6.4. EDSR 09-04-2018 Request for Action
To Item Number
Economic Development Authority 6.4
Agenda Section Meeting Date Prepared by
General Business September 17, 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
Fourteen BR&E visits have been conducted. 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 and
inquiries on the data center site. Leads were generated from the Economix event, Site Selector Guild Fall
Forum and a Trade Show event from a few years ago.
Site Selector Fall Forum
I attended the Site Selector Fall Forum event with members of the State of Minnesota Marketing
Partnership. The Site Selector Guild is made up of 42 of the world’s foremost professional site selection
consultants. Guild members provide location strategy to corporations across the globe and for every
industry, sector and function. Over the past two years, guild members attended annual Familiarization
(FAM) Tours hosted by the state, toured available property in Elk River, and met with local business
owners.
This year, I was able to reconnect with many of them again and discuss what is happening in Elk River.
There is expressed interest in the economic development opportunities the gravel mining area has in
store following the Hwy 169 Redefine project. The program at this year’s event was outstanding! Site
Selectors touched on social issues such as the opioid epidemic, cultural diversity, housing crisis, and how
the healthcare landscape affect their client’s decision to site in communities across the United States.
Elk River’s Realtor Day Fall Forum
Our annual Elk River Realtor Day Fall Forum is scheduled for November 28, 2018, from 8 a.m. to 12
p.m. This year, we are collaborating with the St. Paul Association of Realtors and MnCAR to host the
event. There will be a wide variety of interesting topics and an overview of the state of our local
economy. Plan to attend. Lunch will be provided.
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity
Revolving Loan Fund Balance Reports
At the request of commission, a copy of the Revolving Loan Fund report is attached.
Preferred Powder
Preferred Powder paid the balance of their microloan in full this month. They received a $100,000
microloan to purchase equipment back in 2013. The total payoff amount is $55,539.22 which will go back
into the microloan fund account.
Financial Impact
N/A
Attachments
Revolving Loan Fund Report
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
MICRO LOANS
Current Current 9/14/18
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 $168,490.20 Y
Heritage Millwork 12/22/2016 $100,000 3.00%60 $965.61 $85,417.77 Y
Patriot Converting 5/5/2016 $200,000 3.00%60 $3,593.74 $110,304.02 Y
Preferred Powder 10/1/2013 $100,000 3.00%60 $967.61 $0.00
Ralphies#1 9/10/2013 $74,999 3.00%120 $724.20 $39,860.14 Y
Ralphies#2 8/28/2018 $19,175 3.00%60 $343.65 $19,175.00
TOTAL MICRO LOANS $404,072.13 Micro Loan Fund 240
Distinctive Iron 3/3/2015 $126,000 2.03%60 $874.72 $97,928.61 Y
Scott Morrell LLC 8/6/2015 $200,000 2.00%60 $1,011.77 174,082.75 Y
Orluck 7/17/2018 $200,000 3.00%84 $2,642.66 195,709.32
$467,720.68 DEED Jobs Incentive Loan Fund 242
Fund Cash Balances 9/14/18/18:
Micro Loan Fund - 240 $789,942.79
State DEED Jobs Incentive - 242 $37,643.01