7.3. EDSR 02-18-2020 Request for Action
To Item Number
Economic Development Authority 7.3
Agenda Section Meeting Date Prepared by
General Business February 18, 2020 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
We are in the process of scheduling 4 BR&E visits this month to reach out to the banking industry to market
our microloan programs. Please RSVP if you can attend.
MISCELLANEOUS
EDA Strategic Plan Update
Staff has received positive feedback on the RFP and are expecting to receive several proposals by March 2.
The Strategic Plan was posted online and sent out to the Economic Development Association of Minnesota
(EDAM) listserv. The EDAM listserv reaches close to 500 members.
Public Art Grant
The submission deadline for the DRAFT Review public art grant is March 25, 2020. Application deadline is
Wednesday, April 8, 2020.
Realtor Day 2019
Our Realtor Day has been scheduled for Wednesday, February 26, 2020. So far, we have 16 people registered
to attend. St. Paul Area Association of Realtors will be sponsoring the lunch.
Patriot Converting
Patriot Converting is a paper converting service and supply company servicing paper mills, merchants,
commercial printers, and folding carton industries. They consolidated their facilities here in 2016. At that time,
they operated in 80,000 of their 130,000-sf facility. They have grown from 22 FT to 57. Their largest lessee,
ATM, recently went out of business. Patriot acquired ATM, their equipment and employees. In this process,
they retained 12FT workers. They are in the process of cleaning up the space, which will require some
extensive work, and they intend to make energy efficiency upgrades. Staff is assisting them with the
appropriate financial applications.
GRE
Staff met with GRE to discuss disposition plans for the Resource Processing Plant at 10700 165th Ave. Their
plan is to continue marketing the property for similar types of users. Staff will continue to have discussions
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community
engagement that encourages and inspires prosperity
with the group.
Sherburne County EDA Meeting
I attended the Sherburne County EDA Annual Meeting where we discussed modifications and amendments
to the enabling resolution and bylaws, specifically changes to board appointments and terms of office. The
County EDA is seeking four new members, two of which will come from Districts 1 and 4, along with two
members at-large. Board members that are currently representing the various cities within Sherburne County
will transition to Ex-Officio members and can serve indefinite terms. If you know of someone interested in
serving on the board, please reach out to me, or Dan Weber.
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
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
MICRO LOANS
Current Current 2/13/20
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 $156,512.84 Y
Heritage Millwork 12/22/2016 $100,000 3.00%60 $965.61 $72,370.45 Y
Ralphies#1 9/10/2013 $74,999 3.00%120 $724.20 $29,027.76 Y
Ralphies#2 8/28/2018 $19,175 3.00%60 $343.65 $14,030.49 Y
TOTAL MICRO LOANS $271,941.54 Micro Loan Fund 240
Distinctive Iron 10/1/2019 $126,000 2.03%60 $1,050.07 187,603.71$ Y
Scott Morrell LLC 8/6/2015 $200,000 2.00%60 $1,011.77 161,650.08 Y
Orluck 7/17/2018 $200,000 3.00%84 $2,642.66 160,601.52 Y
$509,855.31 DEED Jobs Incentive Loan Fund 242
Fund Cash Balances 2/13/20:
Micro Loan Fund - 240 $877,533.54
State DEED Jobs Incentive - 242 $110,667.17