7.4. EDSR 08-19-2019 Request for Action
To Item Number
Economic Development Authority 7.4
Agenda Section Meeting Date Prepared by
General Business August 19, 2019 Amanda Othoudt, ED Director
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 11 BR&E visits with more scheduled. Please RSVP if you are able to attend.
NEW PROJECTS
Two expansion projects are in the pipeline and staff is working with the applicants on public financing
options and applications. We received a microloan application from Distinctive Iron. They are planning
to relocate their operations within the city, and have requested gap financing from the city, county and
state. The finance committee will review their microloan application at their meeting on August 27, 2019.
MISCELLANEOUS
Public Art Initiative
The RFP for Public Art has been published online and submitted to local artists in addition to the
Central MN Arts Board. We have one registered artist. The survey has hit social media, and the
community is very engaged and excited about the public art initiative. We received over 150 responses to
our survey! The survey closes October 1, 2019. The results will be sent to all registered artists.
Revolving Loan Fund Balance Reports
At the request of the 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 8/16/19
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 $160,545.25 Y
Heritage Millwork 12/22/2016 $100,000 3.00%60 $965.61 $77,038.73 Y
Patriot Converting 5/5/2016 $200,000 3.00%60 $3,593.74 $0.00
Ralphies#1 9/10/2013 $74,999 3.00%120 $724.20 $32,903.56 Y
Ralphies#2 8/28/2018 $19,175 3.00%60 $343.65 $15,871.18 Y
TOTAL MICRO LOANS $286,358.72 Micro Loan Fund 240
Distinctive Iron 3/3/2015 $126,000 2.03%60 $874.72 $90,060.73 Y
Scott Morrell LLC 8/6/2015 $200,000 2.00%60 $1,011.77 166,078.32 Y
Orluck 7/17/2018 $200,000 3.00%84 $2,642.66 171,723.74 Y
$427,862.79 DEED Jobs Incentive Loan Fund 242
Fund Cash Balances 08/16/19:
Micro Loan Fund - 240 $950,516.68
State DEED Jobs Incentive - 242 $84,303.89