7.3. EDSR 10-21-2019 Request for Action
To Item Number
Economic Development Authority 7.3
Agenda Section Meeting Date Prepared by
General Business October 21, 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 15 BR&E visits with three more scheduled. Please RSVP if you are able to attend.
MISCELLANEOUS
Public Art Initiative
The RFP for Public Art has been published online, submitted to local artists, and sent to the Central MN
Arts Board. We have four registered artists. The survey was completed on October 1. The results were
sent to all registered artists.
Sherburne County EDA Meeting
Amanda and Colleen attended the Sherburne County EDA meeting to discuss policy changes to their
Revolving Loan Fund Program. Laura Kangas from Arvig presented an update on recent broadband
upgrades. Over the next year they plan to focus on connections from Zimmerman to Elk River. Staff will
be participating in those discussions. The county is also working on developing a county-wide marketing
project which will include Business Biopic videos from local businesses.
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
Public Art Survey
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 10/17/19
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 $159,205.59 Y
Heritage Millwork 12/22/2016 $100,000 3.00%60 $965.61 $75,490.40 Y
Ralphies#1 9/10/2013 $74,999 3.00%120 $724.20 $31,618.07 Y
Ralphies#2 8/28/2018 $19,175 3.00%60 $343.65 $15,260.68 Y
TOTAL MICRO LOANS $281,574.74 Micro Loan Fund 240
Distinctive Iron 3/3/2015 $126,000 2.03%60 $874.72 $88,614.45 Y
Scott Morrell LLC 8/6/2015 $200,000 2.00%60 $1,011.77 164,607.15 Y
Orluck 7/17/2018 $200,000 3.00%84 $2,642.66 169,510.39 Y
$422,731.99 DEED Jobs Incentive Loan Fund 242
Fund Cash Balances 10/17/19:
Micro Loan Fund - 240 $860,358.92
State DEED Jobs Incentive - 242 $93,527.40
14.41%33
4.80%11
56.77%130
4.80%11
7.42%17
3.49%8
8.30%19
Q1 What public space in the City of Elk River would you like to see
benefit from this project?
Answered: 229 Skipped: 0
TOTAL 229
Parks/Trails
Sidewalks
Downtown
Gateway (city
entrance/exi...
Riverfront
Public Facility
Other (please
specify)
0%10%20%30%40%50%60%70%80%90%100%
ANSWER CHOICES RESPONSES
Parks/Trails
Sidewalks
Downtown
Gateway (city entrance/exit points)
Riverfront
Public Facility
Other (please specify)
1 / 4
City of Elk River Economic Development Authority Public Art Installation Survey SurveyMonkey
51.09%117
16.16%37
12.66%29
4.80%11
15.28%35
Q2 Is there a theme that this public art project should fall within?
Answered: 229 Skipped: 0
TOTAL 229
Nature
Historical
Environment
Education
Other (please
specify)
0%10%20%30%40%50%60%70%80%90%100%
ANSWER CHOICES RESPONSES
Nature
Historical
Environment
Education
Other (please specify)
2 / 4
City of Elk River Economic Development Authority Public Art Installation Survey SurveyMonkey
22.27%51
2.62%6
1.75%4
17.03%39
45.41%104
10.92%25
Q3 What would be your preferred style of art for this public installation?
Answered: 229 Skipped: 0
TOTAL 229
Sculpture
Monument
Statue
Street
Furniture...
Mural
Other (please
specify)
0%10%20%30%40%50%60%70%80%90%100%
ANSWER CHOICES RESPONSES
Sculpture
Monument
Statue
Street Furniture (benches, bike racks, etc.)
Mural
Other (please specify)
3 / 4
City of Elk River Economic Development Authority Public Art Installation Survey SurveyMonkey
44.98%103
22.27%51
4.37%10
28.38%65
Q4 What would be your favored art medium used for this project?
Answered: 229 Skipped: 0
TOTAL 229
Metal
Wood
Clay
Rock
0%10%20%30%40%50%60%70%80%90%100%
ANSWER CHOICES RESPONSES
Metal
Wood
Clay
Rock
4 / 4
City of Elk River Economic Development Authority Public Art Installation Survey SurveyMonkey