6.1. EDSR 02-19-2019 Request for Action
To Item Number
Economic Development Authority 6.1
Agenda Section Meeting Date Prepared by
General February 19, 2019 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 two BR&E visits with two more scheduled over the next few months. Please RSVP if you
are able to attend.
MISCELLANEOUS
Staff will attend the Minnesota Manufacturing Workforce Partnership Gathering on February 28 at the St.
Cloud Technical and Community College. They focus on building partnerships among stakeholders of the
Minnesota manufacturing industry. Their collective goal is to restructure and accelerate the Minnesota
workforce education system to better meet the demands of Minnesota's manufacturing industry.
The Volunteer Recognition Dinner will be held on March 14, 2019, at Rockwoods Event Center. You should
receive your invitations in the mail soon.
The update to the community profile is nearing its final stage of review before it goes to print. They should
be ready to distribute in early March.
For the past three years, Sherburne County, the Elk River Area Chamber of Commerce and the Elk River
EDA have participated in the Connect the Dots Scholarship Fundraiser event. This year’s event is set for
Thursday, April 18, 2019, from 5:30 – 8:30 p.m. at the Bunker Hills Event Center. Each year, several students
are awarded scholarships though this foundation.
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
Karen Hazlett Thank You
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 2/13/19
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 $165,859.51 Y
Heritage Millwork 12/22/2016 $100,000 3.00%60 $965.61 $81,637.61 Y
Patriot Converting 5/5/2016 $200,000 3.00%60 $3,593.74 $93,631.98 Y
Ralphies#1 9/10/2013 $74,999 3.00%120 $724.20 $36,721.73 Y
Ralphies#2 8/28/2018 $19,175 3.00%60 $343.65 $17,684.51
TOTAL MICRO LOANS $395,535.34 Micro Loan Fund 240
Distinctive Iron 3/3/2015 $126,000 2.03%60 $874.72 $94,370.40 Y
Scott Morrell LLC 8/6/2015 $200,000 2.00%60 $1,011.77 170,462.55 Y
Orluck 7/17/2018 $200,000 3.00%84 $2,642.66 187,063.41 Y
$451,896.36 DEED Jobs Incentive Loan Fund 242
Fund Cash Balances 02/13/19:
Micro Loan Fund - 240 $826,428.93
State DEED Jobs Incentive - 242 $56,366.11
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