6.5 EDSR 04-17-2017Request for Action
ToItem Number
Economic Development Authority6.5
Agenda Section Meeting DatePrepared by
General BusinessApril 17, 2017Amanda Othoudt, EDD
Item Description
Reviewed by
Directors ReportCal Portner, City Administrator
Reviewed by
Action Requested
Information presented for discussion onlyin effort to keep the EDA updateddevelopment activity.
Background/Discussion
BUSINESS VISITS
5 BR&E visits have been completed this year. More retention visits are in the scheduling process, watch
for the emails, and please RSVP and let us know if you are able
Northwoods Machine BR&E Visit
Staff met with Brad David from Northwoods Machine located at 18983 York St NW. Northwoods
Machine is a precision machine shop specializing in CNC machinin
Brad leases the approximately 6,000 square foot space and employ. In the past
year he has hired 5 employees and is looking to hire 3-4 more machinistsbynext year.
CYMBET BR&E Visit
Staff met with Monte Johnson, CEO of Cymbet since 2010. Cymbet develops so
utilizing semiconductor fabrication processes to produce a rechargeable energy storage device with no
liquids, gels, or harmful chemicals, a very innovative product.
corporate headquarters and production test operations. The produy
appliances, microwaves, clocks, medical devices, and many other electronic
approximately 7,500 square feet of space in Elk River. They down
River back in 2014 and moved it to Lubbock, Texas. Cymbet has teamed with X-FAB Inc., operating a
fully equipped EnerChip production facility at their facility in
primarily chemical and electrical engineers in Elk River, down f
moving to Lubbock, the C-Level Executives looked for an existing facility in the area, sp
River, Rogers and Maple Grove. Monte mentioned that incentives offered by the state of Texas were
substantial and the primary reason for their move.
NEW PROJECTS
Housing TIF Project - Patrick Briggs
Mr. Briggssubmitted a Housing TIF application for a 40-unit, housing project located on Jackson St.
requesting $500,000 over 15 years. The application was sent to our attorney and financial advisor for
review. The application is planned to be reviewed at the April 25, 2017 FC meeting.
Beaudry Expansion Project
This project is temporarily on hold while staff looks at potential redevelopment options on this site.
MISCELLANEOUS
Revolving Loan Fund Balance Reports
At the request of members, a copy of the Revolving Loan Fund report
State Reporting for 2016
Staff has submitted all the state reporting forms to the State o
have received financial assistance up to $150,000 in grants or loans from the city or business assistance
from the city in excess of $150,000. Federal reporting forms are
Joplin Property Project
We closed on this project on April 10! Amanda has been working w, MnDOT,
Brian from Ralphies-Minnoco, title and our attorneys over the past two years on this
assembly project. The developer is proposing to develop three c
spring. Staff will be working closely with the developer on relocating the utilities. The developer has
inquired about any financial assistance that could potentially b
utilities.
Data Center Panel of Experts
I moderated a Data Center Panel of Experts discussion for the Minneapolis/St. Paul Business Journal.
The panelist included Graham Williams, Chief Operating Officer f
Information Officer of Marco, Kam Patel, Director of Global Data
and Ernest Sampera, Chief Marketing Officer of vXchange. The Minneapolis/St.siness Journal
offered over $9,300 of free advertising for moderating the panel discussion. This
our data center site and Elk River. The article will be published on April 28, 2017
The Worlds Best Workforce meeting at the Kelly Farm
I attended The WorldsBest Workforce meeting at the Kelly Farm today to discuss partne
could be made between industry leaders, education and local stea within our community to
encourage new workforce and how to retain and train our existing
included current labor market trends, career readiness, and part
local teachers discussed how best to connect students to jobs. The group is in the process of c
sub-advisory committees in the coming months to in an effort to impl
business-education partnerships that will build technical, academic and eity skills through
education and on-the-job training.
Financial Impact
None
Attachments
Revolving Loan Fund Balance Report, April 13, 2017
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
MICRO LOANS
Patriot Converting
Preferred Powder
Promo Products
Ralphies
TOTAL MICRO LOANS
Distinctive Iron
Scott Morrell LLC
5/5/2016 $200,000 3.00%
10/1/2013 $100,000 3.00%
1/13/2011 $30,000 3.00%
9/10/2013 $74,999 3.00%
3/3/2015 $126,000 2.03%
8/6/2015 $200,000 2.00%
Fund Cash Balances 4/13/17:
Micro Loan Fund - 240 $617,317.75
State DEED Jobs Incentive - 242 $127,927.40
Federal DEED $0
60 $3,593.74 $162,277.05 y
60 $967.61 $67,571.87 y
60 $167.03 $12,380.19 y
120 $724.20 $49,644.50 y
$633,282.99 Micro Loan Fund 240
60 $874.72 $109,115.07 y
60 $1,011.77 185,466.91 y
$294,581.98 DEED Jobs Incentive Loan Fund 242
Current
Current
4/13/17
Loan Loan
Interest
Term
Monthly
Principal
Borrower
Date Amount
Rate
(Months)
Payment
Outstanding
Current
Die Concepts
6/3/2016 $185,200
2.00%
60
$936.90
$178,200.69
y
Ethanol Technology
8/25/2008 $74,000
3.00%
60
$716.03
$66,729.66
N
Heritage Millwork
12/22/2016 $100,000
3.00%
60
$965.61
$96,479.03
y
Patriot Converting
Preferred Powder
Promo Products
Ralphies
TOTAL MICRO LOANS
Distinctive Iron
Scott Morrell LLC
5/5/2016 $200,000 3.00%
10/1/2013 $100,000 3.00%
1/13/2011 $30,000 3.00%
9/10/2013 $74,999 3.00%
3/3/2015 $126,000 2.03%
8/6/2015 $200,000 2.00%
Fund Cash Balances 4/13/17:
Micro Loan Fund - 240 $617,317.75
State DEED Jobs Incentive - 242 $127,927.40
Federal DEED $0
60 $3,593.74 $162,277.05 y
60 $967.61 $67,571.87 y
60 $167.03 $12,380.19 y
120 $724.20 $49,644.50 y
$633,282.99 Micro Loan Fund 240
60 $874.72 $109,115.07 y
60 $1,011.77 185,466.91 y
$294,581.98 DEED Jobs Incentive Loan Fund 242