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City of Missoula, Montana Item to be Referred to City Council Committee Committee: Administration and Finance Item: Authorization of application to Big Sky Trust Fund Date: December 14, 2009 Prepared by: Mike Barton Initiated by: Missoula Area Economic Development Corporation Action Required: City Council is requested to adopt a motion authorizing the Mayor to submit an application to the Big Sky Trust Fund for $367,500 to defray relocation costs associated with business and employment expansion. Recommended Motion: I move the City Council authorize the Mayor to submit an application in the amount of $367,500 to the Montana Department of Commerce Big Sky Economic Development Trust Fund for the purpose of supporting business relocation and expansion in the City of Missoula. Timeline: Referral to committee: December 14, 2009 Committee discussion: December 16, 2009 Deadline: December 21, 2009 Background and Alternatives Explored: MAEDC is working with a local video production firm that was recently purchased by a larger entity. The parent company has proposed to consolidate its operation and relocate to Missoula. MAEDC has prepared an application to the Big Sky Trust fund to defray some of the costs associated with that move. The investment will result in 49 new jobs. The Administration proposes to have MAEDC administer the grant if the application is successful. Any grant agreement resulting from the application will be subject to City Council approval. Financial Implications: There are no direct budgetary implications for the City. Attachments: Draft application material