11.0. EDSR 12-13-1994 CONFIDENTIAL
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
TO: ECONOMIC DEVELOPMENT AUTHORITY
FROM: WILLIAM RUBIN, ED COORDINATO 1n
DATE: DECEMBER 8, 1993
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 . Trans-Med Corporation - This is an Elk River-based
medical product company that is pursuing the design and
production of a live organ carrier/preservation system.
The organ carrier has an on-board computer that is
constantly processing interactive data from pressure,
temperature, and flow sensors, etc. As a result, . a
surgeon has instant access to a summary or detailed report
• which contains up to the minute, as well as historical
data. The company is already doing work with E & 0 Tool
and Plastics relative to molds required for this system.
Numerous telephone calls have been made to Trans-Med, and,
it is likely that a meeting can be scheduled in the near
future to ascertain expansion plans and financing needs .
2 . Iggesund Recycling This is an Aitkin-based
manufacturer of shredders commonly used in the recycling
industry. Its parent company is located in Sweden. The
company currently does work with a local company, Elk
River Machine. Iggesund desires an existing space capable
of supporting an overhead crane. A second alternative is
to construct a new building. Information on financing
programs and incentive programs has been sent to this
company.
3 . John Weicht Prospect The City Planner and Economic
Development Coordinator met with John Weicht regarding his
prospect a 40,000 square foot plastic mold company.
Information was shared about available sites and potential
financing programs .
• 4 . Darkenwald Prospect - The Darkenwald family is also
working with a fairly large industrial user that seeks 8
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
to 12 acres of land. They were put in touch with the
property owner along County Road 1, just east of the Elk
River Industrial Park.
5 . Brad Larson Redevelopment Proposal - A recent meeting
was held with Mr. Brad Larson, an attorney from
Monticello, and his architect, regarding their interest in
the Morrell property at School Street and Jackson. Avenue
By virtue of the property' s zoning, they are considering a
multi-family redevelopment apartment project. Mr. Larson
recently completed the 23-unit project know as Elk Terrace
Apartments . On a side note, Mr. Larson' s interest in this
site may be one piece of a larger puzzle relative to the
Business Park Task Force discussion about property on the
eastern part of the community. Mr. Morrell owns
approximately 23 acres of land along the eastern
corridor. We understand that Morrell Trucking desires to
be cashed out of its property at School Street and Jackson
Avenue before pursuing expansion alternatives elsewhere.
6 . Green Mill Franchise The City Planner and Economic
Development Coordinator met with a Ramsey resident
regarding his desire to open a Green Mill franchise in Elk
River. He is a childhood friend of the founders of this
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successful, upscale pizza and pasta restaurant chain. It
is likely that the Elk River franchise would require a
liquor license. Staff's meeting with the franchise-holder
was very positive.
PREVIOUSLY LISTED PROSPECTS
1 . BRUMAR Staff understands that BRUMAR recently received
a $70,000 loan from the Central Minnesota Initiative Fund
to assist with the acquisition of approximately $130,000
to $140,000 worth of new mills and lathes .
2 . Tescom Corporation - EDA Commissioners will be happy to
learn that Tescom is nearing completion of its 30,000
square foot expansion to accommodate its high purity
division. This in turn, will trigger Tescom' s request for
the balance of its TIF subsidy, and, it will trigger one
or more requests to draw upon the DTED-City loan.
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