6.3. EDSR 06-18-2018 ��i
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lk — - Request for Action
River
To Item Number
Economic Development Authori 6.3
Agenda Section Meeting Date Prepared by
General Business June 18, 2018 Amanda Othoudt,EDD
Item Description Reviewed by
Director's Report Cal Portner, Ci Administrator
Reviewed by
Action Requested
Information presented for discussion only to keep the EDA updated on development activity.
Background/Discussion
BUSINESS VISITS
Ten BR&E visits have been conducted. Martie's Farm Service is scheduled for July 8, 2018. More visits
continue to be scheduled. Please RSVP if you are able to attend.
MISCELLANEOUS
Beautification Awards
No applications were received this month for the Committee to review, thus the meeting was cancelled.
Staff continues to advertise the program on our social media outlets and platforms.
Orluck Industries, Inc.
A Jobs Incentive Microloan application was received from Orluck Industries. The Finance Committee is
scheduled to review the application at their regularly scheduled meeting on June 26, 2018 at 7:30 a.m.
Land Acquisition and Sale Policy
I have completed a few draft policies related to land acquisition and sale which is currently being
reviewed by our attorney. I would like to schedule a future work session to discuss the policies.
Business Incubator Policy
Our attorney has completed the review of the draft policy with the changes suggested by the commission.
I would also like to schedule a future work session to review and discuss this policy.
Revolving Loan Fund Balance Reports
At the request of members, a copy of the Revolving Loan Fund report is attached.
Financial Impact
N/A
Attachments
■ Revolving Loan Fund Report
■ Initiative Foundation Thank You Letter
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
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
MICRO LOANS
Current Current 6/14/18
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 $169,798.99 Y
Heritage Millwork 12/22/2016 $100,000 3.00%60 $965.61 $87,663.29 Y
Patriot Converting 5/5/2016 $200,000 3.00%60 $3,593.74 $120,207.78 Y
Preferred Powder 10/1/2013 $100,000 3.00%60 $967.61 $57,052.59 Y
Ralphies 9/10/2013 $74,999 3.00%120 $724.20 $41,724.24 Y
TOTAL MICRO LOANS $476,446.89 Micro Loan Fund 240
Distinctive Iron 3/3/2015 $126,000 2.03%60 $874.72 $100,049.16 Y
Scott Morrell LLC 8/6/2015 $200,000 2.00%60 $1,011.77 176,240.45 Y
$276,289.61 DEED Jobs Incentive Loan Fund 242
Fund Cash Balances 6/14/18:
Micro Loan Fund - 240 $728,192.13
State DEED Jobs Incentive - 242 $224,100.00
(320)632-9255
405 First Street SE
Little Falls, MN 56345
ifound.org
May 30, 2018
Calvin Portner
City Administrator
City of Elk River
13065 Orono Pkwy
Elk River, MN 55330
Dear Calvin,
,0!U,N m 4 2018
We have received your 2018 allocation, in support of the work of the Initiative Foundation.
Please extend our appreciation to your city council. Thank you!
--•
Together, we work to build strong local economies and vibrant communities. Your investment
supports economic development through business financing activities designed to create
living -wage jobs, diversify economies and leverage private sector investment. Communities
are strengthened through signature leadership training and capacity building programs, grants
to local units of government and nonprofit organizations, early childhood initiatives, and
scholarships. This work will provide lasting impact on the health of the region and the future
of rural Minnesota.
We truly value your partnership and your support.
Sincerely,
A16w- aL-
Matt Varilek Carrie Tripp
President Vice President for External Relations
lM I
93 Powering Possible Equal opportunity lender. provider and employer.