3. EDSR 08-07-2023
Request for Action
To Item Number
Economic Development Authority 3.
Agenda Section Meeting Date Prepared by
Work Session August 7, 2023 Brent O’Neil, Economic Development Director
Item Description Reviewed by
Die Concepts Loan Cal Portner, City Administrator
Reviewed by
Action Requested
Item presented for information and discussion purposes.
Background/Discussion
The EDA’s loan to Die Concepts has come to maturity and Die Concepts is requesting an extension of the term
to spread out the balloon payment. This has been preliminarily discussed with the Joint Finance Committee and is
scheduled for a formal review with the committee on August 15.
It is anticipated an extension will be presented to the EDA for adoption at its August 21 meeting. Staff will brief
the EDA on the loan and likely terms of the extension.
Financial Impact
N/A
Mission/Policy/Goal
EDA programs support existing businesses within Elk River.
Attachments
None
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity.
Updated: January 2023