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5.0. - 12.0. EDSR 05-10-1993 Pk/ cy of TO: ECONOMIC DEVELOPMENT AUTHORITY lkERiverFROM: WILLIAM RUBIN, ED COORDINATO 2 DATE: MAY 5, 1993 SUBJECT: AGENDA MEMO FOR MAY 10, 1993, EDA MEETING 5 . FINANCIAL UPDATE The summary on the EDA Revolving Loan Fund will not be available until the May 10, meeting. As a reference point, EDA Commissioners may wish to use the March 31, 1993, cash balance of $195,585. 60 (excludes 1993 interest calculations) . 6 . EDA MAIN STREET SITE Mr. Chris Bulow, of the Bruce Company, will again be in attendance to provide EDA Commissioners and staff with an update on the progress he has made with his project since the last EDA meeting. It is likely that construction numbers and cost estimates will be disclosed at the meeting, and this will • give the EDA an opportunity to answer three fundamental questions : - What is being proposed? - How much will it cost? - What is needed from the City-EDA? Other developers that have previously expressed an interest in the site have also been alerted to Monday's meeting. It is not known, however, if the developers will attend the meeting and disclose their plans publicly. 7 . PROPOSED REVISIONS TO LOAN POLICY GUIDELINES Two revisions are being proposed to the EDA Revolving Loan Policy Guidelines . The proposed revisions were sent to the EDA Finance Committee for its comments . These comments, if any, will be solicited from Committee members prior to the May 10, EDA meeting. The first proposed change reenforces the concept that the EDA loans are to benefit businesses that are located in Elk River or will be located in Elk River when the loan closes . The policy is silent on what occurs when a company relocates out of Elk River after a loan has been approved. This issue has presented itself as a result of Pure Steam Humidifier Company' s • planned relocation out of Elk River (see enclosed letter in agenda packet) . After speaking with Pure Steam' s president about the pay down of the two EDA loans, he is agreeable to pay the loans in full prior to his company relocating from Elk P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 SRiver. If this issue occurs again, it is better to have specific language in the policy guidelines which spells out loan repayments upon relocation. The following language is offered as a revision to the policy guidelines: "A loan shall become due and payable in full if a business relocates out of the City of Elk River prior to the maturity date of the EDA loan. " Another proposed change to the policy guidelines relates to the adjustment in the EDA's interest rate. Although the current policy indicates that the EDA loan will be tied to the prime rate the day the loan is closed, some applicants may expect that rate to be fixed over the life of the loan. With recent loans (i.e. , NAPA and Coldwell Banker) , the interest rate is indeed tied to the prime rate, but there is an adjustment factor every six months. With that, the following revision is offered to the policy guidelines : "The interest rate may be adjusted at intervals that are mutually agreed to by the EDA and the business . " A copy of the existing policy guidelines is enclosed in the • agenda packet and the proposed revisions have been included and are underlined to assist EDA Commissioners in finding the changes . This is also an opportunity for EDA Commissioners to offer other changes or to express other concerns regarding the loan policy guidelines. ACTION REQUESTED The EDA is asked to approve the two proposed revisions to its Revolving Loan Policy guidelines . 8 . BUSINESS PARK CONCEPTS At the April EDA meeting, Commissioner Dwyer suggested that the concept of developing a second Industrial Park be brought to the forefront. With that, staff is suggesting that initial, exploratory work be done on this topic. The following issues will likely emerge during this exploratory stage: - Ownership: Who will likely develop the park? - What is the role of the EDA? - Financing sources - Business Park standards Enclosed in the agenda packet are two maps from the 1990 Focus Area Studies report. One map indicates existing conditions while a second map suggests future uses, including that of a business park. Also enclosed in the packet is a photo copy of • a variety of parks offered by the Welsh Companies of Eden Prairie. It is likely that the EDA will appoint one or more Commissioners plus those members of the R & D Committee to a task force to further investigate the merits of a second Industrial Park-Business Park in Elk River. 9 . MARKETING CONCEPT Enclosed in the agenda packet are several drafts of the puzzle that was discussed at the April EDA meeting. Staff is proposing that the puzzle would be affixed to a 9x6 piece of paper (80# or greater) and would be mailed to a variety of industry-specific companies, such as : - Mold makers - Plastic Injection companies - Electronics companies - Bio-tech companies - Commercial and Industrial Realtors This mailing would be followed up by a second mailing which would include the City' s brochure, etc. Personal follow-ups would also occur. 111 ACTION REQUESTED The EDA is asked to approve the art work for the latest marketing concept. 10 . PROSPECT STATUS REPORT The Prospect Status Report has been sent under separate cover. 12 . STAFF UPDATE(S) A. Tescom Closing - Closing .on the Tescom project is scheduled for May 14 . B. First Time Homebuyer Program - Staff will attend an allocation meeting in St. Paul on May 12 . The allocation meeting was necessitated as a result of requests for mortgage funds exceeding $73 million dollars . Minnesota Housing Finance Agency only intends to make $47 .5 million dollars available. Therefore, each applicant requesting funds will be subject to a lower amount. It is likely that Elk River' s final allocation will come in at $950,000 . • KJELLBERG'S ELK RIVER 612 441 8002 P. 01 • 1- �c]aez. r 74/-c7741Z- r 64:3 a•(:'/ •1€'XI• • KJELLBERG'S ELK RIVER 612 441 8002 P. 02 '+ t CITY PROJECT ESTIMATED COST RETAIL SPACE MAIN LEVEL 8000 SQ. FT. $694,000.00 STORAGE AREA 6000 SG. FT. • COST OF CONDOS/SUITES 3 LEVELS OF CONDOS OR SUITES $607 ,500.00 1 LEVEL GARAGES/STORAGE/UTILITY $112,500.09 1 ELEVATOR $ 65,000 .00 TOTAL ' $785 ,000 .00 GRAND TOTAL $1 ,479,000.00 • ' . r • I . _ails Q-r-Ro L-r-ioNS 2, biLLNAG-- TYPE (t-1ti-ELs) ConFfGu_g_A-FI on .3 . cos-r 4 Ft tA-OC, I n6-- • S AX - atJr oTir-1E Li • CITY PROJECT ESTIMATED COST RETAIL SPACE MAIN LEVEL 8000 SQ . FT. $694 ,000 .00 STORAGE AREA 6000 S0 . FT . COST OF CONDOS/SUITES • 3 LEVELS OF CONDOS OR SUITES $607 ,500 .00 1 LEVEL GARAGES/STORAGE/UTILITY $112,500 .00 1 ELEVATOR $ 65,000 .00 TOTAL $785 ,000 .00 GRAND TOTAL $1 ,479 ,000 .00 • • O 11). C. .,T " 41000 214 D0u3r) CT= 7, _ 0 0 00Q 0,0 ._ pf;2\01-r-G _Korn C,'0DOShE_S Ealah cro 4 000 cc - go , coo. co soz-i- 000. r-J0 c. Ivs„).--1000,-----te 12,0 loco 4c4 ,CCC CC) it-oK_ OR- ks-r . r ;-2%- \1 i-L? RE-..\ADIJ t r:j5- 1SC 0 CC. Q.; .c • c'•-7 •7.: . CC / 0E1- E--)A-1-4241- _-)7 -77) ;=7 • ) 0C)0 00 , • V1ET. FitOrnICE3 , -4A04 ,Ooo .oc AvEJ' % -1 . '2�D Ys4 - ! 31512_.00 3 .61 4 pew -4 k PA-,D 2 , L02__(, . 00 -r- ---max , 1-101)71-4 LY 0 • -TP,X LIZEHE-N)—r-1 plivArbkicr- ST- F2 F., Lai \ocicr.tr- t T—NL CC.0 C 1.37-• -FAY. ,ce; -7 I zoo. CC PER `-{ AX RE 4 17: tiU • cW• 2s z_oc o cD Z5-1, TK JñLa c•• • °TAcc:Li • 'Pa —TOT j7: C.) • s..." • • Ti -'\E LJNE AtP121 L_ 12_ - I 1E-NJ r „ 1r- , tlf20-/ 10 - c_r\fLe c7- 1,PkC,1 t JO g- O.V../\/E. 14 U-'P DATE - • - NIP; NI& PLA-Ni - PLi2. rs)1 au_LY I - uE_ orPDAT \ - - • PLPrt-: SPrr=L.S WisU ""r - Us--PDP-ETE - A _1 PiArt\V--, F-012. d_Drs-Tik.-,-1ic13 sSTkT con5---rizuL-not\I - HDT70 pAcruG-11- ct, c-rky---.7 O iLLAES 0 C_Q i\-/t P (/' tyof lk River May 3 , 1993 o I:)%7 Mr. Willard Morton PureSteam Humidifier Company 5100 Thimsen Avenue Minnetonka, MN 55345 Dear Willard, I was disappointed to learn that PureSteam will be relocating out of Elk River this summer as the company consolidates both production and administration into one location. Although Elk River did not have an opportunity to submit a proposal for this consolidation, I accept your explanation that the company decision was one of locational preference. I do agree that as a company grows, it becomes increasingly more difficult for the • production segment to be eliminated from administration. I have reviewed PureSteam' s two outstanding loans with the Elk River Economic Development Authority (EDA) . You are correct in your assessment of the 1990 loan in that the final payment is July, 1993 . The 1992 EDA loan extends out to March, 1996 . These loans were intended to assist companies with their Elk River expansions . Toward that end, the loans should be paid down prior to your company' s relocation out of Elk River. I wish you good luck with the expansion project and trust that the loan repayments can be done in a manner that will benefit both parties . In the event of questions or comments, please feel free to call me at 441-4905 (direct) or 441-7420 . Sincerely yours, William Rubin Economic Development Coordinator WR:ah • • P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 irt 91614 ECONOMIC DEVELOPMENT REVOLVING LOAN FUND 411 ELK RIVER, MINNESOTA POLICY GUIDELINES 1 . PURPOSE It is the purpose of this document to establish a Revolving Loan Fund for Economic Development in the City of Elk River. 2 . POLICY STATEMENT The Economic Development Authority for the City of Elk River (EDA) recognizes the need to stimulate private sector investment into manufacturing facilities and equipment in order to create new jobs, boost productivity and retain existing jobs for local residents . It is also the intent of the loan program to provide affordable loans for expansion and/or rehabilitation of commercial and retail buildings in order to maintain the economic viability of Elk River's business districts . An EDA loan is intended primarily when other conventional loans and equity have been maximized, and therefore, the project may not occur without an EDA loan supplementing the financing. Such a loan is not intended to give an unfair competitive advantage over similar businesses in the community. 411 3 . USES Permitted Fund Uses : a. Building construction b. Land acquisition c. Machinery d. Equipment e. Fixtures f . Industrial Raw Material ( Inventory) g. Working capital h. Renovation and modernization of buildings i . Exterior renovation of retail, commercial and industrial buildings j . Public infrastructure needed for economic development expansions Any project meeting the above criteria, and located or proposed to be located within the City limits of Elk River, may be eligible for an Economic Development Revolving Loan. A loan shall become due and payable in full if a business relocates out of the City of Elk River prior to the maturity date of the EDA loan. 411 Revolving Loan Fund Policy Guildelines Page 2 411 Ineligible Fund Uses : a. Expenditures for the construction and/or renovation of residential units b. Greater than 25% of total working capital needs c. Refinancing of existing debt d. Retail Inventory 4 . PRIORITY OF PROJECTS Businesses requesting an Economic Development Revolving Loan must be: - A for-profit corporation, partnership, or sole proprietorship - A "small business" as defined by the Small Business Administration (SBA) Priority for EDA loans shall be given as follows : First priority - manufacturing or industrial Second priority - research, development, technology Third priority - retail, service, and other types of uses . 5 . LOAN AMOUNT Minimum loan amount will be $5,000. 00, and the maximum amount will be 40% of the total project cost, or $50,000 . 00 . whichever is less . Total loans cannot exceed 90% of the estimated market value of the property upon completion of the project. The interest rate for all loans will be tied to the lower of the / prime rate of First Bank Minneapolis or Norwest Bank the day the vloan is closed. The interest rate may be adjusted at intervals that are mutually agreed to by the EDA and the business . Financing terms will not exceed 20 years for land and buildings; ten years for machinery, equipment and fixtures, and five years for working capital . 6 . REGULATION FOR NEW CONSTRUCTION AND IMPROVEMENTS All building construction or renovation is to be brought into conformance with city codes and policies . Repairs may include the following systems and portions of real property: • a. Mechanical heating, plumbing and electrical b. Structural; including the facade of the structure and energy related improvements . Revolving Loan Fund Policy Guildelines Page 3 111 7 . LOAN SECURITY AND GUARANTEES Applicant must be able to secure the loan with at least a junior mortgage upon the building and/or assets involved for other approved collateral . Applicant must demonstrate the financial means to repay the loans, as determined by the Economic Development Authority. 8 . TIMING OF PROJECT EXPENSES No project may commence until the Elk River Economic Development Authority has approved the loan application. Any costs incurred prior to the approval of the loan application are not eligible expenditures . No building construction may commence until the required City permits are secured. The applicant will be responsible for all legal, recording and other fees required for protecting a security interest in the loan. 9 . PROCEDURAL GUIDELINES FOR APPLICATION AND APPROVAL • A. Application and Review A loan applicant will meet with the City' s Economic Development Coordinator to obtain information about the Economic Development Revolving Loan Fund, discuss the proposed project and obtain application forms . A completed application form, together with a nonrefundable processing fee of 1% of the loan request, must be submitted to the Elk River Economic Development Authority prior to review and consideration. The fee is used to cover City expenses for processing the application. The applicant must obtain a commitment for primary financing from a bank or other common guaranteed lending institution before initiating a request for an EDA loan. The commitment for primary financing must be evidenced by a letter stating that conventional financing has been maximized and the project may not be undertaken without supplemental financing from the EDA. The application is reviewed by the City staff to determine if it conforms to all city policies and ordinances and to consider the following: 1 . The availability and applicability of other governmental grants and/or loan programs . Revolving Loan Fund Policy Guildelines B. Page 4 411 ,• • 2 . Whether the proposed project will result in conformance with building and zoning codes . Project Review: 1 . The EDA Finance Committee and EDA Commissioners will review each application in terms of its consistency with the goals of the Growth Management Plan and in relation to the project ' s overall impact on the community' s economy. 2 . The Finance Committee and EDA Commissioners will also evaluate the project application in terms of the following: a. Project design - Evaluation of project design will include review of proposed activities, time lines and a capacity to implement. b. Financial Feasibility - Availability of funds, private involvement, financial packaging and cost effectiveness . 1 . Ratio of private funds to Economic Development Revolving Loan Funds (minimum threshold: $2 .00 private funds, $1 . 00 Economic Development Revolving Loan Funds) . 2 . Sufficient cash flow to cover proposed debt service as demonstrated by financial statements and projections . 3 . Business must show a positive net worth. 4 . Letter of Commitment from applicant pledging to complete the project during proposed project duration, if the loan application is approved. 5 . Letter of Commitment from other financing sources stating terms and conditions of their participation in the project if applicable. 6 . Sufficient collateral . c. All other information as required in the application and/or additional information as may be requested by the Economic Development Authority. d. Project compliance with all city codes and policies . e. Program Objectives - The applicant must meet all Revolving Loan Fund criteria and demonstrate how Revolving Loan Fund Policy Guildelines Page 5 • the proposed activities will meet at least one of the following objectives: 1 . Job creation and/or retention. 2 . Meet City approved economic and/or redevelopment plans. 3 . Prevention or elimination of slums and blight. • 4 . Increasing local tax base. 5 . Required compliance with an existing building code violation. 3 . The EDA Finance Committee will recommend approval, deny, or ask for a resubmission. A recommendation from the Finance Committee will be forwarded to the EDA for action. 10 . The above criteria will be reviewed on an annual basis . 11 . The Elk River Economic Development Authority may deny any project at any time that it deems inappropriate according to the guidelines established in this document. _. ' .. .�._ _.4, • w. • • a \ , ' ,-. "'C.,•? , - \. 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WelshCompanies • How to Mix Business with Pleasure: Build in One of the Twin Cities' Finest Business Parks . : ,„, , ail . ,,.. ,.: , .. , ,,,,1-2,,, , : , - _., ,.$i..41: - s t" rr ��, rr H W -, LJs ♦:.. - ., s . _ ( ta4isoa Hotel t. , z i Valley' Green Business Park Northwest Business Campus Shakopee—1-100 acre lots for sale in the Twin Cites' Plymouth—4-24 acre office/warehouse,R+D and light largest planned business park.The 2250-acre park,home manufacturing sites available in established,168-acre multi- to Tsumura,offers excellent access to Highway 101,major rail use business park with immediate freeway access to both 1-494 service and is convenient to the airport.Most lots are ready to and Highway 55.All utilities are in and most sites are improved, build—and fully serviced with all utilities installed.Nearby graded and ready to build.Northwest Business Campus includes amenities include hotel,restaurant,retail,health club,and first-class office,light manufacturing,retail and warehouse day care facilities. facilities and a Radisson hotel,conference center and health club. • Bill Ritter/Fred Hedberg,944-5810. Bill Ritter/Fred Hedberg,944-5810. rTM t v � t , *4." ;, t ,et, ' .r7 '. `'�` `a" .`,.f.4,:''''''?".-"!.:1;"' �.r 'Wr,' -`'p: y�L .pr,a,�,.. -c, Y ' -V" c t's°f,,�._e. F - t'' . i' t� x .; y y • ,n•+ C • tM "r"`"p„" Y,-.s.:,. .rat.'s �_. ` t c 4, {sa� s+.' '4a^ti.A� .. 1 i idH�:"'� 0SF .''.,^i„'. a.,r - -- The Watert .TheWatelrs Corporate Park Edenvale Corporate Park Eagan—5-35 acre sites for sale in this prestigious 400-acre Eiden Prairie—2-10 acre building sites available in this corporate park.The spacious,park-like setting is ideal for 92–acre business park,home to many local and regional corporate headquarters,R4 D,and light manufacturing and corporations.Ideally located near 1-494 and Highways 5 includes waterscapes,landscaped boulevards and extensive and 212,the available office,warehouse and light common areas.The Waters,home to Cray Research and manufacturing sites offer panoramic views of purgatory Northwest Airlines,is ideally located 1/4 mile from 1-494 and Creek and Eden Prairie.All lots are fully improved,graded is close to I lighwacs 149 and 55. and ready for building. Bill Ritter/Fred Hedberg,944-5810. Bill Ritter/Fred Hedberg,944-5810. . - Welsh Companies offers over 1200 acres of the most desirable business park sites in the Twin Cities and metro area. Whether you choose-to build on a small parcel • or larger acreage, we have the right site for you. Please call us to learn more. WelslhConlpanies - 11200 West 78th Street, Eden Prairie, Minnesota 55344 (612) 944-5810 PROPERTY MANAGEMENT • I3ROKERAGE • CONS I-RUCTION • DEVELOPMENT • INVESTMENT SERVICI M 1 .., 3 i 0 06.2 .1 .W., 1 z w I -) Mini . 41 Q t- rl 1 w crai31T3 . 4"g - z N 41 en cu zi�.i liii .c 011111 0 z ciArg 1 8 cJ 111111 v s• • • • .1 - -N w ,r. 0 gi) n ,.., ,..4 W w a N IE • u• O8 C 0 0. c w • MAY OG '03 10:03PM ELK RIVER PRINTING r.E/0 �� PROOF • 1 ERP —Cust, city . Elk River EXPANSION OPPORTUNITIES (612) 441-7420 • MAY ©G '03 10:03AM ELK RIVCR PRINTING r.c.o • y PROOF • ERP Cyst, - ( • der of Elk "ver EXPANSION OPPORTUNITIES (612) 441-7420 Pc a L- Sin) wrirt V u22L.6 & D5 • • •