7.2. EDSR 04-15-2019 Request for Action
To Item Number
Economic Development Authority 7.2
Agenda Section Meeting Date Prepared by
General Business April 15, 2019 Amanda Othoudt, EDD
Item Description Reviewed by
Director 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 four BR&E visits with three more scheduled over the next few weeks. Please RSVP if you
are able to attend.
MISCELLANEOUS
Site Selector Guild Conference
Staff attended the Site Selector Guild Conference this week with our representatives from DEED, City
of Becker, Greater MSP, GRE, Xcel, and APEX. As part of our sponsorship, our delegation hosted a
lunch with 12 guild members that work specifically in Minnesota. Everyone had an opportunity to pitch
their community to the consultants and create a dialect of questions and good conversations about the
amenities of our region.
Business Subsidy Reporting
All the state reporting forms have been submitted by the April 1 deadline.
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 4/10/19
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 $163,874.95 Y
Heritage Millwork 12/22/2016 $100,000 3.00%60 $965.61 $80,112.30 Y
Patriot Converting 5/5/2016 $200,000 3.00%60 $3,593.74 $86,904.68 Y
Ralphies#1 9/10/2013 $74,999 3.00%120 $724.20 $35,455.35 Y
Ralphies#2 8/28/2018 $19,175 3.00%60 $343.65 $17,083.08 Y
TOTAL MICRO LOANS $383,430.36 Micro Loan Fund 240
Distinctive Iron 3/3/2015 $126,000 2.03%60 $874.72 $92,938.69 Y
Scott Morrell LLC 8/6/2015 $200,000 2.00%60 $1,011.77 169,006.00 Y
Orluck 7/17/2018 $200,000 3.00%84 $2,642.66 182,707.97 Y
$444,652.66 DEED Jobs Incentive Loan Fund 242
Fund Cash Balances 04/10/19:
Micro Loan Fund - 240 $844,084.57
State DEED Jobs Incentive - 242 $65,673.97