6.3 EDSR 08-15-2016 ">LIs..
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Request for Action
River
To Item Number
Economic Development Authority 6.3
Agenda Section Meeting Date Prepared by
General Business August 15,2016 Amanda Othoudt, EDD
Item Description Reviewed by
Director's Report Cal Portner, City Administrator
Reviewed by
Action Requested
Information presented for discussion only in effort to keep the EDA updated development activity.
Background/Discussion
BUSINESS VISITS
Anytime Fitness—Business Visit
Amanda, Colleen,BrieAnna Simon and Debbi Rydberg met with Jennifer Mueller, owner of Anytime
Fitness and Cayl Hendricks, head personal trainer. They opened their Evans Street location in 2014 and
employ three people. Jennifer had several questions related to the temporary sign ordinance. BriAnna
was able to answer Jennifer's questions.
MISCELLANEOUS
Project Tracking Spreadsheet •
At the July 18 meeting, the commission members directed staff to review the project tracking spreadsheet
annually. Attached is the updated project tracking spreadsheet for 2016 highlighting job retention and
creation, estimated building values,annual taxes, city incentives, and private capital investment.
Blue Egg Bakery Closing
In light of the recent news that Blue Egg Bakery is closing, I have received several inquiries about the
purchase of the buildings and business and met with Tom Willett from the Small Business Development
Center (SBDC) regarding a potential buyer. His client has inquired whether or not the EDA loan was
assumable to a new owner. The loan documents state that with permission from the EDA, the loan may
be assumable.
Spectrum Running Track
Spectrum Schools inquired about utilizing vacant property located at 17610 Tyler Street for a running
track for the fall cross country team. Rick Peterson of Spectrum High School asked staff to postpone
discussion regarding the track for a later date.
Die Concepts, Inc.
Die Concepts, Inc. continues to make progress on redeveloping the property located on Line Avenue.
Updated photos are attached. After a few minor setbacks, they are scheduled to be open for business
November 1,2016.
FhIEREU ® r
NATURE
Beautification Award Contest for Businesses
Staff is putting together a program for discussion purposes at the next EDA meeting in September. Staff
proposes to highlight local businesses that pride themselves in beautifying their neighborhood and the
community as a whole. This is a monthly contest,which would highlight one local business. Business
owners would receive public recognition and an award for making the city of Elk River beautiful!
Financial Impact
None
Attachments
• Project Tracking Spreadsheet
• Die Concepts, Inc. Progress Photos
2016 Project Tracking Spreadsheet
RetainJobs Average
ed Average to be Hourly
Acreage Estimated Building & Annual Taxes ExistinHourly creatWage for Total City Capital
Year Completed Company Developed Building SF Land Value (County) (City, County) g Jobs Wage ed New Jobs Incentive Investment
2016 GATR 14.8 42,912 $ 2,692,000.00 $ 160,556.00 0 $ - 63 $ 32.39 $ 546,814.00 $ 13,249,495.00
2016 Sportech 14.19 105,000 $ 4,134,900.00 $ 216,383.00 204 $ - 72 $ 19.67 $ 1,288,590.00 $ 8,407,740.00
2016 Morrell 4.08 13,824 $ 759,000.00 $ 35,311.00 105 $ 23.00 8 $ 23.21 $ 321,609.00 $ 2,180,545.00
2016 Cornerstone Ford 28,861 $ 2,823,300.00 $ 111,636.00 108 $ 25.83 20 $ 25.83 $ - $ 7,166,000.00
2016 Patriot Converting 130,000 $ 1,961,200.00 $ 73,486.00 22 $ 19.32 0 $ 19.32 $ 200,000.00 $ 3,981,340.00
2016 Die Concepts, Inc. 21,000 $ 452,300.00 $ 18,358.00 12 $ 26.50 0 $ 26.50 $ 260,200.00 $ 926,000.00
2016 ERX 20,000 $ 790,000.00 $ 10,546.00 2 $ - 0 $ - $ - $ -
Proposed: 2017 Project Confidential #1 15 60,000 $ 59,002.00 $ - 50 $ 22.11 $ 6,000,000.00
Proposed 2016-17 Project Confidential #2 20,000 0 $ - 20 $ 15.00 $ - $ 3,000,000.00
Joplin Property
Proposed: 2016-17 Development
Total 48.07 441,597 $ 13,612,700.00 $ 685,278.00 453 $ 23.66 233 $ 23.00 $ 2,617,213.00 $ 44,911,120.00