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8.0. EDSR 10-14-1997 • THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY AND Item 18 THE ELK RIVER CITY COUNCIL 4111111 FOR THE ESTABLISHMENT OF TAX INCREMENT DISTRICT NO. 17(Dave Decker) October 14, 1997 October 20, 1997 (an economic development district) Schedule EDA requests City Council to call for a public hearing to be held on February 16, 1998 to establish Tax Increment Financing District No. 17. City Council calls for a public hearing to be held on February 16, 1998 to establish Tax Increment Financing District No. 17. December 1,1997 Complete Plan. December 8, 1997 December 23, 1997 EDA approves Plan. (Alternate: Jan. 12, 1998) Planning Commission reviews Plan for compliance with the comprehensive plan. (Alternate: Jan. 27, 1998) January 5, 1998 January 12, 1998 January 21, 1998 February 16, 1998 Plan forwarded to School District and County Board(at least 30 days prior to public hearing) Send public hearing notice and map to local paper Date of publication of hearing notice and map (at least 10 days but not more than 30 days prior to public hearing) City Council holds public hearing on the establishment of Tax Increment Financing District No. 17 and passes resolution approving Plan. February 17, 1998 Send Plan to County/State for certification TI17sch E: \972110 \97211C1 Tue May 20 18: 42: 33 1997 11P- lit Al M LA m >0 Az m--1 r > O� N- D W 0 �BII4DINd / g � / / // . 413,.44,. g / 1 fs3 M / 4/4", in rn Atii* / >o //; \ 01— / / / / // ,. / 1 / • Ze / - - - - - - 4,Ab at / 5F �• / sr' / M DS 13 .• / oao� � F0 Xi X1 / o` ////1 0 O V _ / / O nni •• // / / / mj .• / / / — —091i33r0'08 AA L = _ —fOVu3K ONOM,.At dD`41 SD E — — — — / S/9 f7 r / 2 o / c In x D f" 13 • ( r. ..� o € ,iti �, . 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Box 490 Elk River,MN 55330 Dear Paul, It was a pleasure to meet with you this past Friday,to share with you the business opportunity that we are very excited about, and to see your incubator facility. I want you to know that I am intrigued by the thought of locating our business in Elk River. As I mentioned,it would be necessary to see a total financing package in the amount of$375,000 to bring this deal together from our perspective. If there is interest on your part and the proper assistance from Harlan Jacobs and his contacts,I will give this opportunity very serious consideration. • As I mentioned in our discussion, our total employment is projected to reach approximately 40 people in the year 2002. The vast majority of these positions represent professionals involved in Sr. Management, Sales,Marketing, Customer Service, Technical Service,Materials, Engineering, Quality Assurance, and Operations. Our staff headcount is somewhat limited by the fact that we expect to outsource most of our manufacturing. For us manufacturing includes molding of plastic parts,printed circuit board assembly, cable assembly,module assembly, and module test. In the year 2002 we project the sale of 68,500 systems. This represents more than 300,000 printed circuit board assemblies, 250,000 modules to be assembled, and over 250,000 cable assemblies. If there are subcontractors in the Elk River area that can produce high quality products at a competitive price, most of those jobs would stay in the Elk River area. If there is continued interest on your part, we need to hear from you soon and we need to see some interest on the part of Harlan in actively pursuing this business relationship. Thanks again for your time and interest. Y, Dick Gunderson President&CEO • CC. Harlan Jacobs Swimming Coaches and Aquatic Trainers... Improve Your Swimmers' Performance .' AilitEvaluate Swimmers From Any Angle- `` , ° Above, Below,Or From the Side-With the a -Y F Watercam Submersible Video Camera Y ,-t ra .'�! ; Views taken from Watercam:(Above) Watercam ,- - ar monitoring a swimmers turn;(right) vi ..ew beneath �' ^ swimmer;(below)side view of swimmer. This revolutionary palm-sized video camera is completely submersible, which enables you to critique your swimmers' . ' strokes,turns,and starts more precisely,without ever getting into the water. Connected to a camcorder, TV or VCR, the Watercam allows you to view-and also record-your swimmers -, -`w every move! It's easy to set up,is designed for hands-free,remote F n , ; ' operation,and displays clear,high resolution video. -,C. - I- ` h "` • Mounting accessories allow any desired view above or below water, `- either tracking or stationary. ® .M , . _ • View several lanes simultaneously k with 85 degree wide angle lens. — .. • Sensitive image sensor works well even in poorly-lighted pools. • 100' submersible cable included . r * \ 4 keeps your TV/VCR awayfrom the �,e `" I • ®` - water and still gives full pool access .� � • Rugged design withstands harsh �~ environments. • Rechargeable camera battery allows s', ` ,_ � �� - , AYR �t �use for 12 continuous hours between _�� � -�4 ��-- --; `,:- charges. char es. -.. The Watermark Video Camera allows you to view swimmers from any • Can be connected to most standard position you desire. Photos clockwise from upper left: underwater camcorders, TV's, and VCR's. video camera with accessories;camera with mount placed on pool III. One year limited manufacturer's bottom;camera attached to pole tracks swimmer;unattended camera warranty. monitors swimmers during practice. WATERMARK SUBMERSIBLES • Watercam -' t ne 941itir.'40 Submersible Video Camera Q: How can I use the Watercam to improve my Q: Does Watercam prevent me from using a swimmers'performance? lane? A:The swimmers'can see recordings of their errors that A: No.Watercam occupies very little,if any,usable pool you have been trying to point out all along. Additionally, space. since you can view the swimmers from beneath the Q:How do coaches typically use Watercam most water surface, you can see errors in their technique effectively? that are not noticeable from above the surface. A:Many coaches position the camera at the bottom of the Attach the video camera module to the pool mount pool and conduct practice as usual,pausing occasionally to or telescoping pole (included with the system) to get review recordings with individuals,or the group. Special any view of your swimmers - above, below, or from taping sessions may also be set up to focus on individuals. the side. f:Is it�ible to frame motion and freeze �me Q:I'm a very busy coach. Would Watercam be useful fromWatercam? to me and how long does it take to setup? A:Yes,if your recording device has this feature. This A: The system is designed to be used unattended capability is common on many camcorders and VCR's.A and takes only a few minutes to set up. Simply list of recommended recording equipment is available attach the camera to the pole or mount, position it upon request. in the pool, plug in two cables, and switch it on. Q: What if I want a different length of cable? The setup is even faster if the system is kept on a A: The camera module cable is detachable from the mobile cart. underwater camera. Cable changes and upgrades can be Q:My pool is not well lighted.Will it be too dark to made at any time. Custom cable lengths are available. use Watercam? Q:How can I use Watercam to pay for itself? A:No. The image sensor in Watercam's camera module is A: Having the right tools can make your swim program extremely sensitive,and well-suited for very low light better-thereby drawing more swimmers. You can sell conditions. Watercam also has built-in light level personalized instructional tapes to swimmers and their • compensation that allows it to work equally well outdoors parents at camps and lessons. in bright daylight. Special Show Price Thru Sept. 7th We accept Visa,Master Card, American Express or check. Black & White Color $ 1495 . 00 SAVE $100 SAVE $200 Add$20 for shipping& To order or for more information call today at handling Item sent via UPS. Allow 2-6 weeks 414-569-7878 for delivery. or e-mail Watermark Submersibles at mmgill@execpc.com Specifications, features, and equipment shown are • based on the latest information at the time of printing and may change due to product changes or improvements without notice. 525 South Lapham Street, Oconomowoc, WI 53066-3913 Telephone and Fax 414-569-7878 4 PROTECTOR care, inc. A FRONTIER ENHANCED • September 5, 1997 Paul Steinman City of Elk River 13065 Orono Parkway Elk River, MN 55330 Dear Paul: We appreciated the opportunity to meet you at Edinburg Country Club last week. The forum organized by the Public Resource Group seems a very viable way to bring communities, investors and manufacturers together to mutually benefit each other. Here is additional information on our CareStair system as a reminder of our interest in • hearing from you. In addition to the $500,000 we seek from a community like yours, we are very close to signing contracts with two other groups to raise the additional funds totaling $1.5 million for approximately 30% of Protector care. Of course we will consider a debt position also. We look forward to hearing from you. Sincerely, Paul C. Probst CEO • 2630 Holly Lane •Plymouth, MN 55447 •Tel. 612.473-5663 •Fax 612.473-5518 • 1-800-583-0473 The CareStair Half-Height Step Assistance System fits most straight stairwells. r r . , ___.r.________ __H \ i ' ' :''-:,77,-',..: 4-,,,.',":":.1...t, -7•„, yk ," 1 ' ---77$",,I,,ef. f { The CareStairt Half-Height ,; :l t�: 0 Step Assistance System . '�= Frees You to Move Safely :- F n p ,, .1 and Independently Through Life „ :i- ''gyp i ` z � N, The innovative,non-hydraulic CareStairTM System provides : * °",-4-t7 0 I kt k 3a_ °'fix. k.. users with: a • less strain and pain by reducing the step distance in half, • a feeling of safety and independence because of the stable . * Y r interface with the existing stairway and multiple adjustments F ., for various heights and step depths, ` � �` • improved physical conditioning, due to increased stair use. The CareStair System can be purchased or rented for chronic or temporary conditions and is less expensive than elevators • easy assembly and flexibility for placement on stairways: and hydraulic chair lifts. Because it doesn't require remodeling • no tools needed, or attachment to a wall,the CareStair System won't detract from • system can be assembled for either right-or the resale value of users' homes. Testing shows this lightweight left-hand railings, design supports over 1,000 pounds. • easy to move for cleaning or storage. 0 minimal impact on the stairway: Its lightweight, aluminium, modular assembly is stable and slip- • no remodeling required for installation, resistant,and all stepping surfaces are non-skid. An adhesive • system requires minimal stairway space. base secures the step to either carpet or wood floors without risk of slippage or damage to the surface. The CareStair Conditions Where the CareStair System Can System Can Improve Mobility and Decrease Pain , Save Money WhilePreserving Ongoing Usage ._.� weakness or fatigue Mobility arthritis I artificial joint According to Joseph heart conditions Keenan,M.D., unique interface,connecting i 'musculoskeletal disease(M.D.,M.S.) Professor,University of arms and adjustment knob obesity - Minnesota Department cardiopulmonariseasem of Family Practice, "CareStair offers a prosthetic modification of back problems an environmental barrier to reduce functional limitation and/or allow earlier rehabilitation in stair climbing".The cost of a full Short-TermUsage . flight CareStair System can be saved in just one month,when recovery from j•oint replacement surgery nursing home care or hospital admission is avoided or delayed. Further,Dr.Julius Krevins of USCF has stated that"...savings recove from heart su erY , recovery from stroke realized by postponing nursing home admissions by one month recovery from back surgery could equal$3.0 billion per year for health care providers." Minimizing just one fall on stairs in the home can save provid- The CareStair System may not be appropriate for everyone in ers an average of$14,000 for treatment of hip fractures, these categories. Consult your doctor,physical therapist or according to the Minnesota Council of Hospital Corporations. home care dealer to determine how you could benefit from a The CareStair System has the potential to reduce the number of CareStair System. falls in the home. • Numerous clinical studies discuss use of reduced height stairs For article reprints, to decrease the effort needed to use stairs, as well as the value user survey informa- of being able to do so. Among them are: tion, a demonstration or to order, call An Iowa study using EMG analysis to demonstrate that with 4" PROTECTOR care at 74, risers the three major muscle groups in the leg averaged 30% 612 476-8484 or ' � '�� `w less muscle effort on ascending and 34%less on descending 1 800 583-0473. when compared to the typical 8"riser. A 1990 study in the Scandinavian Journal of Rehabilitation Medicine describing the need for assistance in safely travers- ing stairs,as well as the therapeutic value of stair climbing. the CareStair System is lightweight With 207 stroke patients, 52%of the men and 67%of the Your local CareStair women either could not climb stairs unaided or could do so dealer is: only with difficulty or technical assistance. The September, 1992,Journal of Orthopaedic and Sports Physical Therapy article describing the rehabilitative effects of stair stepping vs. stair climbing machines. One conclusion was"fatigue is often a problem in deconditioned patients; CareStair S Ste therefore,activities designed to limit fatigue are important." TM y Half Height Step Assistance by PROTECTOR care, inc. Minneapolis,MN 55447 USA Pat.Pending Phone: 612 476-8484 ©1996 PROTECTOR care,inc. Printed in 9/96 Toll-Free Phone: 1 800 583-0473 PUBLIC RESOURCE GROUP, INC. Business Development&Finance Specialists COMMUNITY VENTmE NETWORK ,._____ il 4 l L____ T f„,, _` ,-4..._.,,,__..-)-, LINKING BUSINESSES TO COMMUNITIES 4205 Lancaster Lane North♦ Suite 1100 • Minneapolis, Minnesota 55441 ♦ (612) 550-7979 ♦ (612) 550-9221 Fax J COMMUNITY VENTURE NETWORK Public Resource Group, Inc. INTRODUCTION A principal reason for economic development in outstate areas is to foster growth of small to medium sized businesses. Emerging businesses find that the reduced operating costs, lower labor rates, and unified community support provide the maximum opportunities for successful business growth. • Many communities have established "revolving loan funds" and/or "equity capital" programs for the purpose of fostering this type of growth within their communities. Too often, however, the community and the entrepreneur never find each other. Community Venture Network (CVN), founded in 1991, has been formed to assist communities in identifying these potential prospects. CVN conducts an active outreach program to identify these emerging businesses and educate them on the benefits of seeking "outstate" community "investments." • CVN WHAT IS "COMMUNITY Community Venture Network is a consortium of • VENTURE NETWORK?" Minnesota communities with business investment funds or loan funds, seeking to promote development within their communities. WHAT IS COMMUNITY CVN seeks to "match" its prospects with its member VENTURE NETWORK'S communities to facilitate the location of the business PURPOSE? in the community. WHO MANAGES CVN is professionally managed by Public Resource Group, COMMUNITY VENTURE Inc.,a Minneapolis based economic development consulting NETWORK? and business financing company. WHAT TYPES OF CVN seeks to identify prospects in one of the COMPANIES DOES following categories: COMMUNITY VENTURE NETWORK RECRUIT? 1. "Development Stage" companies with existing product lines, but seeking expansion capital. 2. Business Acquisitions. New business owners 111 seeking additional equity or expansion capital to complete the purchase of successful, existing companies. 3. Spin-Offs/Business Expansions. Existing divisions of ongoing companies that are available for sale which might constitute a business opportunity for Community Venture Network members existing business base. HOW DOES COMMUNITY CVN conducts an active outreach program emphasizing VENTURE NETWORK the availability of its member community's capital IDENTIFY ITS PROSPECTS? program. Continual contact is maintained with accountants, attorneys, venture capitalists, and the private banking community to generate referrals. HOW DO MEMBER Public Resource Group, Inc. (PRG) and its COMMUNITIES referral sources conduct a preliminary review and PARTICIPATE? screening of all potential prospects for CVN communities. All member communities are invited to attend prospect presentations, held every three months. Prospects are given up to 30 minutes to present their company and proposal. Follow-up meetings with individual communities are then scheduled, as requested. All final funding decisions are made at the sole discretion of the member community. WHAT OTHER SERVICES The professional staff of PRG can also directly assist ARE AVAILABLE member communities in structuring and negotiating THROUGH THE community investments and/or loans. The PRG staff will COMMUNITY VENTURE also assist in coordinating and preparing participatory NETWORK? government and/or private financing materials. WHAT DOES IT COST? Each member community pays an annual fee of$3,850. In addition, a Contingent Fee Agreement is executed by each company participating in the Community Venture Network. This fee P depends upon the level of assistance required and p • the complexity of the package. • • • COMMUNITY VENTURE NETWORK MEMBERS Rochester Area Economic Development Meeker County/Litchfield City of Fairmont Community Development of Morrison County City of Cannon Falls Fairfax Economic Development Authority Faribault County • Kandiyohi County Economic Dvlpmt. Partnership Development Corp. of Austin Ada Economic Development Authority Becker County Worthington Area Industries Inc. Sebeka Development Corporation Greater Jobs, Inc. (Albert Lea) Kanabec County Fosston Economic Development Authority City of Milaca I I I I Ilk I PUBLIC RESOURCE GROUP , I N C . I I The development of business is our business. Our aim is to match business needs with all available resources. Through thisprocess we will make business more successful s and aid the f o developmentcommunities. I I I I I I I 4205 Lancaster Lane North ♦ Suite 1100 • Minneapolis,Minnesota 55441 • (612)550-7979 ♦ 162)550-922.(No. I I I• c '111 1 r,4 11" • I . i •I • HISTORY 1 I Public Resource Group,Inc.(PRG)was formed in 1983 to provide professional Ieconomic development assistance to communities.During the ensuing years the company established itself as the preeminent economic development consulting ifirm in Minnesota and Wisconsin.Several events occurred during the initial years that would help to shape the future of the company.During the course of development consulting,communities requested additional services such as industrial recruitment,marketing,and staffing.In addition,private business organizations sought out PRG to assist them with financing and development Iopportunities.These services ranged from industrial site selection to bank,SBA and tax increment financing. Today PRG is proud of its heritage in economic development and strives to give unparalleled expertise and service to both its public and private clientele. The senior staff at PRG represents over 40 years of experience in financial and public affairs.Our experience comes from careers as diverse as community and economic development directors,private and public bankers,administrators, and planners. We look forward to assisting you in accomplishing your objectives. Whether it is increasing your community's tax base or financing your business, iwe are here to serve you. I • I 1 • I ' SERVICESAk lor tFinancial Revolving Loan Funds ' SBA and Certified Development Company Marketing Venture Capital/Equity Capital Investment Loan&Grant Packaging/Business Financing ' Capital Improvement Programs Tax Increment Financing Marketing I • Minnesota Community Venture Network Industrial Park Development Community Marketing and business Prospecting Economic Development Program Administration and Servicing Governmental Relations Facility and Site Selection 1 Public/Private Planning Services Economic Development Strategic Planning Market Feasibility Studies Downtown Redevelopment/Revitalization Land Use Comprehensive Planning tAnnexation Tax Increment Financing Planning and Administration • •i I I• • I ICLIENT PROFILE I I Lumber Baron's Hotel Receives "Suite" Deal in Stillwater, Minnesota I I The St.Croix Preservation Company,Inc.undertakes a historic renovation project of the Lumberman's Exchange Building on the St.Croix River in Idowntown Stillwater,Minnesota. I0 The estimated total project cost for the renovation/expansion is in excess of $4.2 million dollars.The project is comprised of a restaurant,lounge,conference Ifacilities,and 36 two-room suites with fireplaces and whirlpool baths. IThe St.Croix Preservation Company utilized PRG to facilitate,structure,and secure the company's financing needs including Bank,SBA 504,Tax Increment IFinancing,and City Equity contribution to complete the project. IUpon completion in the Fall of 1995,the project created over 30 new jobs,and new property tax base of over$80,000 annually. I I I i • • I I •• 1 CLIENT PROFILE I i Morey Fish Co. Refinances, Expands in Motley, Minnesota In 1993,PRG assisted the city of Motley to provide Morey Fish Co.$1,500,000 at ' approximately 7%,through the City's G.O.Bonding Authority,to match long term debt with long term assets. I • Two years later,the net effect is improvement of the Company's Working Capital position by more than$1,000,000! In 1995,Morey Fish Company added one additional production line,creating over 30 new positions to the 80 positions already located in this community of 450 people. Again,PRG coordinated and packaged the equipment acquisition utilizing ' State of Minnesota,Central Minnesota Initiative Fund,and Region 5 Development Commission financing. 1 End result:$350,000 at 7%for ten years. I I • A& I i ' CLIENT PROFILE I I Hybrid MicroCircuits, Inc. Secures Location and Financing in Blue Earth, Minnesota 1 I Hybrid MicroCircuits,Inc.manufactures high quality,microminiature electronic circuits.The company's target market is hearing aid manufacturers. IFounders Timothy Mullen and Steve Meyer have over 47 years of combined I • experience in the manufacturing of hybrid circuits. IThrough PRG's Community Venture Network,Hybrid MicroCircuits secured a location and financing package in Blue Earth,Minnesota. r PRG helped obtain approximately$235,000 in financing through the Blue Earth IEconomic Development Authority,Faribault County,and the Small Business Administration. I Hybrid MicroCircuits has added over 30 positions as part of its continuing Iexpansion in Blue Earth. I I • 1 . I • S I CLIENT PROFILE Lund Industries Locates Corporate Headquarters in Anoka, Minnesota I Lund Industries,a publicly traded company,manufactures"aftermarket" accessories such as bug shields and ground effects for the truck and van market. The company was seeking financing and a location for a new 200,000+square Ifoot corporate headquarters and manufacturing facility. ' PRG was retained to conduct the site search and negotiate the financing package on behalf of the company. PRG secured a location and financing package totaling approximately ' $7,500,000,including a land and incentive package totaling$1,600,000,in the City of Anoka,Minnesota. The new corporate facility will add 200 new full time positions to the current base of 225 employees. 1 • • I I 1 I I •i • I PRINCIPAL BIOS I Leonard P. Kirscht IMr.Kirscht specializes in full service economic development assistance to Minnesota and Wisconsin community clients,as well as comprehensive financial packaging for private clientele.He is experienced in conducting community analysis,labor and industry Istudies,marketing programs,and grant writing.He also has extensive expertise in tax increment financing,financial analysis and packaging,loan fund administration,and complicated public-private transactions. iLeonard has over a decade of experience in the field of economic development on a variety of levels of government.As Director of Community Development for the City of I Red Lake Falls,Leonard implemented and coordinated the development efforts for the city.Leonard's expertise was broadened to include a regional focus while he was employed as Economic Development Planner for the Region 5 Development ICommission. I • Patrick W. Pelstring Mr.Pelstring,the founder of Public Resource Group,Inc.,has over 20 years of assisting communities in their economic development planning and implementation.Mr. I Pelstring has taken an active role in conducting community analysis,labor studies, economic development marketing programs,and management of local development companies.His expertise includes Tax Increment Financing and financial analysis. IPatrick,who started his career as a commercial loan officer for a Twin Cities bank,had previously been Economic Development Coordinator for the City of Coon Rapids, I Minnesota.Since starting Business Development Services in 1983,he has worked on behalf of over 80 communities in Minnesota and Wisconsin. IDennis J. Welch Mr.Welch specializes in providing economic development assistance to communities I throughout Minnesota.This includes conducting industrial recruitment strategies and implementation,labor and retention studies,and loan/grant packaging.In addition,he assists companies in site selection,identification and structuring of financial packages for privately and publicly held companies. IDennis started his career as a consultant to Fortune 500 companies assisting them in the development of overseas markets and in financing those operations.During his tenure Iin the international consulting field,he worked extensively with international • development and financing agencies. i • I i i ' • CLIENT STATEMENTS 1 "...Above all else,Public Resource Group has helped our small city to achieve the results that usually occur only in larger cities. They have used their creativity and knowledge to put Dassel on'a level playing field'. I highly recommend • Public Resource Group to any community that desires taking their economic development program to the next level..." David Latt, Mayor, Dassel, Minnesota ' "...Your company provided the highest level of professionalism in working with potential candidates for Blue Earth. We relied on your direct approach to ' sensitive issues and were never disappointed.." Patricia Miller,Director,Blue Earth E.D.A. "...Morey Fish Co.has worked with Public Resource Group on two significant financing packages involving several different public entities. I believe that without the competent assistance of PRG,these financing packages would not I III have reached a successful conclusion. Public Resource Group takes a complicated,bureaucratic process and makes it seem almost easy..." Kurt Blumberg, VP Finance&Administration, Morey Fish Co. ' "...We cannot begin to thank you for your successful efforts in obtaining financing for our company. We couldn't be more pleased! We highly recommend your company to anyone that has a need in pursuing financing for their business..." Richard and Tamara Seipel,Founders,Snow Stuff U.S.A. "...I wanted to thank you for the excellent job you've done representing our business. We were pretty green to the world of financing and economic development. You have guided us through rather painlessly and created a path where our dreams have become a reality..." Lori Botzet,Founder, Marine Innovations,Inc. "...PRG has demonstrated its unique creativity by helping us to capture unutilized equity in our facility,thereby greatly enhancing our leverage with debt financiers. We recommend Public Resource Group,Inc.to any business, regardless of size,that is considering its financing options as it pursues its expansion. We believe that they will be impressed and pleasantly surprised by the capabilities of PRG..." John F. Berglund,Partner,St.Croix Preservation Company •• 1