INFORMATION #2 12-16-1996'ty of
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December 6, 1996
Paul Ammerman
United Power Association
17845 East Highway 10
P.O. Box 800
Elk River, MN 55330-0800
SUBJECT: ANOKA COUNTY CAPITAL FUND
Dear Mr. Ammerman:
The purpose of his letter is to provide you with a written request to the
United Power Association Board of Directors to consider becoming
shareholders in the Anoka County Capital Fund- soon to be
Anoka/Sherburne County Capital Fund.
Since our initial meeting of potential investors in the fund, we have received
verbal acknowledgment of approximately $125,000 in total investments from
three sources within Sherburne County. This falls short of our initial goal in
this first round recapitahzation of the fund but surely indicates a significant
commitment.
As we discussed on the phone several weeks ago, an ongoing issue which I am
concerned about is that Elk River and the portion of Sherburne County which
is in a territory served by Anoka Electric Cooperative, are unable to tap into
any of the business financing resources offered by UPA. Elk River and
Sherburne County continue to have substantial needs for business financing
programs such as those you offer. Due to the fact that I don't foresee any
changes in the future availability of these programs here in Elk River, the
Anoka County Capital Fund provides an excellent opportunity for UPA to
participate in sharing its financial resources for the benefit of local business.
Not only is Anoka County Capital Fund an excellent opportunity for UPA to
share its resources, but it is also a method to possibly achieve a significant
return on investment.
13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425
Ammerman
December 6, 1996
Page 2
As I have indicated to you prior, I feel the most important aspect of a UPA
investment would be that the community of Elk River is able to finally tap
into a small portion of UPA's financial resources to aid in achieving business
growth, which meets the goals of both our organizations.
Thank you for your consideration of this request. I look forward to hearing
from you soon. If you have any questions or would like additional
information about the fund, please feel free to call me anytime at 441-4905.
Sincere,
Paul T. Steinman
Director of Economic Development
PTS:akh
C:
Mayor and City Council
Economic Development Authority
Pat Klaers, City Administrator
letters\pammer.doc