6.3. EDSR 05-21-2018 ��i
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To Item Number
Economic Development Authori 6.3
Agenda Section Meeting Date Prepared by
General Business May 21, 2018 Amanda Othoudt,EDD
Item Description Reviewed by
Director's Report Cal Portner, City Administrator
Reviewed by
Action Requested
Information presented for discussion only to keep the EDA updated on development activity.
Background/Discussion
BUSINESS VISITS
Nine BR&E visits have been conducted. Forterra is scheduled for May 23, 2018. Please RSVP if you are
able to attend.
MISCELLANEOUS
Beautification Awards
Beautification Award Program is advertised on our social media outlets and platforms. Staff will be
promoting the program over the next few months.
EDA Retreat
The EDA retreat is scheduled for Friday,May 25, 2018, to discuss goals, strategic plan and establishing a
framework for a marketing committee as discussed at the March 19, 2018, meeting. Agendas and
supporting information will be sent out early next week.
Chamber Workforce Strategy Seminar
I attended the Chamber's Workforce Strategies seminar this week. Over 50 people were in attendance.
There were presentations on several state initiated workforce programs such as Pipeline,Youth Skills
Training, State Apprentice and Internship programs,and the Pathways program.Jake Pace recorded the
event and will be online within the next week. The Chamber will also utilize the video to promote these
programs.
Minnesota Real Estate Journal Land Development Conference
I attended the MREJ Land Development Conference this week. Panel discussions included working with
municipalities, key issues to consider when structuring real estate joint ventures,lessons in greenfield
development,residential land update and opportunities, and commercial land development forecast for
2018 and beyond.
Revolving Loan Fund Balance Reports
At the request of members, a copy of the Revolving Loan Fund report is attached.
The Elk River Vision
A Y�elcoming community nvith revolutionary and spirited resourcefulness, exceptional P U W E H E o s r
service, and community engagement that encourages and inspires prosperity ,g /` UR
Financial Impact
N/A
Attachments
■ Revolving Loan Fund Report
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
MICRO LOANS
Current Current 5/16/18
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 $170,451.75 Y
Heritage Millwork 12/22/2016 $100,000 3.00%60 $965.61 $88,408.07 Y
Patriot Converting 5/5/2016 $200,000 3.00%60 $3,593.74 $123,492.58 Y
Preferred Powder 10/1/2013 $100,000 3.00%60 $967.61 $57,870.70 Y
Ralphies 9/10/2013 $74,999 3.00%120 $724.20 $42,342.58 Y
TOTAL MICRO LOANS $482,565.68 Micro Loan Fund 240
Distinctive Iron 3/3/2015 $126,000 2.03%60 $874.72 $100,753.62 Y
Scott Morrell LLC 8/6/2015 $200,000 2.00%60 $1,011.77 176,957.29 Y
$277,710.91 DEED Jobs Incentive Loan Fund 242
Fund Cash Balances 5/16/18:
Micro Loan Fund - 240 $720,186.52
State DEED Jobs Incentive - 242 $221,961.62