7.1. SR 02-03-2014 City of
Elk Request for Action
River
To Item Number
Mayor and City Council 7.1
Agenda Section Meeting Date Prepared by
Public Hearings February 3, 2014 Brian Beeman,Director of Economic
Development
Item Description Reviewed by
Sportech Forgivable Loan Jeremy Barnhart,Deputy Director, CODD
Reviewed by
Cal Portner, City Administrator
Action Requested
1. Open a Public Hearing to consider the Sportech Forgivable Loan.
2. Approve,by motion, a Forgivable Loan in the amount of$111,155.13 and authorize the execution of
associated agreements.
Background/Discussion
On January 21, 2014, the Economic Development Authority (FDA) approved the forgivable loan application
for Sportech. The forgivable loan would total $111,155.13 and be used to facilitate construction of a 6,210
sq. ft. Customer Innovation Center,in an upper level of the existing building at 10800 175"'Avenue.
Sportech is anticipating adding 6-8 design engineers during 2014-2015.
The city's Business Subsidy Policy requires a public hearing for any amount over$100,000 and Council
approval.
Financial Impact
The total estimated cost of the project is $263,088,including$111,155.13 in public financing (42% of
project cost). This will zero out the balance for this loan program and satisfy the requirements as
requested from the State Department of Economic Development.
Attachments
■ FDA packet information dated January 21, 2014, (Loan Application was emailed to Council as
part of January 21, 2014,regular meeting)
P a w E n E o A Y
UREJ
City of
Ell* = Request for Action
River
To Item Number
Economic Development Authori 6.10
Agenda Section Meeting Date Prepared by
General Business January 21, 2014 Brian Beeman,Director of Economic
Development
Item Description Reviewed by
Sportech Forgivable Loan Jeremy Barnhart,Deputy Director, CODD
Reviewed by
Action Requested
Approve, by motion, Sportech's Forgivable Loan in the amount of$111,155.13 and recommend to the
City Council to set a Public Hearing for February 3, 2014 to hear comment and approval of the
Forgivable Loan Agreement.
Background/Discussion
At the December 16, 2013 EDA meeting the EDA made a motion for staff to prepare the loan agreement
and documents for Sportech as recommended by the EDA Finance Committee with the condition that
Springsted complete their independent review of the Forgivable Loan Application. Springsted has completed
their analysis and review of the loan application. The loan application is strong. The project cost is $263,088
and is anticipated to be completed by the second quarter of 2014.
The EDA is under some pressure from the state to utilize the remaining balance of state DEED funds or
return it to the State;that amount is $111,155.13. Sportech represents the only project received that would be
eligible.
A representative from Springsted, the city's financial consultant and a representative from Sportech will be
present to explain the project. The city's Business Subsidy Policy calls for a Public Hearing in loan amounts
over$100,000 even though the State Statutes specify any amount over$150,000 as the threshold. Therefore,
staff is requesting that the EDA recommend to the City Council to call for a Public Hearing at their February
3, 2014 for February 18,2014 and to also approve Sportech's Forgivable Loan application.
Financial Impact
N/A
Attachments
• December 16, 2013 EDA Staff Memo
• Springsted Jan 21, 2014 Loan Application Memo Final
• Springsted December 16,2013 Informational Memo
• Sportech Forgivable Loan Application (will be sent under cover by email due to confidentiality)
• Project Commitment Letter from Sportech dated December 26, 2013
POwEe10 0 Y
NAUR
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that the City Council of the City of Elk River,
Minnesota, will hold a public hearing at a meeting of the City Council beginning at 6:30
p.m., on Monday, February 3, 2014 in the City Hall, Elk River, Minnesota, regarding a
proposed business subsidy to be granted by the City to Sportech under Minnesota
Statutes, Sections 116J.993 to 116J.995. The proposed subsidy involves a $200,000
Economic Development Authority Forgivable Loan to facilitate development of an 6,210
square foot expansion to Sportech' existing light manufacturing facility located in the
City.
Information about the proposed business subsidy is available for inspection at the
office of the Director of the Economic Development Authority at the City Hall during
regular business hours.
All interested persons may appear and present their views orally or in writing.
1657299vl
City of
Ell* = Request for Action
River
To Item Number
Economic Development Authori 6.3
Agenda Section Meeting Date Prepared by
General Business December 16, 2013 Jeremy Barnhart,Deputy Director, CODD and
Brian Beeman,Director of Economic
Development
Item Description Reviewed by
Sportech Forgivable Loan
Reviewed by
Action Requested
Direct,by motion, staff to prepare a Loan Agreement for Sportech as recommended by the EDA
Finance Committee,to be formally approved in January.
Background/Discussion
Sportech is a manufacturing company that produces aftermarket products for sporting vehicles. Sportech
plans an expansion of a 6,210 sq ft upper level Customer Innovation Center that overlooks the production
floor. Although no increase in building footprint,the added space will allow the engineering department to
observe how their ideas are being implemented. Sportech is anticipating adding 6-8 design engineers during
2014-2015. A drawing of the proposed expansion is included in the packet. The total project cost is $263,088
and the project is expected to be completed by the second quarter of 2014.
Based on the information submitted thus far,it appears the plan meets the business subsidy criteria, however,
some additional information has been requested to complete the analysis. At this point, staff and the Finance
Committee are comfortable moving forward with the development of an agreement,with that agreement and
the full application materials being reviewed in January by both the EDA and the City Council.
The EDA is under some pressure from the state to utilize the remaining balance of state DEED funds or
return it to the State by the end of the year;that amount is $111,155.13. Sportech represents the only project
received that would be eligible.
A representative from Springsted, the city's financial consultant and a representative from Sportech will be
present to explain the project.
Financial Impact
N/A
Attachments
• Sportech Forgivable Loan Application (will be sent under cover by email due to confidentiality)
• Comment letter from Springsted dated December 11,2013
P 0 V E R I U 0
NAUR
Springsted Incorporated
380 Jackson Street, Suite 300
p $ Saint Paul,MN 55101-2887
Tel: 651-223-3000
Fax: 651-223-3002
www.springsted.com
MEMORANDUM
TO: Members of the EDA
Members of the City Council
Brian Beeman, Director of Economic Development
FROM: Mikaela Huot,Vice President/Consultant
Julian Bradshaw,Analyst
DATE: January 15, 2014
SUBJECT: Sportech, Inc.—Forgivable Loan Application Review
Summary
At the request of the City of Elk River, Springsted has undertaken a review of the Sportech, Inc. forgivable loan
application. The purpose of this review is to ensure(based upon the provided information)that the applicant meets the
guidelines set forth by the City's forgivable loan policy. According to Sportech, Inc, the company produces OEM
(Original Equipment Manufacturer) thermoformed plastic products for numerous markets including the recreational
and utility vehicle product industry. Common products and accessories include windshields, UTV cab systems, skid
plates, body panels, and other miscellaneous components. Sportech's manufacturing and supplier facility is currently
located at 10800 175th Ave. NW in Elk River. Sportech, Inc. is requesting financial assistance of$111,115 in the form
of a forgivable loan to support remodeling and internal expansion of its current facility (to create a "Customer
Innovation Center', as termed by the company). The total estimated cost of the project is $263,088 (approximately
$230,000 of hard construction costs and $33,000 of soft costs) and includes primarily an internal expansion of the
engineering work area.
Springsted has reviewed the following materials with regard to the above referenced project:
• Sportech, Inc. Forgivable loan application, submitted to the City on December 2, 2013
• Balance sheets & Income statements for 2011 and 2012
• Dun and Bradstreet report
Public Sector Advisors
City of Elk River, Minnesota
Sportech, Inc.Application Review
January 15, 2014
Page 2
Approach
Sportech, Inc. has provided Springsted, through the City,with its forgivable loan application and related materials. The
goals of Elk River's forgivable loan program, as stated in the policy guidelines, are to stimulate private sector
investment to help spur new construction, create and retain employment opportunities, and to promote the sale of city-
owned property. The following review will outline the loan eligibility criteria as presented in the Elk River Economic
Development Forgivable Loan Policy guidelines and identify if the applicant meets those guidelines. Springsted's
determination that the applicant has fulfilled the necessary criterion is based upon the available information
(application information and related materials provided by the applicant and the City) and the City's current policy
guidelines. We have focused specifically on the project eligibility, eligible activities, business eligibility, and financial
feasibility requirements as stated in the guidelines. The review is meant to provide a snap shot of the above
referenced information and should be used as a tool to enable the City to form an opinion as to the applicant's
suitability for the forgivable loan program and ability to proceed with the project and honor any commitment made to
the City of Elk River.
Note on Financials
Sportech, Inc. has provided Springsted, through the City, with consolidated financial statements from the last two
years. The consolidated statements include Sportech, Inc. and Envision Company, LLC. According to the notes to
the financial statements, Envision Company, LLC shares common ownership with Sportech and is currently the lessor
of Sportech's operating facility. The notes also state that Sportech, Inc. has guaranteed the debt of the building owned
by Envision Company, LLC.
Project Eligibility Requirements
The City's forgivable loan policy indicates that prior to the City granting a forgivable loan to a proposed business, that
the proposed project must meet certain eligibility requirements. According to the City of Elk River's forgivable loan
policy guidelines, a forgivable loan must be based on one of the following criteria (Criterion 6 or 7 must be
accompanied by either 1,2,3,4 or 5.):
1. Creation of newjobs which meet the federal low to moderate income(LMI)guidelines and wage goals.
At least 51%of the jobs created must be made available or held by LM person(s);
According to Sportech's application materials the company plans to employ an additional six to ten
mechanical and design engineers with annual salary's ranging from$50,000 to$75,000.
2. Increase in tax base;
According to Sportech's application materials the company plans to remodel its current facility through
architectural redesign and additional industrial equipment. This remodel will increase the work force and
production at the facility.
City of Elk River, Minnesota
Sportech, Inc.Application Review
January 15, 2014
Page 3
3. The project demonstrates that investment of public dollars induces private funds;
According to Sportech' application materials the company expects that after receiving the forgivable loan
from the city that$757,933 of the approximately$263,088 in project costs will be financed privately.
4. The project provides higher wage levels to the community or will add value to current workforce skills;
As stated under criteria number one, Sportech plans to hire six to ten engineers at salaries ranging from
$50,000 to$75,000.
5. The project results in the sale and development of city owned property;
The company does not anticipate acquiring any additional property with the proposed business expansion.
Therefore the project will not result in the sale and development of city owned property.
6. Whether assistance is necessary to retain existing business; and
The applicant has not specifically stated that the assistance is necessary to retain the company within the
City of Elk River at the present time. However, the company is planning to expand its existing operations
within the City of Elk River with the proposed project through the hiring of additional employees for
engineering purposes. Approval of the loan and this project will allow the existing company to remain in the
City of Elk River and expand certain aspects of the business, thus resulting in existing business retainage.
7. Whether assistance is necessary to attract out-of-state business.
The applicant has not indicated the project will attract out-of-state business.
Eligible Activities
To qualify for a forgivable loan the applicant must utilize the funds for the specific purposes outlined in the City's
forgivable loan policy.According to the forgivable loan policy,forgivable loans may be used for the following activities:
1. Land acquisition (city owned property given preference);
2. Purchase of furniture,fixtures and equipment(FF&E)along with construction*.
a. *If equipment installation is greater than $2,000, Davis Bacon Rates Apply.
According to Sportech's application materials the company plans to utilize forgivable loan funds to aid in the
purchase of equipment and to reduce construction costs associated with the remodeling of its facility.
City of Elk River, Minnesota
Sportech, Inc.Application Review
January 15, 2014
Page 4
Business Eligibility
In addition to having an eligible project a business must also meet certain criteria before it is deemed eligible to
receive forgivable loan funds. According to the forgivable loan policy, to be eligible for a forgivable loan a business
must meet the following:
1. Business must be a for-profit corporation, partnership or sole proprietorship;
After reviewing Sportech's application materials the company appears to be a for-profit enterprise.
2. Business must be a small business as defined by the small business administration;
Based upon the application materials provided by the applicant, the company appears to meet the definition
of a small business as defined by the small business administration. The company appears to meet the
definition of manufacturing as defined by the U.S. Small Business Administration with maximum employees
less than 500 to 7500.
3. Business must have a positive net worth;
It is important to note that the latest financial statements provided by the company are for the year ending
December 37, 2072 and as such this determination is being made based upon the available information at
that time. Based upon a review of the financial information submitted by the company, Sportech has a
positive net worth as of December 37, 2072,
4. Business must be an industrial, manufacturing, or technology-based industry;
A review of Sportech's application materials confirms that the company fits into the description of an
industrial, manufacturing, or technology based industry.
5. Religious, political, casino, sports facilities and pornographic enterprises are not eligible to use the
Economic Development Forgivable Loan Program.
Sportech does not appear to be a religious,political, casino, sports facilities or pornographic enterprise.
Financial Feasibility
According to the forgivable loan program guidelines the financial feasibility criterion are meant to assess availability of
funds, private involvement,financial packaging and cost effectiveness. These criteria are:
1. Appropriate ratio of private funds to forgivable loan funds
City of Elk River, Minnesota
Sportech, Inc.Application Review
January 15, 2014
Page 5
The company has requested financial assistance of$777,715 and plans to finance the remaining project
costs of$757,933. The ratio of private to public funds is 7.36:7. 57% of the project costs will be financed
with private dollars which meets the minimum criterion(5096)of the City's policy.
2. Sufficient cash flow to cover proposed debt service as demonstrated by financial statements and projections.
The applicant has indicated that it will finance the remaining project costs internally. Based on our review of
the financial statements, the company has the ability to finance the private costs of $757,933. The
company's financials show projected revenues from operations being sufficient to finance annual operating
expenditures of the company.
3. Ability to demonstrate positive net worth
It is important to note that the latest financial statements provided by the company are for the year ending
December 37, 2072 and as such this determination is being made based upon the available information at
that time. Based upon a review of the financial information submitted by the company, Sportech has a
positive net worth as of December 37, 2072,
4. Letter of commitment from applicant pledging to complete the project during proposed project duration.
In a letter dated December 26, 2073 the applicant states: l confirm and commit to the completion of a
Sportech Customer Innovation Center to be located at 70800 775th Ave. NW, Elk River, Minnesota. The
estimated cost of the project is approximately$230,000 and the final completion date will be on or before
June 30, 2074" The estimated costs of$230,000 include only hard construction costs and do not include
soft costs of approximately $33,000 associated with the project. As a result the applicant has supplied
appropriate information indicating project completion and a copy of that letter is included with this memo.
5. Letter of commitment from other financing sources stating terms and conditions of their participation.
The applicant plans to finance the private share of project costs with existing funds and will not be seeking
financing through a lender.
6. Sufficient collateral
The applicant has indicated in follow up phone conversations that the company owner is willing to provide a
personal guarantee for the forgivable loan. Based on the applicant's representations regarding the value of
real estate holdings and net worth illustrated in the financial statements provided to Springsted at the time
of the review in December 2073 and January 2074, the applicant currently has a total net worth, comprised
of liquid and non-liquid assets,greater than the loan and equity amounts required for the proposed project.
City of Elk River, Minnesota
Sportech, Inc.Application Review
January 15, 2014
Page 6
7. Certificate of Good Standing from the Minnesota Secretary of State or other satisfactory evidence of good
standing.
Sonngsted reviewed a Dun and Bradstreet report for the applicant and found the company to be in good
financial and credit standing. In addition, Springsted reviewed the Minnesota Secretary of State online
resources and found the status of Spottech, Inc. to be active and in good standing. As a result, it appears
the applicant meets the criteria.
Conclusion
After examining the forgivable loan application materials submitted by Sportech, Inc. and in conjunction with the
Economic Development Forgivable Loan Program guidelines, Springsted concludes that Sportech, Inc. appears to be
in compliance with the program eligibility requirements(for which information was provided)as outlined in this memo.
Attachments
Sportech, Inc. Forgivable Loan Application
Letter of Commitment from Sportech, Inc. dated December 26, 2013
Springsted Incorporated
380 Jackson Street, Suite 300
p $ Saint Paul,MN 55101-2887
Tel: 651-223-3000
Fax: 651-223-3002
www.springsted.com
DRAFT MEMORANDUM
TO: Members of the EDA Finance Committee
Brian Beeman, Economic Development Director
FROM: Mikaela Huot,Vice President/Consultant
Julian Bradshaw,Analyst
DATE: December 4, 2013
SUBJECT: Sportech, Inc.—Forgivable Loan Application Review
Summary
At the request of the City of Elk River, Springsted has undertaken a review of the Sportech, Inc. forgivable loan
application. The purpose of this review is to ensure(based upon the provided information)that the applicant meets the
guidelines set forth by the City's forgivable loan policy. According to Sportech, Inc, the company produces OEM
(Original Equipment Manufacturer) thermoformed plastic products for numerous markets including the recreational
and utility vehicle product industry. Common products and accessories include windshields, UTV cab systems, skid
plates, body panels, and other miscellaneous components. Sportech's manufacturing and supplier facility is currently
located at 10800 175th Ave. NW in Elk River. Sportech, Inc. is requesting financial assistance of$111,115 in the form
of a forgivable loan to support remodeling and internal expansion of its current facility (to create a "Customer
Innovation Center', as termed by the company). The total estimated cost of the project is $263,088 and includes
primarily an internal expansion of its engineering work area.
Springsted has reviewed the following materials with regard to the above referenced project:
• Sportech, Inc. Forgivable loan application, submitted to the City on December 2, 2013
• Balance sheets & Income statements for 2011 and 2012
Approach
Sportech, Inc. has provided Springsted, through the City,with its forgivable loan application and related materials. The
goals of Elk River's forgivable loan program, as stated in the policy guidelines, are to stimulate private sector
investment to help spur new construction, create and retain employment opportunities, and to promote the sale of city-
owned property. The following review will outline the loan eligibility criteria as presented in the Elk River Economic
Public Sector Advisors
City of Elk River, Minnesota
Sportech, Inc.Application Review
December 4, 2013
Page 2
Development Forgivable Loan Policy guidelines and identify if the applicant meets those guidelines. Springsted's
determination that the applicant has fulfilled the necessary criterion is based upon the available information
(application information and related materials provided by the applicant and the City) and the City's current policy
guidelines. We have focused specifically on the project eligibility, eligible activities, business eligibility, and financial
feasibility requirements as stated in the guidelines. The review is meant to provide a snap shot of the above
referenced information and should be used as a tool to enable the City to form an opinion as to the applicant's
suitability for the forgivable loan program and ability to proceed with the project and honor any commitment made to
the City of Elk River.
Note on Financials
Sportech, Inc. has provided Springsted, through the City,with consolidated financial statements from the last two
years. The consolidated statements include Sportech, Inc.and Envision Company, LLC. According to the notes to
the financial statements, Envision Company, LLC shares common ownership with Sportech and is currently the lessor
of Sportech's operating facility. The notes also state that Sportech, Inc. has guaranteed the debt of the building owned
by Envision Company, LLC.
Project Eligibility Requirements
The City's forgivable loan policy indicates that prior to the City granting a forgivable loan to a proposed business, that
the proposed project must meet certain eligibility requirements.According to the City of Elk River's forgivable loan
policy guidelines, a forgivable loan must be based on one of the following criteria (Criterion 6 or 7 must be
accompanied by either 1,2,3,4 or 5.):
1. Creation of new jobs which meet the federal low to moderate income(LM 1)guidelines and wage goals.
At least 51%of the jobs created must be made available or held by LM person(s);
According to Sportech's application materials the company plans to employ an additional six to ten
mechanical and design engineers with annual salary's ranging from$50,000 to$75,000.
2. Increase in tax base;
According to Sportech's application materials the company plans to remodel its current facility through
architectural redesign and additional industrial equipment. This remodel will increase the work force and
production at the facility.
3. The project demonstrates that investment of public dollars induces private funds;
According to Sportech's application materials the company expects that after receiving the forgivable loan
from the city that$757,933 of the approximately$263,088 in project costs will be financed privately.
City of Elk River, Minnesota
Sportech, Inc.Application Review
December 4, 2013
Page 3
4. The project provides higher wage levels to the community or will add value to current workforce skills;
As stated under criteria number one, Sportech plans to hire six to ten engineers at salaries ranging from
$50,000 to$75,000.
5. The project results in the sale and development of city owned property;
The company does not anticipate acquiring any additional property with the proposed business expansion.
Therefore the project will not result in the sale and development of city owned property.
6. Whether assistance is necessary to retain existing business; and
The applicant has not specifically stated that the assistance is necessary to retain the company within the
City of Elk River at the present time. However; the company is planning to expand its existing operations
within the City of Elk River with the proposed project through the hiring of additional employees for
engineering purposes. Approval of the loan and this project will allow the existing company to remain in the
City of Elk River and expand certain aspects of the business, thus resulting in existing business retainage.
7. Whether assistance is necessary to attract out-of-state business.
The applicant has not indicated the project will attract out-of-state business.
Eligible Activities
To qualify for a forgivable loan the applicant must utilize the funds for the specific purposes outlined in the City's
forgivable loan policy.According to the forgivable loan policy,forgivable loans may be used for the following activities:
1. Land acquisition (city owned property given preference);
2. Purchase of furniture,fixtures and equipment(FF&E)along with construction*.
a. *If equipment installation is greater than $2,000, Davis Bacon Rates Apply.
According to Sportech's application materials the company plans to utilize forgivable loan funds to aid in the
purchase of equipment and to reduce construction costs associated with the remodeling of its facility.
Business Eligibility
In addition to having an eligible project a business must also meet certain criteria before it is deemed eligible to
receive forgivable loan funds. According to the forgivable loan policy, to be eligible for a forgivable loan a business
must meet the following:
1. Business must be a for-profit corporation, partnership or sole proprietorship;
City of Elk River, Minnesota
Sportech, Inc.Application Review
December 4, 2013
Page 4
After reviewing Sportech's application materials the company appears to be a for-profit enterprise.
2. Business must be a small business as defined by the small business administration;
Based upon the application materials provided by the applicant, the company appears to meet the definition
of a small business as defined by the small business administration. We are waiting on additional
information from the applicant to confirm this status.
3. Business must have a positive net worth;
It is important to note that the latest financial statements provided by the company are for the year ending
December 37, 2072 and as such this determination is being made based upon the available information at
that time. Based upon a review of the financial information submitted by the company, Sportech has a
positive net worth as of December 37, 2072,
4. Business must be an industrial, manufacturing, or technology-based industry;
A review of Sportech's application materials confirms that the company fits into the description of an
industrial, manufacturing, or technology based industry.
5. Religious, political, casino, sports facilities and pornographic enterprises are not eligible to use the
Economic Development Forgivable Loan Program.
Sportech does not appear to be a religious,political, casino, sports facilities or pornographic enterprise.
Financial Feasibility
According to the forgivable loan program guidelines the financial feasibility criterion are meant to assess availability of
funds, private involvement,financial packaging and cost effectiveness. These criteria are:
1. Appropriate ratio of private funds to forgivable loan funds
The company has requested financial assistance of$7 7 7,775 and plans to finance the remaining project
costs of$757,933. The ratio of private to public funds is 7.36.7. 57%of the project costs will be financed
with private dollars which meets the minimum criterion(50 96)of the City's policy.
2. Sufficient cash flow to cover proposed debt service as demonstrated by financial statements and projections.
City of Elk River, Minnesota
Sportech, Inc.Application Review
December 4, 2013
Page 5
Springsted is waiting for additional information from the applicant to determine that this criterion has been
met.
3. Ability to demonstrate positive net worth
It is important to note that the latest financial statements provided by the company are for the year ending
December 37, 2072 and as such this determination is being made based upon the available information at
that time. Based upon a review of the financial information submitted by the company, Sportech has a
positive net worth as of December 37, 2072.
4. Letter of commitment from applicant pledging to complete the project during proposed project duration.
Springsted is waiting for additional information from the applicant to determine that this criterion has been
met.
5. Letter of commitment from other financing sources stating terms and conditions of their participation.
Springsted is waiting for additional information from the applicant to determine that this criterion has been
met.
6. Sufficient collateral
Springsted is waiting for additional information from the applicant to determine that this criterion has been
met.
7. Certificate of Good Standing from the Minnesota Secretary of State or other satisfactory evidence of good
standing.
Springsted is waiting for additional information from the applicant to determine that this criterion has been
met.
Conclusion
After examining the forgivable loan application materials submitted by Sportech, Inc. and in conjunction with the
Economic Development Forgivable Loan Program guidelines, Springsted concludes that Sportech, Inc. appears to be
in compliance with the program eligibility requirements (for which information was provided) as outlined in this memo.
Once the applicant provides further information pertaining to the financing of the project, unanswered eligibility
criterion will be addressed.
s -
December 26, 2013
To whom it may concerns
Re: Construction of a Customer Innovation Center
Dear Sir or Madam
I confirm and commit to the completion of a Sportech Customer Innovation Center to be located at
10800175 th Ave. NW, Elk River, Minnesota. The estimate cost of the project is approximately$230,000
and the final completion date will be on or before June 30, 2014.
Sincerely,
Eric Stack, CFO
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