6.2 EDSR 07-17-2017Request for Action
ToItem Number
Economic Development Authority6.2
Agenda Section Meeting DatePrepared by
General BusinessJuly 17, 2017Amanda Othoudt, EDD
Item Description
Reviewed by
Directors ReportTina Allard, City Clerk
Reviewed by
Cal Portner, City Administrator
Action Requested
Information presented for discussion onlyin effort to keep the EDA updatedon development activity.
Background/Discussion
BUSINESS VISITS
Eleven BR&E visits have been completed this year. More retention visits are in the scheduling process,
watch for the emails, and please RSVP to let us know if you are able to attend.
BUISINESS INQUIRES
We are working through two business expansion inquiries and have responded to two new business
inquiries in the last month.
The Transportation Economic Development Infrastructure Program (
I attended the TEDI seminar hosted by DEED earlier this month. Tis a competitive grant program
available to communities for road and public infrastructure projs
economic development. DEED's program is combined with the Transportation Economic Development
Program (TED) administered by the Minnesota Department of Transportation (MnDOT) for highway
projects. A total of approximately $22.6 million is available through the
approximately $18.4 million in MnDOT trunk highway funds and app
general obligation bond funding. The programs may provide a portion of the costs for trunk highwa
improvements and other road and infrastructure improvements.Staff may request to submit an
application in September to utilize this grant program to extendoad to Highway 10 for an
economic development project.
BEAUTIFICATION COMMITTEE
The Beautification Committee is off to a great start! Businesses
for their efforts to beautify the city of Elk River. The star neproduced a wonderful article recognizing
The Bank of Elk River and Cornerstone Automotive. We continue to
through our social media platforms.
MISCELLANEOUS
Ethanol Technologies
Staff continues to pursue collection of the Ethanol Technology dWe have worked with the former
economic development director when the loan documents were signed. We have signed affidavits in
support of the EDAs motion for summary judgment. James J. Mongé III, ofCampbell Knutson, P.A. is
the EDAs attorney representing the case. Mr. Monge had originally suggested using Kim Brandell as a
mediator. Unfortunately, his schedule is full right now and he w
some time. Asan alternative, we will beusing retiredJudge John Borg as a mediator for this case.
Revolving Loan Fund Balance Reports
At the request of members, a copy of the Revolving Loan Fund rep
Financial Impact
None
Attachments
Revolving Loan Fund Balance Report, July 12, 2017