6.2. EDSR 07-16-2018 Request for Action
To Item Number
Economic Development Authority 6.2
Agenda Section Meeting Date Prepared by
General Business July 16, 2018 Amanda Othoudt, EDD
Item Description Reviewed by
Directors 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
Ten BR&E visits have been conducted. 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.
Ralphie’s Minnoco
A loan modification request was received from Brian Brehmer for his energy efficiency microloan and
will be reviewed at the July 31, 2018, Joint Finance Committee meeting.
Energy Efficiency Microloan Requests
Staff received two inquiries this month for the Energy Efficiency microloan program. However, ERMU
has exhausted all of their rebate dollars for the year.
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
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITYMICRO LOANSCurrentCurrent66/14/18Loan Loan Interest Term Monthly Principal Borrower Date Amount Rate (Months) Payment Outstanding CurrentDie Concepts 6/3/2016 $185,200 2.00% 60 $936.90 $169,798.99 YHeritage Millwork 12/22/2016 $100,000 3.00% 60 $965.61 $87,663.29 YPatriot Converting 5/5/2016 $200,000 3.00% 60 $3,593.74 $120,207.78 YPreferred Powder 10/1/2013 $100,000 3.00% 60 $967.61 $57,052.59 YRalphies 9/10/2013 $74,999 3.00% 120 $724.20 $41,724.24 Y TOTAL MICRO LOANS$476,446.89 Micro Loan Fund 240Distinctive Iron 3/3/2015 $126,000 2.03% 60 $874.72 $100,049.16 YScott 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 242FFund Cash Balances 6/14/18:Micro Loan Fund - 240$728,192.13State DEED Jobs Incentive - 242 $224,100.006