11.0. EDSR 01-11-1993 \)1
ft F TO: ECONOMIC DEVELOPMENT AUTHORITY
River FROM: WILLIAM RUBIN, ED COORDINATOR
DATE: JANUARY 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. Midwest Internal Medicine - This is a medical practice
group currently officed at the Mercy Health Care Center
adjacent to Mercy Hospital in Coon Rapids. The group has
significant expansion plans to both double the number of
practicing physicians and the number of its support
staff. The medical group seeks a 3 to 5 acre parcel
suitable for a 30,000 to 50,000 square foot clinic in the
Coon Rapids-Anoka-Elk River area. Staff recently met with
the firm that has been retained to design and construct
the health care facility. In addition, a number of
11/1: potential sites in Elk River were presented to the design
company. Mortgage financing programs and incentive
programs were also reviewed and discussed with the design
company. Staff understands that this company is now
evaluating the sites presented to it.
2 . Flavor Midwest - This is a company that manufactures
artificial flavors for a number of clients including
General Mills and Pillsbury. The artificial flavors are
used in beverages, cereals, yogurts, etc. This company
first appeared in a Prospect Status Report in early to mid
1991. Recently, Flavor Midwest was pursuing a significant
contract with Pillsbury Grand Metropolitan, which, if
awarded, would have resulted in a need for additional
operating space as well as additional machinery and
equipment. Numerous financing sources, including a
primary lender, Central Minnesota Initiative Fund, and the
Elk River EDA were brought together to discuss the
financing aspects of this project. Unfortunately,
Pillsbury awarded its contract to another company and
expansion plans have been delayed until a later date.
PREVIOUS PROSPECTS
• 1 . Perf-form Products, Inc. - This prospect is outlined in
greater detail in the agenda packet.
720 Dodge Avenue N.W., Elk River, Minnesota 55330 (612) 441-7420
2 . Baldor Motion Products Group - Staff has learned that
this Plymouth Company which seeks a site for a 75,000
square foot facility has delayed its expansion decision
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for a period of six months . Staff will stay in close
contact with the company during this time period.
S