3.6. EDSR 06-08-2009jfk~~'~"`. 1~ REQUEST FOR ACTION
ver
To Item Number
Economic Develo ment Authori 3.6.
Agenda Section Meeting Date Prepared by
8 June 2009 Annie Deckert, Economic
Develo ment Assistant
Item Description Reviewed by
Consider request to submit grant application to Initiative Cathy Mehelich, Economic
Foundation for tuition for National Development Council Develo ment Director
(NDC) training Reviewed by
Action Requested
Authorize staff to apply fora $1,500 grant from the Initiative Foundation to help cover a portion of the
costs for Economic Development Assistant's NDC Economic Development Finance Professional
(EDFP) certification.
Background/Discussion
NDC EDFP certification is a typical requirement of the Economic Development Assistant position in
Elk River. A primary function of the position is managing and administering the EDA's micro loan
program. The EDFP certification provides the necessary tools and techniques of economic development
financing including, business credit and real estate finance analysis, loan packaging, negotiation, problem
solving, and deal structuring. The EDA typically funds the training through its conferences/schools
budget. $4,000 was budgeted for this training in the EDA's 2009 budget. Following completion of the
EDA's 2009 budget, it came to our attention that the NDC courses would not be offered in Minnesota
for the year 2009. As a result this has dramatically impacted the city's expense (now including air travel &
hotel) to undertake the training, particularly in a tight budget year. The Initiative Foundation grant
offsets the EDA's additional out of pocket expenses and allows the EDA to support the Assistant's
completion of the training as soon as possible in order for the city to benefit from the economic
development financing skills that supports business growth, creates jobs and increases the city's tax base.
Financial Impact
Applying for and receiving this grant would offset the EDA's expense to undertake the NDC EDFP
training by $1,500 to help cover a portion of the cost of tuition. Staff has already applied and received a
$500 scholarship from the Economic Development Association of MN to assist in covering a portion of
the tuition costs (totaling $3,510)
Action Motion by Second by Vote
Follow Up
G:\My Documents\~lk River\NDC\Action Requested- 6.8.09.doc