9.1. EDSR 08-21-2023
Request for Action
To Item Number
Economic Development Authority 9.1
Agenda Section Meeting Date Prepared by
Work Session August 21, 2023 Brent O’Neil, Economic Development Director
Item Description Reviewed by
Moyer Properties – TIF No. 26 Cal Portner, City Administrator
Reviewed by
Action Requested
Item presented for information and discussion purposes.
Background/Discussion
Tax Increment Financing (TIF) District No. 26 was approved in 2020 to support the construction of a 20,000 sq.
ft. manufacturing facility and the relocation of Shoot Steel, Inc. to Elk River. The facility is owned by Moyer
Properties and is the beneficiary of $190,000 in TIF assistance. A condition of the TIF was to increase the
number of full-time employees at Shoot Steel from seven to 13 by June 3, 2023. The City Council recently
granted a one-year extension to meet this requirement.
Evan Moyer, principal owner at both Shoot Steel and Moyer Properties, has inquired as to whether an additional
business could be brought into the building as a tenant, and whether the positions affiliated with that business
could count towards satisfying the jobs requirement of the TIF agreement. Staff and the EDA’s attorney have
started exploring the feasibility and legal factors of such a step. Any change of this nature would require an
amendment to the TIF, which would be subject to the review of the EDA and approval of the City Council at its
discretion.
The purpose of this work session is to make the EDA aware of this inquiry and for the EDA to provide feedback
to staff on factors affecting consideration of the request.
Financial Impact
N/A
Mission/Policy/Goal
Support existing businesses.
Attachments
Property Exhibit
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
Moyer Properties Exhibit 9.1 at1
Shoot Steel - 17565 Tyler St NW