15.0. EDSR 04-11-1994 CONFIDENTIAL
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
MEMORANDUM
TO: ECONOMIC DEVELOPMENT
AUTHORITY
FROM: WILLIAM RUBIN, EXECUTI
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DIRECTOR
DATE: APRIL 6, 1994
SUBJECT: PROSPECT STATUS REPORT
The following is a summary of new industrial and commercial prospects that
have expressed an interest in locating in the City of Elk River since the last
EDA meeting.
NEW PROSPECTS
1. Neo-Tech - This is an Anoka-based printed circuit board company that
is seeking alternative sites to its current facility. After evaluating the
sites in Elk River, the company concluded that Elk River did not fit its
expansion criteria. The primary reason given was commuting
distance.
2. Alltool Manufacturing Company - Alltool is working with John Weicht
regarding a proposed 40,000 square foot expansion to its existing
85,000 square foot facility. The company has suggested to Mr. Weicht
that it may consider a Wisconsin location for this expansion. Alltool
seeks supplemental financing for additional equipment purchases that
are required for this expansion. Two funding sources have been
identified: a.) the EDA Micro-Loan program; and b.) the Central
Minnesota Initiative Fund Intermediary Relending Program. The
Initiative Fund will provide loans up to $150,000, but it may be
necessary to consider increasing the loan limits on the Micro-Loan
Fund to, say, $75,000 or $100,000.
3. Loon Photographic, Inc. - This is a Golden Valley-based photographic
specialty products company that seeks to construct a new facility of
• approximately 10,000 square feet. A variety of sites and financing
P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420• Fax: (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
programs/incentive programs were presented to the company and
• follow-up conversations are occurring.
4. Health. Club Inquiry - Staff was in contact with an individual who
seeks to,open a 7,000 square foot health club facility in Elk River. The
individual seeks existing space in a commercial center or in another
building that is easily retro-fitted.
5. Realtor Inquiry Staff responded to an inquiry from a Realtor who is
representing a telemarketing company in downtown Minneapolis. The
company seeks an alternative location to its Minneapolis operation and
needs approximately 10,000 square feet of space. The Realtor was put
in touch with the agent representing the Cody Square building just off
of 173rd Avenue and Highways 10 and 169. Unfortunately, this did
not meet the company's space needs.
6. UPA Prospect A meeting was held with representatives of United
Power Association to discuss one of its industrial prospects. Its
prospect seeks a 20 acre site for the construction of a 100,000 square
foot wood waste conversion processing facility. The prospect needed
access from a railroad spur - thereby eliminating several available Elk
River sites. Two sites were presented to the company: a.) an eighteen
• acre site owned by LeFebvre Trucking, and b.) a twenty-three acre site
owned by Larry Morrell just south of 171st Avenue. The company had
a wide target area relative to candidate cities. No additional
information is available at this time.
7. Guardian Angels - Guardian is proposing a remodeling of its existing
nursing home facility plus the construction of a new wing for
additional units. It is likely that Guardian will request that the City
issue a revenue bond for this expansion-rehabilitation project.
PREVIOUSLY LISTED PROSPECTS
1. Micro-Tech Hearing Instruments - The company's Board of Directors
was scheduled to meet on March 28, to narrow the list of candidate
cities down to a more manageable number. Several absences at this
meeting prompted the Board to delay its decision until May. EDA
Commissioners will recall that the company currently has a production
facility in Eden Prairie and also operates a telemarketing and sales
office in St. Cloud. Micro-Tech seeks to construct a 10,500 square foot
facility to consolidate the two operations.
• 2. EPG Companies This is the Maple Grove business that is owned by
Mr. John Hasslen, an Elk River resident. Mr. Hasslen is still
evaluating potential sites and would prefer a large tract parcel (40 to
• 80 acres) rather than, say, a 10 to 12 acre lot in a business campus.
He is currently evaluating sites in the eastern part of the community
along Highways 169 and 10 between 165th Avenue and Jarvis.
•