6.3. EDSR 02-20-2018Request for Action
To Item Number
Economic Development Authority 6.3
Agenda Section Meeting Date Prepared by
General Business February 20, 2018 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 on development activity.
Background/Discussion
BUSINESS VISITS
Four BR&E visits have been scheduled. Please RSVP if you are able to attend.
BUSINESS INQUIRIES
Staff has received 8 site inquiries since January. Inquires come from a variety of sources including
DEED, Greater MSP, our website, and events staff attends.
Data Center Site Tour
City staff, ERMU and Dan Weber from Sherburne County attended a pre-scheduled visit with a
developer interested in the county’s data center site. The visit was derived from a contact made at the
IMN Conference in Chicago last November. They have shown some interest in our data center site along
with other available lots in Elk River.
MISCELLANEOUS
Sherburne County Annual Meeting
Amanda and Colleen attended the Sherburne County Annual Meeting. Dan Weber provided an update
on the Sherburne County EDA Revolving Loan Fund. In 2017, a total of $154,600 was distributed to
three companies resulting in $2,513,675 in private investment. The loan assisted in the retention of 37 full
time jobs, and is projected to create 26 new full time jobs over the next two years. The projects resulted
in an additional $21,600 in property tax revenue annually and a $540,000 increase in taxable value.
Colleen provided the group with a recap of marketing activities in relation to the Data Center site from
2017. The county contributes $5,000 annually to assist in the marketing of their data center site.
Connect the Dots - Anoka Technical College Foundation
For the past two years, Sherburne County, The Elk River Chamber of Commerce and the Elk River
EDA have participated in the Connect the Dot’s Scholarship Fundraiser event. This year’s event is set for
Thursday, April 19, 2018 from 5:30 – 8:30 PM at the Bunker Hills Event Center. Each year, several
students are awarded scholarships though this foundation. The recipient of last year’s scholarship wrote a
thank you card to our group.
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity
Beautification Awards
Staff is advertising our beautification award program on our social media outlets and platforms. Our first
applications of the year are expected to roll in soon for the May EDA meeting.
Revolving Loan Fund Balance Reports
At the request of members, a copy of the Revolving Loan Fund report is attached.
UPCOMING EVENTS
I will be attending the Site Selector Guild Conference March 19 – 22 with the Minnesota Marketing
Partnership delegation. Unfortunately, this coincides with our March EDA meeting. Colleen will be
running the meeting in my absence. I do not anticipate any major agenda items in March.
Financial Impact
N/A
Attachments
Revolving Loan Fund Report
Connect the Dots Scholarship recipient thank-you card
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
MICRO LOANS
Current Current 1/26/18
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 $173,699.31 Y
Ethanol Technology 8/25/2008 $74,000 3.00%60 $716.03 $66,729.66
Heritage Millwork 12/22/2016 $100,000 3.00%60 $965.61 $91,368.65 Y
Patriot Converting 5/5/2016 $200,000 3.00%60 $3,593.74 $136,550.07 Y
Preferred Powder 10/1/2013 $100,000 3.00%60 $967.61 $61,142.04 Y
Ralphies 9/10/2013 $74,999 3.00%120 $724.20 $44,800.57 Y
TOTAL MICRO LOANS $574,290.30 Micro Loan Fund 240
Distinctive Iron 3/3/2015 $126,000 2.03%60 $874.72 $103,559.62 Y
Scott Morrell LLC 8/6/2015 $200,000 2.00%60 $1,011.77 179,812.75 Y
$283,372.37 DEED Jobs Incentive Loan Fund 242
Fund Cash Balances 1/26/18:
Micro Loan Fund - 240 $685,887.15
State DEED Jobs Incentive - 242 $212,990.30
Summary Judgement Filed
Dan Weber- Elk River Chamber of Commerce -
I want to say thank you and tell you how appreciative I am for the $500 scholarship I received
from you guys. This will help me further my education with spending less money, and money is tight! I
absolutely love being part of such an amazing community of people. As you know I'm from Elk River and
the community here is like no other! I look forward to advancing my career in the Elk River area. Again,
thank you so much for the scholarship. It means more than you know!!
Sincerely,
Breanna Currie
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