7.3. EDSR 05-18-2020 Elk Request for Action
River
To Item Number
Economic Development Authori 7.3
Agenda Section Meeting Date Prepared by
General Business May 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 have postponed all BR&E visits at this time. We are reaching out to businesses via email and phone.
MISCELLANEOUS
DEED Bi-weekly Conference Calls
Staff participates in weekly calls facilitated by DEED Commissioner Steve Grove which keep economic
development professionals up to date on changes to federal and state loan programs and resources available to
local businesses.
EDA WEBSITE
We have updated our website to include relevant COVID-19 updates and will update as new information
becomes available.
PUBLIC ART RFP
The RFP was released, sent to artists groups and is available on our website. The registration deadline is June
17, 2020, and proposals are due June 19, 2020. We are already receiving new interest on this project.
TOGETHER ELK RIVER MARKETING CAMPAIGN
The Subcommittee met on May 11, 2020, and May 14, 2020. The subcommittee added four new members:
Marketing and Communications Coordinator for the Elk River Area Chamber of Commerce, Katie Jenison,
Senior Communications Coordinator,Kaylin Clement,Economic Development Specialist, Colleen Eddy, and
me to the committee. The subcommittee created various task forces within the committee to work on things
Eke developing content for the website,yard signs,billboards, stickers, clings, etc. The very first banner
advertisement will run in the Star Netays and the logo and message will be displayed on billboards on Hwy. 10
beginning on May 16, 2020. The group is in the process of designing window clings, stickers, and yard signs for
distribution.
REVOLVING LOAN FUND BALANCE REPORTS
At the request of the Commission, a copy of the Revolving Loan Fund report is attached. All loans are
showing current.
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness,exceptional service,and community
engagement that encourages and inspires prosperity P 0 w E H E D 0 Y
ItAIAT- IJR
Financial Impact
N/A
Attachments
■ Revolving Loan Fund Report
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
MICRO LOANS
Current Current 5/12/20
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 $154,481.48 Y
Heritage Millwork 12/22/2016 $100,000 3.00%60 $965.61 $69,219.18 Y
Ralphies#1 9/10/2013 $74,999 3.00%120 $724.20 $27,067.98 Y
Ralphies#2 8/28/2018 $19,175 3.00%60 $343.65 $13,099.75 Y
TOTAL MICRO LOANS $263,868.39 Micro Loan Fund 240
Distinctive Iron 10/1/2019 $126,000 2.03%60 $1,050.07 186,440.15$ Y
Scott Morrell LLC 8/6/2015 $200,000 2.00%60 $1,011.77 159,419.31 Y
Orluck 7/17/2018 $200,000 3.00%84 $2,642.66 153,861.22 Y
$499,720.68 DEED Jobs Incentive Loan Fund 242
Fund Cash Balances 05/12/20:
Micro Loan Fund - 240 $893,005.71
State DEED Jobs Incentive - 242 $123,317.72