6.6. EDSR 08-20-2018 Request for Action
To Item Number
Economic Development Authority 6.6
Agenda Section Meeting Date Prepared by
General Business August 20, 2018 Amanda Othoudt, EDD
Item Description Reviewed by
Directors Report Cal Portner, City Administrator
Reviewed by
Action Requested
Information presented for discussion to keep the EDA updated on development activity.
Background/Discussion
BUSINESS VISITS
Twelve BR&E visits have been conducted. Two more visits are scheduled. Please RSVP if you are able to
attend.
MISCELLANEOUS
Inquiries
Staff continues to receive inquiries seeking existing industrial space and new industrial development. We
are working on three leads, one generated from the Economix event.
Chamber’s Annual Golf Tournament
Amanda attended the Chamber’s Annual Golf event and the EDA sponsored hole 12. She was able to
connect with many area businesses and chamber members.
2018 Business Investment Summit
Colleen attended the 2018 Business Investment Summit hosted by Greater MSP. The summit was an
opportunity to learn about the process of a deal and brought together nationally-leading site selection
consultants, local commercial brokers, economic developers and dealmakers. The keynote speaker was
Richard Florida, who spoke on the Amazon HQ2 Effect and the multi-faceted implications and
unprecedented site selection process. Another breakout was on understanding the deal process and
working through barriers together.
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 AUTHORITY
MICRO LOANS
Current Current 8/6/18
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 $169,145.14 Y
Heritage Millwork 12/22/2016 $100,000 3.00%60 $965.61 $86,168.15 Y
Patriot Converting 5/5/2016 $200,000 3.00%60 $3,593.74 $113,613.52 Y
Preferred Powder 10/1/2013 $100,000 3.00%60 $967.61 $55,405.33 Y
Ralphies 9/10/2013 $74,999 3.00%120 $724.20 $40,482.91 Y
TOTAL MICRO LOANS $464,815.05 Micro Loan Fund 240
Distinctive Iron 3/3/2015 $126,000 2.03%60 $874.72 $98,636.65 Y
Scott Morrell LLC 8/6/2015 $200,000 2.00%60 $1,011.77 174,803.18 Y
Orluck 7/17/2018 $200,000 3.00%84 $2,642.66 200,000.00
$473,439.83 DEED Jobs Incentive Loan Fund 242
Fund Cash Balances 8/6/18:
Micro Loan Fund - 240 $740,058.96
State DEED Jobs Incentive - 242 $30,792.63