a cash balance of $970,360
• EDA DTED Loan with a cash balance of $153,209 (funds derived from 2003 federal grant
fox Sportech expansion)
• City Development Fund with a cash balance of $132,713 (City-controlled fund for capital
projects such as Northstax Business Park and Gateway Business Park)
Actions Requested
Staff requested the EDA consider the following actions in order for the City to certify its proposed
maximum levy, including EDA and HRA levies, to Sherburne County as due in September:
1) Approve the year 2009 EDA Budget as presented, and adopt the attached Resolution Establishing
the EDA Tax Levy for Collection in Year 2009.
2) Consider action on draft EDA Fund Balance Designation Policy.
3) Adopt the attached Resolution Establishing the 2009 Referendum Tax Levy fox YMCA. (Finance
Director Tim Simon will discuss this item at the EDA meeting).
S:~EDA~ED Admin~EDA Budget~EDA 09 BUDGET v2.DOC
Economic Development Authority
2009 Goals
^ Complete an update of the Economic Development Strategic Plan to provide
direction on economic development priorities 2009-2012 for the HRA & EDA.
Continue to implement the Strategic Industrial Marketing Plan strategies with focus
on brokers/developers, medium-large light industrial users, and business retention &
expansion of existing manufacturers.
Consider a focus area study to maximize efficiency & marketability of
development/redevelopment opportunities in Gateway Business Park and areas near
the Northstar Rail station.
^ Expand city's inventory of available commercial and/or industrial park land for
future development.
^ Continue to implement marketing strategies to attract "fine dining" establishments.
CITY OF ELK RIVER
Month: 08/31!2008
Fund: 920 - EDA
Revenues
Dept: 000.000
Acct Class: 3100 General property taxes
3111 Curzent Ad Valorem Taxes
General property taxes
Acct Class: 3300 Intergovemmentalnvenue
3322 MV Credit
3342 Other Local Grants
Intergovernmental revenue
Acct Class: 3620 Other revenue
3621 Interest Income
3629 Miscellaneous Revenue
Other revenue
Acct Class: 3920 Transfers in
3949 Transfer-HRA
Transfers in
Dept: 000.000
Total Revenues
Expenditures
Dept: 620.621 ECONOMIC DEVELOPMENT
Acct Class: 4100 Personal services
4101 Regular Pay
4102 Overtime Pay
4103 Part-time Pay
4104 PERA
4105 FICA
4107 Medicare
4108 Insurance
4109 Workers Comp
Personal services
Acct Class: 4200 Supplies
4201 Office Supplies
4212 Fuels & Lubs
Supplies
Acct Class: 4300 Other services & charges
4303 Engineering Fees
4304 Legal Fees
4319 Other Professional Services
4321 Telephone
4322 Postage
4331 Travel, Conferences & Schools
4349 Advertising/Marketing
4359 Publishing
BUDGET WORKSHEET
Page: 1
08l05I2008
3:59 PM
Prior Current Year (6) (7) (8)
Year Original Amended Actual Thru Estimated
Actual Budget Budget August Total Requested Proposed Adopted
347,957 390,500 390,500 192,937 0 407,000
347,957 390,500 390,500 192,937 0 407,000 0 0
15,114 0 0 0 0
0 0 0 0 0
15,114 0 0 0 0 0 0 0
25,384 3,300 3,300 15,547 0 22,000
0 0 0 43 0
25,384 3,300 3,300 15,590 0 22,000 0 0
3,500 3,500 3,500 3,500 0 3,500
3,500 3,500 3,500 3,500 0 3,500 0 0
391,955 397,300 397,300 212,027 0 432,500 0 0
391,955 397,300 397,300 212,027 0 432,500 0 0
75,820 82,350 82,350 27,081 0 80,450
0 0 0 55 0
12,600 12,600 12,600 6,288 0 12,600
4,890 5,800 5,800 1,984 0 5,900
4,408 5,900 5,900 1,880 0 5,800
834 1,400 1,400 439 0 1,350
9,648 8,600 8,600 3,541 0 10,800
270 250 250 241 0 350
108,270 116,900 116,900 41,509 0 117,250
2,576 3,000 3,000 2,332 0 2,700
37 150 150 85 0 150
2,613 3,150 3,150 2,417 0 2,850
0 5,000 5,000 0 0
223 10,000 10,000. 1,339 0 10,000
1,865 8,000 8,000 0 0 58,000
0 200 200 -3 0 200
858 2,000 2,000 217 0 2,000
2,249 4,700 4,700 1,940 0 8,700
11,163 58,600 58,600 10,722 0 58,600
156 500 500 640 0 600
0
0
Month: 08I31I2008
Fund: 920 -EDA
Acct Class: 4300 Other services i£ charges
4361 Insurance
4433 Dues & Subscriptions
4440 Miscellaneous
Other services & charges
Acct Class: 4500 Capital outlay
4560 Equipment
Capital outlay
Acct Class: 4700 Transfers out
4720 Transfers
4721 Transfer-General Fund
Transfers out
ECONOMIC DEVELOPMENT
Total Expenditures
EDA
Year Original Amended Actual Thru Estimated
Actual Budget Budget August Total Requested Proposed Adopted
197 250 250 0 0 200
1,499 1,200 1,200 1,007 0 1,700
8,500 6,000 6,000 6,000 0 6,000
26,710 96,450 96,450 21,862 0 146,000 0 0
0 0 0 0 0
0 0 0 0 0 0 0 0
0 163,800 0 0
17,000 17,000 17,000 17,000 0 17,000
17,000 180,800 17,000 17,000 0 17,000 0 0
154,593 397,300 233,500 82,788 0 263,100 0 0
154,593 397,300 233,500 82,786 0 283,100 0 0
237,362 0 163,800 129,239 0 149,400 0 0
Grand Totai: 237,362 0 163,800 129,239 0 149,400 0 0
City of Elk River
Economic Development Authority
Financial Management Policies
Policy: EDA Fund -fund balance designation policy
Approval Date:
Amended Date:
Designation for EDA fund:
The amount of fund balance unreserved for cash flow shall be calculated as follows:
The EDA fund shall maintain an unreserved fund balance of not less than 40 percent of the next
year's budgeted operating expenditures. This calculation is made at the end of each fiscal year. If
the year-end fund balance exceeds this threshold, the Economic Development Authority will
consider the need to retain the excess and increase the minimum fund balance before allocating
the monies to other uses.
All funds not designated for cash flow will be designated for EDA development projects.
C:\Documents and Settings\jjohnson\Local Settings\Temporary Internet Files\OLK49\EDAFund
balance policy.doc
BALANCE SHEET
JULY 31, 2008
CITY OF ELK RIVER ECONOMIC DEVELOPMENT AUTHORTI'Y
As of: 07/31/2008
Fund: 920 - EDA
Assets
Acct Class: 1000 Current Assets
1010 Cash
Acct Class: 1000 Current Assets
Total Assets
Reserves/Balances
Acct Class: 2400 Fund Equity
2400 Fund Balance -
Unreserved, designated for development projects
Unreserved, undesignated for cash flows
Acct Class: 2400 Fund Equity
Total Reserves/Balances
" " Total Liabilities & Bal~mces
Balances
878,282.52
878,282.52
878,282.52
784,882.52
93,400.00
878,282.52
878,282.52
878,282.52
BALANCE SHEET
Page: 1
08/01/2008
CITY OF ELK RIVER 11:47 am
As of 07/31/2008 Balances
Fund Type: 11 Special revenue funds
Fund: 240 -MICRO LOAN FUND
Assets
Acct Class: 1000 Current Assets
1010 Cash
1012 Fair Value-Investments
1150 Accounts Receivable
1190 Notes Receivable
1380 Interest Receivable
Acct Class: 1000 Current Assets
Total Assets
Liabilities
Acct Class: 2000 Current Liabilities
2080 Due to Other Governments
2220 Deferred Revenue
Acct Class: 2000 Current Liabilities
Total Liabilities
ReservesBalances
Acct Class: 2400 Fund Equity
2400 Fund Balance
2600 Change In Fund Balance
Acct Class: 2400 Fund Equity
Total ReservesBalances
Total Liabilities & Balances
970,360.90
3,651.00
50,000.00
412,049.96
8,051.00
1,444,112.86
1,444,112.86
154,826.30
257,223.66
412,049.96
412,049.96
1,010,948.78
21,114.12
1,032,062.90
1,032,062.90
1,444,112.86
BALANCE SHEET
JULY 2008 Page: 2
08/05/2008
CITY OF ELK RIVER 9:48 am
As of: 07/31/2008 Balances
Fund Type: 11 Special revenue funds
Fund: 921 - EDA DTED LOAN ~_~ 2m3
Assets
Acct Class: 1000 Current Assets
1010 Cash
1190 Notes Receivable
Acct Class: 1000 Current Assets
Total Assets
Reserves/Balances
Acct Class: 2400 Fund Equity
2400 Fund Balance
2600 Change In Fund Balance
Acct Class: 2400 Fund Equity
Total ReservesBalances
Total Liabilities & Balances
153,209.40
60,024.96
213,234.36
213,234.36
212,420.14
814.22
213,234.36
213,234.36
213,234.36
BALANCE SHEET
JULY 2008
CITY OF ELK RIVER Page: 1
08/07/2008
10:48 am
As of: 07/31/2008 Balances
Fund Type: 11 Special revenue funds
Fund: 245 -DEVELOPMENT FUND ~e~,~
~
~
Assets
Acct Class: 1000 Current Assets
1010 Cash 121,245.89
1012 Fair Value-Investments 386.00
1150 Accounts Receivable 162,751.24
1310 Due From Other Funds 215,025.55
1380 Interest Receivable - 85.1.00
Acct Class: 1000 Current Assets 500,259.68
Total Assets 500,259.68
ReservesBalances
Acct Class: 2400 Fund Equity
2400 Fund Balance 485,405.55
2600 Change In Fund Balance 14,854.13
Acct Class: 2400 Fund Equity 500,259.68
Total ReservesBalances 500,259.68
Total Liabilities & Balances 500,259.68
RESOLUTION 08 -
A RESOLUTION OF THE ELK RNER
ECONOMIC DEVELOPMENT AUTHORITY
A RESOLUTION ESTABLISHING THE TAX LEVY FOR THE ELK RIVER
ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF
ELK RIVER, MINNESOTA
WHEREAS, Minnesota Statutes, Section 469.107, Subdivision 1, authorizes the
Economic Development Authority to levy an amount not to exceed
.01813 percent of the taxable market value in the city to fund the
Authority's anticipated budget needs for the fiscal year 2009; and,
WHEREAS, the Elk River Economic Development Authority will adopt and approve
its budget and will forward such to the City of Elk River pursuant to
Minnesota Statutes, Section 469.100, Subdivision 2.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in
and for the City of Elk River, Minnesota, that it hereby requests the City Council of the City
of Elk River to levy a tax in the amount of .01813 percent of the taxable market value in the
city for the year 2008 for the benefit of the Authority to be used for"Economic
Development Authority purposes as provided by the statute.
Passed and adopted by the Elk River Economic Development Authority this 11`'' day of
August, 2008.
Pat Dwyer, President
ATTEST:
Catherine Mehelich, Executive Director
S:\EDA\DOCUMENT\RESOLUTI\EDA levy Resolurions\EDALEV09.doc
RESOLUTION 08 -
A RESOLUTION OF THE ELK RNER
ECONOMIC DEVELOPMENT AUTHORITY
A RESOLUTION ESTABLISHING THE 2009 REFERENDUM TAX LEVY AS
APPROVED BY VOTERS FOR A RECREATIONAL FACILITY TO BE LEASED
TO THE YMCA
WHEREAS, On September 12, 2006, the voters of the City of Elk River approved a
referendum pledging the City's full faith, credit, and resources to
$12,000,000 of bonds for a recreational facility to be leased to the
YMCA; and
WHEREAS, the City has received a Landfill Abatement Legacy Grant from Sherburne
County for certain qualifying recycled materials and these Grant funds
have been applied to reduce the debt service tax levy on the $12,000,000
of bonds.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in
and for the Ciry of Elk River, Minnesota, that it hereby levies a tax of $235,268 for taxes
payable in 2009 for the purposes of funding the debt service on $12,000,000 of bonds as
approved by voters to build a recreational facility to be leased to the YMCA.
Passed and adopted by the Elk River Economic Development Authority this 11t1i day of
August, 2008.
Pat Dwyer, President
ATTEST:
Catherine Mehelich, Executive Director
S: \EDA\DOCUMENT\RESOLUTI\EDA levy Resolutions\EDALEV09ymca.doc
JUN 2 7 ZOfl8
INITIATIVE
FOU N DATIOI~1
DATE: June 25, 2008
TO: Catherine Mehelich, Elk River EDA
FROM: Curt Hanson, Vice President for Donor Services
RE: 2009 Budget Request for Initiative Foundation Support
The Initiative Foundation is pleased to submit a request for support in 2009.
Enclosed with this mailing you will find the following:
• Copy of Minnesota State Statute 469.191
• Origina12009 Budget Request with one (1) packet of information, which
includes a Regional Impact Sheet and a Sherburne County Project List
• 2009 Budget Request Status Form -please return to us when a decision
has been reached
We have also included copies of the same information packets for each City
Council member and ask that you please distribute it accordingly.
Be assured we will gladly provide an update in person to your City Council at a
scheduled meeting. If that is your desire, feel free to contact Bethany Carlton at
our toll-free number 1-877-632-9255 (extension 2007) or bcarlton e,ifound.org to
arrange for a presentation.
Thank you!
Together we are making a positive difference in Central Minnesota!
June 25, 2008
INITIATIVE
Ms. Catherine Mehelich FOUNDATION
Elk River EDA
13065 Orono Pkwy
Elk River, MN 55330-5600
RE: 2009 Budget Request for Initiative Foundation Support of $5,000
Dear Ms. Johnson,
Warm regards from your friends at the Initiative Foundation! I know this letter arrives on the heels of an impactful
...and in many ways very difficult ...year for Cities within our region. The infrastructure and growth issues you
and your colleagues have routinely faced are now superseded by a housing slowdown and mortgage crisis that
harkens to the very roots of the Initiative Foundation's beginnings:
The Foundation has, for nearly twenty-two years, been your partner in providing economic opportunity,
encouraging citizen engagement, and building local folks' capacity to seize opportunities and address issues for the
betterment of their respective home towns. Over $50 million has been invested in fourteen central Minnesota
counties ...161 cities ...since 1986 in the form of business financing loans and grants to nonprofit organizations.
And this does not take into consideration the hands-on technical support and staff assistance that are hallmarks of
our work. Is it any wonder why major funders from outside our region and outside the state (including The
McKnight Foundation) continue to make significant investments in central Minnesota through the Initiative
Foundation's mission and activities? The purpose of this letter is to seek financial support from the Elk River
EDA to further the Initiative Foundation's ability to
• Provide economic opportunity and living-wage jobs;
• Train and build the capacity of local leaders;
• Convene people across traditional boundaries in response to issues and/or opportunities;
• Help support locally-developed projects that address community needs;
• Leverage significant outside investment in our region;
• Encourage philanthropy and assist people who wish to leave a legacy to their home town.
Within this mailing please find an Impact Statement providing a broad overview of Foundation support since
inception, and a County Project List, with detailed information for the County of Sherburne. A number of fact
sheets describing Initiative Foundation programs and offerings are also included, in hopes that your neighbors and
friends will take full advantage of your Initiative Foundation.
We respectfully ask that you consider our request for $5,000 from the Elk River EDA in 2009.
Thank you for your consideration!
S' erely,
~~
F
urt anson
Vice President for Donor Services
cc: Gene Waldorf, Chair, Initiative Foundation Board of Trustees
Kathy Gaalswyk, President
405 FIRST STREET SE
LIrTLe FALLS. MN 56345
WV.M'.IFOUND.O RO
PHONE: 320.632.9255
FAx: 320.632.9258
EQUAL OPPORTUNITY LENDER.
PROVIDER AND EMPLOYER.
Initiative Foundation
2009 Budget Request Status Form
Please use this form to notify us when a decision
is made regarding this request.
City of Elk River
^ Request Approved ^ Request Denied
/ / Date action taken by City Council
~ Total commitment for 2009
$ by 6/30/09 or
~ by ~ l
(your preferred payment schedule)
Signature ,
(Title)
Thank you for considering this request.
We look forward to your partnership and support in 2009.
Email: mschefersna,ifound.org
Phone: 1-877-632-9255 ext 2050
Fax: 1-320-632-9258
Mail: 405 First St. SE Little Falls, MN 56345
County of Sherburne
'NITIATIVE BOARD OF TRUSTEES
FOUNDATION
I j ,~
'`~ ~ ~~; Barbara Anderson, Crosby
F ~ <,_` St. Joseph's Hospital
_ ~;
z ', ..~ .,
Jim Anderson, Brainerd
Anderson Brothers Construction
.. Arnie Johnson, Nisswa
4 `~. ~, . Johnson Enterprises
..~
Earl Potter, St. Cloud
St. Cloud State University
~~
rt ~:~
~ .'- j ,$i
Chuck Christian, Rogers !'~ ~,.~ ' Mlaryp ag ,nOnao bwe
i Christian Builders, Inc. Board Secretary/Treasurer
~'
=~ ~ '~ ~ k~
~.; ~.. ~.
F ~•' ~i Gloria Contreras Edin, St. Paul - Steve Shelley, Little Falls
Centro Legal, Inc. Shelley Funeral Chapels
Gene Waldorf, Grey Eagle
Linda Eich DesJardins, St. Cloud Environment/Community Planning
Eich Motor Company ~, ~ Board Chair
~~
,;~ ° ' Dave Gruenes, St. Cloud •~"' G. George Waliin, PhD., Big Lake
Stearns County Electric ~ :.- , ; ~ Connections, Etc.
~ , -
~!~ ,
M ~ Lee Hanson, Rice
Gray, Plant, Mooty
Board Vice-Chair
405 First Street SE, Little Falls, MN 56345
Phone: 320-632-9255
Fax: 320-632-9258
www.ifound.org
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~iinking about creating your own
Community Foundation?
As the "Greatest Generation" passes its significant assets on to the "Baby
Boomers,".our nation will experience an unprecedented transfer of wealth
...one that may never again be repeated. Is your home town positioned to
capture a percentage of that transfer, and use it to provide community
benefits into perpetuity?
THE INITIATIVE FOUNDATION CANHELP!
As a regional nonprofit community foundation whose mission is nothing
more ...and nothing less ...than creating healthy, sustainable
communities, Initiative Foundation provides the necessary administrative
support, investment services, and mandatory reporting and oversight to make
your local community fund a reality. With Initiative Foundation training,
technical assistance and su ort~
• YOU help create a .vision and identity for your local fund
• YOUprovide volunteer advisory board members who will. help direct
activities and focus on granting areas that best fit your community's
needs and opportunities
• YOUprovide the vehicle for local people who wish to express their
love of "home" through acts of kindness and generosity ...and give
them line of sight to their charitable ends
INTERESTED?
Call the Initiative Foundation TODAY at (toll-free) 877-632-9255, and ask
for
• Curt Hanson, Vice President for Donor Services, or
• Mark Lease, Donor Services Officer
Or contact them via the Foundation's web site at www.ifound.or~. They
will gladly meet with your local group to discuss the benefits and long-term
potential of this important partnership.
i
INITIATIVE
• Direct Business Loan Fund ~n ~ ~ ~T A
Fills the gap in financing packages for new or expanding companies that show potei~ia`i' forlgt~diTt~~ N
job creation or retention. Targeted industries include manufacturing, technology based business
sectors, and value-added agriculture.
^ Loan amounts of $50,000 to $250,000
^ Minimum 50% bank or lending institution participation
^ Subordinate collateral position
^ Eligible uses: real estate, equipment, and working capital
• Technology Capital Fund
Supports emerging technology ventures and helps established businesses integrate proven
productivity applications into operations.
^ Loan amounts of $50,000 to $500,000
^ Primary lender participation if feasible but not required
^ Flexible terms and collateral requirements
^ Established businesses, pre-revenue businesses & start-ups
^ Eligible uses: Fixed assets, working capital, commercialization of new product launch, and
productivity enhancing software systems.
• Green Business Loan Fund
Supports entrepreneurial ventures by financing new or expanding businesses that deliver a
product/service that protects or preserves the environment, reduces or recycles an existing waste
stream, or reduces energy demands/costs.
^ Loan amounts of $50,000 to $250,000
^ Minimum 50% bank or lending institution participation
^ Subordinate collateral position
^ Eligible uses: real estate, equipment, and working capital
• Seed Capital Fund
Supports emerging entrepreneurial ventures by financing new product concepts, development, and
market research.
^ Loans, convertible debentures, or equity investments up to $50,000
^ Early stage start-up capital
^ Emerging technology ventures or projects with high growth potential
^ Flexible terms based on stage of venture
• Microenterprise Loan Guaranty Program
Protects banks and lenders against default by underwriting up to $50,000 through a simple guaranty
agreement. Fund was designed to increase local ownership or expansion of small business,
especially among underserved populations who have traditionally been less likely to be business
owners.
Focus on locally owned and downtown businesses, non-traditiond4°bctit~3~ ~~ s'~~
Retail/service sector eligible )_I"~,"1.1: ,:nl.,s. MN ~~3~5
Non-traditional borrowers include women, people of color, young adults, and applicants with
N'WW.If'OIIND.()li(i
low net worth. ~>LloNlt: l)20.B:S2.93:)5
Fnx: 320.13a2.925F3
i
~~ I:Vilnl. ()I'!'O72'1'IIN I"1'1- 1.I~:N 1)I: H.
1'N ()V71)F:I2 nNl) I~:M 1'1.()1'1:12.
The Initiative Foundation is YOUR Regional INITIATIVE
Economic Development Resource and Partner. FO U N DATI O N
Since its inception in 1986, the Initiative Foundation has been involved in both community
development (through training and capacity-building programs as well- as grants in support of
community planning and projects) and economic development (through business financing activities
designed to create living wage jobs, diversify local economies and leverage private sector investment).
Healthy, sustainable community living includes access to quality jobs.
WHAT WE DO...
• Provide $3.5 million gap financing annually to small businesses
• Provide $250,000 grants annually to non-profits & units of government to address barriers to
economic development
^ Workforce development
^ Childcare and Early Childhood Education
^ Affordable housing
^ Build capacity of local economic development organizations
BUSINESS FINANCING PROGRAMS
Access to capital drives business development and growth. For business start-up and expansion
projects, Initiative Foundation Business Financing programs meet the "gap" between the financing a
local lender is able to provide and the equity the owner is able to contribute. By offering dap financing
to supplement owner equity and taking a position as a subordinate lender, Initiative Foundation business
financing programs are a tool to help lending institutions better serve local businesses.
As a double bottom line investor in local businesses, the Initiative Foundation focuses resources on
financially sound businesses with clear impacts:
• Creation/retention of quality, living wage jobs with benefits
• Business contributes to a strong and diversified local economy
• Project supports local community's economic development objectives
Initiative Foundation offers business financing programs to meet diverse regional needs:
• Direct Business Loan Fund • Green Business Fund
• Microenterprise Loan Guaranty Fund • Seed Capital Fund
• Technology Capital Fund
IMPACTS Since inception in 1986:
• $31.5 million business loans & guaranties
:• $196 million funds leveraged from banks
and lending partners
• 791 business start-ups and expansions
• 9,207 full-time jobs created secured
~ Questions? Projects? Contact Us!
More Information & Online Inquiry Form at www.ifound.org
Initiative Foundation-Economic Development Department: 877/632-9255 or 320/632-9255
h9rs~nv~v: ~ ERttr~ Cw~tu~toou
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111I1~SC}ta ~t (DU Ill lV~ ~ ~ ~ r ~ A T } v ~
d~rj»ntpgrgn s.T. »aar y6uurrgc5~tj thr~jLtr'o~tr`
_ 1' 1. ~ 1.1 .E:~.Y.~ A
?,
~ , ~, 1~'intcr ZQO8
~ by Invest In Early Childhood?
All young children need a healthy start in life to grow into strong, productive adults. Accumulating
evidence indicates that our country is under-investing in early childhood development, which is
diminishing our nation's ability to compete in the global marketplace. Reports such as the Economic
Policy Institute's Exceptional Returns, the Federal Reserve Bank of Minneapolis' Early Childhood
Development: Economic Development with a High Public Return, and Dr. James J. Heckman's Invest
in the Very Young confirm the huge long-term payoffs from investments in early childhood development
programs.
.;>.-
~.
hat l.a the Nl:iEanesota Early C'l~ilclhoocl I.niti.~tive`?
In 2003, the six Minnesota Initiative Foundations (MIFs) began to collaborate on a joint public policy
initiative focused on early childhood. Recognizing that strengthening early care and education for
young children and their families is the most important investment communities can make for the future,
the Minnesota Early Childhood Initiative was developed. The overarching goal of the tl~inneso#a Early
Childhood lni#iative...A Campaign for ®ur 'Younges# Children is to ensure that every young child
has the best possible start toward a healthy life of learning, achieving, and succeeding.
~ ~'~,
i
}, hat .Is Hlappening?
Since 2003, the MIFs have established 66 early childhood coalitions. A
Statewide Early Childhood Coalition Network has been created to link all the
coalitions. This network serves as a vehicle to advance public policy, ex-
change ideas, share promising practices, and create a statewide ground-
swell of support for young children. „%
hat .Has Been Accomplished to Date:'
66 Early Childhood Coalitions Launched
To date, 66 Early Childhood Coalitions have been developed in Greater
Minnesota. Within these communities, there are over 2,500 coalition members
representing diverse sectors, including the business community. These
coalitions encompass over 170 communities and 52 of the 80 Greater
Minnesota counties.
toss
Business
CommunltylECOnomic Dev
Eery Chitlhood Care 8 Etlucafion
Elected Official
K-72 Etlucallon
OHeahh Care(PUblic Heath
^Higher EducaOon
• Community Profile Interviews Conducted ®Law Enforcement
More than 2,800 communi members artici ated in face-to-face interviews °""ad®
from 66 coalitions to share their "perceptionsRofthe accessibility and availability I:SOOicefi Bervices
of resources and support for young children and their families.
• Community-Based Forums -Speak dots For Early Childhood Held
Over 4,800 community members across 66 coalitions have participated in forums focused on the
realities of early care and education in their communities.
• Community Visions and Local Action Plans Developed
66 coalitions have written Vision Statements and developed local Strategic Action Plans.
hat Has Been I,earrted?
Through interviews, Speak Outs, and community dialogue, several common themes have emerged from
the 66 coalitions that were established between September 2003 and 2007. Common themes include the
need to increase: 1)Infant /toddler, extended hour, and respite child care; 2) Infant and early childhood
mental health services; 3) Financial resources for early care and education programs due to funding cuts;
4) Outreach efforts to families who are not accessing services; 5) Early childhood opportunities due to
long waiting lists in existing programs; and 6) Activities to reduce social, cultural, and economic disparities
in communities. There is great local enthusiasm across diverse sectors working together to address early
care and education issues and opportunities.
rojeets, Prr~grams, and Activities Imptementecl
Since 2003, more than 400 projects, programs, and activities have been implemented by early
childhood coalitions to strengthen local early care and education. Examples include:
• Conduct community literacy programs to increase reading in the homes of families with young
children regardless of income;
• Offer a series of comprehensive home visits for new parents/babies;
• Implement a Kindergarten Transition Program in two neighboring school districts;
• Form professional associations for licensed family child care providers to share resources and
connect with the local early childhood community;
• Hold meetings with local legislators and community members to increase awareness of early care and
education;
• Heighten awareness about early childhood through comprehensive media campaigns;
• Equip a Community Dental Clinic Pediatric Suite serving children on MinnesotaCare and Medical
Assistance; and
• Provide every child, regardless of income level, a comprehensive eye exam (rather than-just a
"screening") before entering kindergarten.
~
.
or~tact .Information ,
~~
^ Northwest Minnesota Foundation ^ Northland Foundation ~
^`
Lin Backstrom Lynn Haglin
~
Early Childhood Development Specialist Vice President/KIDS PLUS Director
4225 Technology Drive NW 202 West Superior Street, Suite 6l0
Bemidji, MN 56601 Duluth, MN 55802
(218) 759-2057 1-800-659-7859 (218) 723-4040 or 1-800-433-4045
www.nwmf.org www.northlandfdn.org
West Central Initiative ^ Initiative Foundation
Nancy Jost Linda Kaufmann
Early Childhood Initiative Coordinator Senior Program Manager for Children, Youth & Families
1000 Western Avenue 405 First Street SE
Fergus Falls, MN 56537 Little Falls, MN 56345
(218) 739-2239 1-800-735-2239 (320}632-9255 1-877-632-9255
www.wciforg www.ifound.org
^ Southwest Initiative Foundation ^ Southern Minnesota Initiative Foundation
Sara Carlson Anni O'Neill
Program Officer Early Childhood Director
15 3rd Ave. NW, P.O. Box 428 25 Florence Avenue, P.O. Box 695
Hutchinson, MN 55350 Owatonna, MN 55060
(320}587-4848 1-800-594-4480 (507)455-3215 1-800-590-7753
www.swifoundation.org www.smifoundation.org
"Ever= Ynun~ C'hiltl lleserves to he Rerrtly for ,School urrd Recrtty= far Life"
PLANNING AND PRESERVATION
The Initiative Foundation offers an integrated Planning and Preservation
Initiative that positively impacts communities that are working on the
preservation of `place, space, and natural resources" throughout the fourteen
counties of Central Minnesota.
Purpose: To support citizen-based planning and activities that lead to the preservation of local
economies and locally-valued open space, key places, natural and cultural resources that maintain and
enhance the quality of life in Central Minnesota.
Principles: We support:
• Sustainable development which recognizes that natural resources are a key economic asset and
quality of life indicator for the region;
• Citizen-based planning to manage growth and change; building the infrastructure needed to
support a growing region, while intentionally preserving the natural qualities with which the
region is blessed;
• Programs that avoid duplication of resources or assets offered by other organizations or
institutions.
Program Components:
Specialty Workshops and Training Opportunities: The Initiative Foundation offers subject and skill-
specific workshops on a regular basis in response to regional trends. Recent themes have included
education on:
• Conservation design and planning
• Wastewater, drinking water and stormwater management infrastructure
• Strategic planning and funding mechanisms for parks, trails and open space
• Control of invasive exotic aquatic plants including curlyleaf pondweed
• Downtown revitalization
• Arts and community/economic development
• Developing farmer's markets
• Running for and serving in public office
• Annexation and mediation
• Partnership training with the Government Training Services for members of planning
commissions and boards of adjustment, including workshops Local Government 101, Spotlight
on Subdivisions, So You're Thinking About Planning & Zoning, Environmental Planning:
Choosing the Best Approach for Your Community, Site Planning Basics for Non-Design
Professionals, Your Role as a Planning Commission Member, and Advanced Zoning
Applications.
Resource Referral: The Initiative Foundation connects its constituents with experts through direct
resource referral, links on our website, and our "News You Can
Use" electronic newsletters. Valuable literature, funding and
training opportunities, and other tools for local conservation
efforts are readily accessible on the website.
Leadership Training and Planning Programs:
• The Healthy Community Partnership (HCP) Program: Through this multi-year training
and assistance program we provide diverse teams with the tools, education and resources
they need to develop the capacity of citizens to create a locally shared vision and plan, and to
mobilize local and regional assets to implement that plan. Most of these plans include goals.
around environmental, economic, and social well-being that are necessary to build
sustainable communities. To date, over 1,300 people, representing 60 teams from over 120
communities have participated in the HCP program.
• .The Healthy Lakes and Rivers Partnership (HLRP) Program: Since 1999 the HLRP
program has offered this leadership and capacity-building program for members of lake and
river associations in Central Minnesota. Supported by The McKnight Foundation and others,
this integrated assistance program trains local leaders to develop comprehensive lake (or
river segment) management plans. When they complete the training, teams then become
eligible for follow-up funding to implement the goals identified in their plan. Since its
inception, the HLRP program has trained over a thousand people, representing more than 150
lake or river associations.
• The Healthy Organizations Partnership (HOP) Program: The HOP program is supported
by the Otto Bremer Foundation and USDA Rural Development, and is designed to increase
the capacity of regional nonprofit organizations and government officials so they can more
effectively carry out their respective missions to serve their communities.
Grants: The Initiative Foundation makes grants to support citizen-based planning and
implementation of community and economic development projects and conservation or resource
preservation programs. These activities result in healthier communities and/or tangible outcomes
designed to protect "key places" within our 14 county area.
Planning and Preservation Fund: This "field of interest" fund can receive tax-deductible
donations from individuals and entities interested in keeping their gifts at work within Central
Minnesota to preserve and enhance the natural and historic heritage of our region.
Dan Frank Don Hickman
Community Development Planning and Preservation
Email: dfrank@ifound.org Email: dhickman@ifound.org
Initiative Foundation
405 First Street SE
Little Falls, MN 56345
(320) 632-9255
(877) 632-9255
Fax: (320) 632-9258
Website: www.ifound.org
The Healthy Communities Partnership develops
the capacity of citizens to create a locally shared
vision and plan, and to mobilize local and regional
assets to implement that plan.
HCP: Unlocking the Power of People
The Initiative Foundation's Healthy Communities Partnership (HCP) program works with central Minnesota
communities to engage local citizens in planning for the future. Too often, people feel disconnected and
powerless to affect change in their communities, even though many are willing to volunteer countless hours
to ensure the success of community projects that interest them.
HCP begins by providing innovative training to diverse leadership teams representing four communities, the
members of which must be dedicated to involving everyone in building a brighter future for their community.
Each team is responsible for leading their community through atime-tested process that results in the
development of a locally shared vision and integrated plan. From that plan come a number of goals and
projects that require local volunteers and resources to be successful.
Selection to HCP is a competitive process; only four to five communities are offered the training each year.
The Initiative Foundation provides each community with. training, technical assistance, resource referral and
an initial grant of $10,000 - $15,000. Because citizens of HCP communities work in concert to achieve goals
identified at the grassroots level, the Initiative Foundation gives priority funding consideration to projects
identified in their plans.
Servant Leadership: Diverse Representation is Critical
HCP helps entire communities identify their unique assets,
needs and goals, based on the premise that everyone who is
affected by a decision should have an opportunity to be
involved in the decision-making process. In HCP there is a
level playing field, and every voice is of equal importance.
Sharing of various perspectives is critical to the visioning
and planning processes.
Community teams are constantly challenged to examine the
wheel graphic to the right and ensure all segments are
adequately represented. In addition, the Initiative Foundation
expects team diversity in age, class, race, occupation and
gender, which mirrors the diversity of each community.
For more information and application materials, please
contact Dan Frank, Program Manager for Community
Development at 877/632-9255 toll free or email
dfrank(a,ifound.or~.
"This institution is an equal opporhanity provider."
11~L'~il\11\V t/V1t11 V1\Ll\1N
Session One -Trends and Principles of Community Development
TRAINING TOPICS, LESSONS & SKILLS
- New thinking and new skills are keys to the survival of rural communities
- Examine relationships to neighboring communities, market centers, region, state, nation and
global marketplace
- Consideration of future trends, economic vitality, the environment and the well-being of all
citizens as they plan for the long-term future
- Creating shared meaning: the key skill of community leadership
- Conflict management
Session Two -Team Building and Visioning Preparation
TRAINING TOPICS, LESSONS c~ SKILLS
- Being realistic: snapshots of our community, measuring "health"
- Understanding work styles
- Working together to get things done: effective, efficient small groups
- Developing a shared vision: the key function of community leadership
- Engaging citizens: marketing the process, futuristic thinking
- Visioning options: kick-off options, scenarios & organization
- Communiry visioning event: when, where & how
- Overview of community strategic goal selection meeting
Visioning in each community will take place between June lst and July 15th. This will be scheduled by
each local community team and Initiative Foundation staff.
After Visioning and before Session Three training, each community will hold an Initiative Foundation
facilitated meeting in the community to finalize strategic goals and begin to draft the community plan.
This will be scheduled by each local community team and Initiative Foundation staff.
Session Three -Managing Change and Resource Identification
TRAINING TOPICS, LESSONS & SKILLS
- Understanding and managing change
- Mobilize local assets to accomplish goals
- Introduction of local, state & national resources (guest presentations)
- Increase community resources by identifying and mobilizing, the assets of individuals,
organizations and institutions
- Overview of ongoing Initiative Foundation resources & technical assistance
Session Four -Action Planning (held in each community)
TRAINING TOPICS, LESSONS & SKILLS
- Form task forces
- Complete action plans
- Organize for success
Session Five -Annual Community Meeting (held in each community)
TRAINING TOPICS, LESSONS & SKILLS
- Report on progress on community plan
- Celebrate success
- Update community plan and funding needs for coming year
- Reorganize for coming year, recruit new task forces and team members as needed
Projects Funded in Sherburne County
(through 4/30/08)
RECENT GRANTS AWARDED ...
ORGANIZATION NAME
FY 2008
Caring Rivers United Way, Elk River
Central Lutheran Church, Elk River *
City of Big Lake
City of Big Lake
Command Performance Choirs, Elk River *
Community Chest Foundation, Rogers *
Elk River Area Arts Alliance *
Elk River School District
Elk River School District *
Elk River School District *
Elk River Senior Center *
Elk River YMCA
Friends of Sherburne National Wildlife Refuge, Zimmerman
Ivan Sand Community School, Elk River *
Palmer Township, Clear Lake
RiteCare Clinic, Elk River
Sherburne County Social Services, Elk River *
The 2001 Committee, Inc., Elk River
FY 2007
Caring Rivers United Way, Elk River
Caring Rivers United Way, Elk River
Central Lutheran Church, Elk River *
City of Big Lake
Command Performance Choirs, Elk River **
Elk River School District **
Faith in Action in Greater Sherburne County, Big Lake
Hoofbeats and Heartbeats, Inc., Elk River
Rogers School District **
Sherburne County Social Services, Elk River
FY 2006
Boys & Girls Club of Elk River
Caring Rivers United Way, Elk River
Elk River Area Arts Alliance *
Faith in Action in Sherbume County
Palmer Township, Clear Lake
Sherbume Soil & Water Conservation District
Special Olympics of Elk River *
PROJECT TITLE
"The Next Best Thing" Community Forum
Community Thanksgiving Dinner
Eco. Devo. Finance Professional Certification
Transit Oriented Development Planning Svcs.
Spring Chorale Series
Self Protection Classes
Main Street Storefront
Alcohol Awareness and Prevention
Arts Magnet Program
LEGO Mindstorms
Fitness Equipment
Leaders Club
Fund Development Planning and Training
Music Lab with Michael Monroe
Water Quality Data Summit
Video Modeling
National Youth Behavior Modification Program
Promote Civic Engagement
~.
INITIATIVE
FOUNDATION
Healthy Organizations Partnership (Multi-year)
Maximizing the Potential of Our Community Forum
Assistance for the Homeless
Enterprise Network System Analysis
Girls Choir
Professional Artist Series
Ongoing Support
Indoor Riding Arena
Guest Artist from the Clay Empire
Volunteer Bridge Information and Referral
Youth in Community Program
Demographic Community Forum
Art Crawl of Mississippi River Artists
Caregiver Program
Township Planning
Briggs Lake Chain Water Sampling & Poll. Prevention
Special Olympics Team
AMOUNT
$1,000
1,500
2,000
5,000
1,000
1,435
2,000
2,500
2,500
1,700
2,000
5,000
2,500
1,400
1,000
1,000
1,865
1,000
5,500
1,000
200
7,500
1,000
1,800
5,000
3, 700
1,500
2,000
1,600
500
1,700
1,600
2,500
5,000
1,600
FY 2006 -PRESENT (35): $80,100
PRIOR YEARS (160): $707,994
TOTAL GRANTS (195): $788,094
SCHOLARSHIPS AWARDED ...
FUND NAME RECIPIENT/COMMUNITY AMOUNT
FY 2007 •
Charity Evenson Memorial* 2007 Awards (8 awards) $4,000
Charity Evenson Memorial* 2006 Awards (8 awards) 4,000
Powell Scholarship Fund* 2007 Award 500
Three Rivers Community Foundation* 2007 Awards (20 awards) 22,000
Zimmerman Lions PTO* Westwood Elementary (4 awards) 800
FY 2006
Powell Scholarship Fund" Elk River High School 250
Zimmerman Lions PTO* Westwood Elementary (4 awards) 725
FY 2005
Charity Evenson Memorial * Additional 2005 Awards (8 awards, $500 each) 4,000
Charity Evenson Memorial* Anoka Technical College 500
Charity Evenson Memorial* Crown College (3 awards, $500 each) 1,500
Charity Evenson Memorial* Northwestern College 500
Charity Evenson Memorial* St. Cloud State University 500
Charity Eventon Memorial* University of Minnesota (2 awards, $500 each) 1,000
Powell Scholarship Fund* Elk River High School (2 awards, $250 each) 500
Zimmerman Lions PTO* Zimmerman Elementary (4 awards) 725
FY 2005 -PRESENT (68): $41,500
PRIOR YEARS (62): $27,175
TOTAL SCHOLARSHIPS (130): $68,675
* Denotes grant and scholarship awards made by the Three Rivers Community Foundation,
a component fund of the Initiative Foundation, which serves needs and opportunities
generally within Independent School District #728.
** Denotes grant awards made by The Josh Richardson Youth Arts Fund memorializing Josh Richardson
by engaging Three Rivers area youth in art activities and exposing them to art education.
RECENT BUSINESS FINANCING INVESTMENTS:
BUSINESS NAME BUSINESS TYPE LOAN TYPE
FY 2006
Gordon Training Center, Princeton Horse Training, Showing and Breeding Start up
(The Bank of Elk River)
PK Partners, LLC, Elk River Distributor of Wastewater Treatment Systems Expansion
(The Bank of Elk River)
FY 2005
CDC Enterprises, Inc., Elk River Plastic Duct & Insulation Development Expansion
(Peoples Bank of Commerce, Cambridge)
D's Pizza Paradise, Becker Take and Bake Pizza Expansion
(State Bank of Delano)
FY 2004
Advanced Extrusion, Inc., Becker Manufacturing Expansion
K-Netica, Elk River Software Development Expansion
FY 2003
K-Netica, Elk River Software Development Start-up
Meadow View Townhomes of Zimmerman Affordable Housing Project Start-up
FY 2002
A.J. Machinery Company, Inc., Big Lake Equipment Distributor Expansion
(The Bank of Elk River)
Advanced Extrusion, Inc., Becker Manufacturing Start-up
(Associated Bank, Plymouth)
Injection Mold Technology, Inc., Big Lake Manufacturing Expansion
(First National Bank -Elk River)
FY 2001
Cymbet Corporation, Elk River Mfg. Lithium-ion Rechargable Batteries Start-up
FY 2000
Eighth Street House, Big Lake Group Foster Home Expansion
(Buffalo National Bank)
Raymond P. Chock Trucking, Elk River Independent Truck Driver Start-up
(The Bank of Elk River)
FY 1998
Windmark, Inc., Zimmerman
(Breda Savings Bank -Breda, IA) Design/Mfg. Rescue Air Boats Start-up
FY 1996
Marketech, Inc., Elk River
(First National Bank -Elk River) Electronic Testing Service Expansion
FY 1995
Mastoni's Pizza, Becker
(Sherburne State Bank -Becker) Pizza/Deli Expansion
FY 1995 -PRESENT (22): $1,831,000
PRIOR YEAR LOANS (13): $338,300
TOTAL, LOANS- (35}: $2,169,300
Total Business Investment Leveraged:. $13,321,655
Total Jobs Created or Re#ained: 363
GRAND TOTAL OF GRANTS, LOANS & SCHOLARSHIPS
IN SHERBURNE COUNTY $3,026,069
For business start-up and expansion projects, Initiative Foundation Business Financing
Investments meet the "gap" between the financing a local lender is able to provide and
the equity the owner is able to contribute. By offering gap financing to supplement owner
equityand taking a position as a subordinate lender, Initiative Foundation business financing
programs are a tool to help lending institutions better serve local businesses.
~.
Regarding Contributions to not-for-profit organizations as taken from the
Office of Revisor of Statues, State of Minnesota;
469.191 Contributions to regional or local organizations
A home rule or statutory city or town described in section 368.01, subdivision 1 or l a, may
appropriate not more than $50,000 annually out of the general revenue, fund of the
jurisdiction to be paid to any incorporated development society or organization of this state
for promoting, advertising, improving, or developing tG~e economic and agricultural resources
of the city or town. HIST: I989 c 165 s 1
Copyright 1999 by the Office of Revisor of Statutes, State of Minnesota