7.3. EDSR 11-16-2020 Request for Action
Cir•ci
Elk -
River=
To Item Number
Economic Development Authority 7.3
Agenda Section Meeting Date Prepared by
General Business November 16, 2020 Colleen Eddy, Economic Development Specialist
Item Description Reviewed by
EDA Update Cal Portner, City Administrator
Reviewed by
Action Requested
Item presented for informational purposes.
Background/Discussion
Business Visits
BR&E visits are being conducted via email surveys,phone calls, and in person. Staff has connected with 18
businesses so far with an emphasis on the manufacturing industry. Most have seen an increase in clients,which in
turn lead has led to increased workforce and sales.
COVID Loans
The EDA serviced eight loan requests. Reporting forms were sent to the recipients and the forgivable loans have
been recorded with the county. A grand total of$97,374 was expended from the $200,000 allocated to the program.
Morrell Trucking
Morrell Trucking's Microloan 5-year balloon was up on August 1, 2020. They have the option to request a 2-year
extension or pay the balance in full. The payoff amount is $156,427.56 as of 9/1/2020. They continue making
payments each month. They applied for an extension and staff is working with Baker Tilly on the financial analysis.
A Joint Finance Committee meeting will be scheduled once the analysis is received.
Shoot Steel
Shoot Steel has yet to close as they have been working with their lenders on a financial review. They have submitted
a main building permit,which is approved and pending payment. They expect to close this week.
Public Art
The grant was submitted on October 20, 2020. The contract between the EDA and Milligan Studio has been signed.
Staff is working with Granite Shores on finalizing the license agreement.
Riverwalk Apartments
Sun Rae Apartments,LLC applied for Tax Increment Financing to construct two 89-unit apartment complexes at
17354 Zane Street,Elk River (formerly Saxon Motors). This project is proposed as a Redevelopment TIF District.
The Joint Finance Committee reviewed the application at their regular meeting on September 29, 2020. The
committee requested an appraisal of the property, further defined redevelopment costs,impact for spin off
development and an environmental study. The applicant has yet to submit these documents to our financial analyst.
The Elk River Vision P I I E R E I I Y
A welcoming community avith revolutionary and spirited resourcefulness, exceptional INAWREJ
service, and community engagement that encourages and inspires prosperity. Updated.August 2020
Marketing
The EDA website redesign is almost complete. Staff is finalizing a video montage for the homepage showcasing our
many businesses,parks, and community. Staff will be presenting on a panel along with the Cities of Rosemount and
Brooklyn Park at the Real Estate Journal Industrial Summit.As a sponsor,we will be promoted in the event
brochure. Promotion of the city continues even though this challenging time. Staff,like many others, continues to
utilize Zoom calls to build and maintain relations with site selectors, developers, and other economic development
professionals.
Financial Impact
N/A
Mission/Policy/Goal
The purpose of the Economic Development Authority pursuant to Minnesota Statutes and its affairs shall include,
but not be limited to,promoting commercial and industrial growth and development within the City of Elk River.
Attachments
■ N/A
N:\Departments\Commiuiity Development\Economic Development\EDA\Administrative\Agenda\EDA Agenda Packets\2020\11-16-2020\7.3 sr EDA Update.docx