6.3. EDSR 12-17-2018 Request for Action
To Item Number
Economic Development Authority 6.3
Agenda Section Meeting Date Prepared by
General December 17, 2018 Amanda Othoudt, EDD
Item Description Reviewed by
Director’s 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
Completed 20 BR&E visits with four more scheduled this month. Please RSVP if you are able to attend.
MISCELLANEOUS
Earlier this month, I attended the Economix event. This event hosted 24 site selectors from all over the
country. There were numerous opportunities to network with site selectors. Some of the site selectors
expressed interest in coming to Minnesota to do some ice fishing!
We received a Letter of Intent to purchase the property located at 17565 Tyler Street. I am still in need of
more information on the project, and working with the developer to obtain this. We will be holding a
closed session in the next week or so to discuss.
The Realtor Forum was held on Friday, December 14, 2018.
EDA Annual Report will be presented to the EDA in January recapping activities and projects that took
place in 2018.
President Tveite was re-appointed by the Mayor to the Commission for six more years. We will be
delivering an Oath of Office prior to the meeting in January.
Revolving Loan Fund Balance Reports
At the request of Commission, 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 12/12/18
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 $166,518.83 Y
Heritage Millwork 12/22/2016 $100,000 3.00%60 $965.61 $83,155.32 Y
Patriot Converting 5/5/2016 $200,000 3.00%60 $3,593.74 $100,325.77 Y
Ralphies#1 9/10/2013 $74,999 3.00%120 $724.20 $37,981.80 Y
Ralphies#2 8/28/2018 $19,175 3.00%60 $343.65 $18,282.94
TOTAL MICRO LOANS $406,264.66 Micro Loan Fund 240
Distinctive Iron 3/3/2015 $126,000 2.03%60 $874.72 $95,797.28 Y
Scott Morrell LLC 8/6/2015 $200,000 2.00%60 $1,011.77 171,914.25 Y
Orluck 7/17/2018 $200,000 3.00%84 $2,642.66 191,397.16 Y
$459,108.69 DEED Jobs Incentive Loan Fund 242
Fund Cash Balances 12/12/18:
Micro Loan Fund - 240 $811,436.97
State DEED Jobs Incentive - 242 $47,463.16