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EDA 09-16-2024
Economic Development Authority Regular Meeting Agenda Monday, September 16, 2024 5:30 PM Elk River City Hall ▪ Regular meeting in Council Chambers 1. CALL MEETING TO ORDER 2. PLEDGE OF ALLEGIANCE 3. CONSIDER AGENDA 4. CONSENT AGENDA Considered to be routine and noncontroversial and will be approved by one motion. There will be no separate discussion of these items unless there is a request to remove the item from the consent agenda to the regular agenda. 4.1 Check Register 4.2 Balance Sheet 4.3 Revenue/Expenditure Reports 5. OPEN FORUM An opportunity to provide comments and feedback regarding items not on the agenda. Information provided in Open Forum will not be discussed at this meeting; rather, the information will be referred to staff and/or scheduled for discussion at a future meeting. 6. PUBLIC HEARINGS An opportunity for the public to express their opinions and raise questions pertaining to the agenda item. All comments become part of the official public record. For this reason, all comments must be made at the podium so they can be heard and recorded. Comments may also be provided in writing. There will not be deliberations, discussions, or answers to questions until the hearing is closed. It is important to be courteous and allow each presenter to comment before adding additional testimony. 7. GENERAL BUSINESS Items in which the information is presented by city staff or consultants, then deliberation and action occur. General Business items are not opportunities to receive or provide public input. However, the presiding officer may, at its sole discretion, solicit public feedback. 7.1 General Updates 7.2 Payment Extension Request for Distinctive Iron Loan 8. MOTION TO ADJOURN REGULAR MEETING Page 1 of 22 09-11-2024 06:25 PM ELK RIVER CITY COUNCIL REPORT PAGE: 1 VENDOR SORT KEY DESCRIPTION FUND DEPARTMENT AMOUNT_ ADVERSIGN LLC ADVERTISING SVCS 7/5-9/4 EDA Economic Development 298.00_ TOTAL:298.00 CITY OF ELK RIVER REIMB SALARIES-AUG, SPLS, EDA Economic Development 14,392.94 REIMB SALARIES-AUG, SPLS, EDA Economic Development 1,050.00 REIMB SALARIES-AUG, SPLS, EDA Economic Development 1,086.98 REIMB SALARIES-AUG, SPLS, EDA Economic Development 888.45 REIMB SALARIES-AUG, SPLS, EDA Economic Development 210.00 REIMB SALARIES-AUG, SPLS, EDA Economic Development 2,392.20 REIMB SALARIES-AUG, SPLS, EDA Economic Development 13.51 REIMB SALARIES-AUG, SPLS, EDA Economic Development 27.00_ TOTAL:20,061.08 KENNEDY & GRAVEN CHARTERED LEGAL SVCS - EDA EDA Economic Development 168.00 LEGAL SVCS - EDA EDA Economic Development 350.75_ TOTAL:518.75 JOSHUA MOLLAN REIMB MILEAGE 8/15 EDA Economic Development 40.87_ TOTAL:40.87 =============== FUND TOTALS ================ 920 EDA 20,918.70 -------------------------------------------- GRAND TOTAL:20,918.70 -------------------------------------------- TOTAL PAGES: 1 4.2. Page 2 of 22 09-11-2024 06:26 PM ELK RIVER CITY COUNCIL REPORT PAGE: 1 VENDOR SORT KEY DESCRIPTION FUND DEPARTMENT AMOUNT_ US BANK EDA CC PAYMENT EDA Economic Development 1,150.00_ TOTAL:1,150.00 =============== FUND TOTALS ================ 920 EDA 1,150.00 -------------------------------------------- GRAND TOTAL:1,150.00 -------------------------------------------- TOTAL PAGES: 1 Page 3 of 22 9-10-2024 04:08 PM CITY OF ELK RIVER PAGE: 1 BALANCE SHEET AS OF: AUGUST 31ST, 2024 920-EDA ACCOUNT # ACCOUNT DESCRIPTION BALANCE _____________________________________________________________________________________________ ASSETS ====== 920-1010 Cash - EDA 1,961,733.27 920-1610 Land Held for Resale 175,000.00 2,136,733.27 TOTAL ASSETS 2,136,733.27 ============== LIABILITIES =========== ______________ ______________ EQUITY ====== 920-2400 Fund Balance 1,867,515.88 TOTAL BEGINNING EQUITY 1,867,515.88 TOTAL REVENUE 467,956.94 TOTAL EXPENSES 198,739.55 TOTAL REVENUE OVER/(UNDER) EXPENSES 269,217.39 TOTAL EQUITY & REV. OVER/(UNDER) EXP. 2,136,733.27 TOTAL LIABILITIES, EQUITY & REV.OVER/(UNDER) EXP. 2,136,733.27 ============== Page 4 of 22 9-10-2024 04:10 PM CITY OF ELK RIVER PAGE: 1 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: AUGUST 31ST, 2024 920-EDA FINANCIAL SUMMARY 66.67% OF YEAR COMP. CURRENT CURRENT YEAR TO DATE % OF BUDGET BUDGET PERIOD ACTUAL BUDGET BALANCE ___________________________________________________________________________________________________________________ REVENUE SUMMARY EDA 434,950.00 6,465.49 467,956.94 107.59 ( 33,006.94) TOTAL REVENUES 434,950.00 6,465.49 467,956.94 107.59 ( 33,006.94) ============= ============= ============= ======= ============= EXPENDITURE SUMMARY Economic Development Economic Development 434,950.00 62,480.81 198,739.55 45.69 236,210.45 TOTAL Economic Development 434,950.00 62,480.81 198,739.55 45.69 236,210.45 TOTAL EXPENDITURES 434,950.00 62,480.81 198,739.55 45.69 236,210.45 ============= ============= ============= ======= ============= REVENUES OVER/(UNDER) EXPENDITURES 0.00 ( 56,015.32) 269,217.39 ( 269,217.39) 4.4. Page 5 of 22 9-10-2024 04:10 PM CITY OF ELK RIVER PAGE: 2 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: AUGUST 31ST, 2024 920-EDA 66.67% OF YEAR COMP. CURRENT CURRENT YEAR TO DATE % OF BUDGET REVENUES BUDGET PERIOD ACTUAL BUDGET BALANCE ___________________________________________________________________________________________________________________ EDA === Taxes 920-3-0000-3111 Property Taxes 415,950.00 20.42 222,467.50 53.48 193,482.50 TOTAL Taxes 415,950.00 20.42 222,467.50 53.48 193,482.50 Intergovernmental Rev _____________ _____________ _____________ _______ _____________ Other Revenue 920-3-0000-3621 Interest Income 15,000.00 6,445.07 51,822.09 345.48 ( 36,822.09) 920-3-0000-3626 Contributions 0.00 0.00 6,400.00 0.00 ( 6,400.00) TOTAL Other Revenue 15,000.00 6,445.07 58,222.09 388.15 ( 43,222.09) Other Financing Sources 920-3-0000-3910 Sale of Assets 0.00 0.00 187,267.35 0.00 ( 187,267.35) TOTAL Other Financing Sources 0.00 0.00 187,267.35 0.00 ( 187,267.35) Transfers In 920-3-0000-3949 Transfer-HRA 4,000.00 0.00 0.00 0.00 4,000.00 TOTAL Transfers In 4,000.00 0.00 0.00 0.00 4,000.00 _____________________________________________________________________________ TOTAL EDA 434,950.00 6,465.49 467,956.94 107.59 ( 33,006.94) ___________________________________________________________________________________________________________________ TOTAL REVENUE 434,950.00 6,465.49 467,956.94 107.59 ( 33,006.94) ============= ============= ============= ======= ============= Page 6 of 22 9-10-2024 04:10 PM CITY OF ELK RIVER PAGE: 3 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: AUGUST 31ST, 2024 920-EDA Economic Development 66.67% OF YEAR COMP. Economic Development CURRENT CURRENT YEAR TO DATE % OF BUDGET DEPARTMENTAL EXPENDITURES BUDGET PERIOD ACTUAL BUDGET BALANCE ___________________________________________________________________________________________________________________ Personal Services 920-4-6210-4101 Regular Pay 123,900.00 9,564.16 66,282.42 53.50 57,617.58 920-4-6210-4103 Part-time Pay 12,600.00 1,050.00 7,350.00 58.33 5,250.00 920-4-6210-4104 PERA 9,500.00 724.81 5,023.69 52.88 4,476.31 920-4-6210-4105 FICA 8,350.00 589.07 4,135.36 49.53 4,214.64 920-4-6210-4107 Medicare 2,000.00 139.91 982.33 49.12 1,017.67 920-4-6210-4108 Insurance 24,300.00 2,392.20 16,745.40 68.91 7,554.60 920-4-6210-4109 Workers Comp 550.00 0.00 509.57 92.65 40.43 TOTAL Personal Services 181,200.00 14,460.15 101,028.77 55.76 80,171.23 Supplies 920-4-6210-4201 Office Supplies 2,500.00 16.66 147.08 5.88 2,352.92 920-4-6210-4212 Fuels & Lubes 50.00 0.00 5.58 11.16 44.42 TOTAL Supplies 2,550.00 16.66 152.66 5.99 2,397.34 Services & Charges 920-4-6210-4304 Legal Fees 10,000.00 306.00 2,258.00 22.58 7,742.00 920-4-6210-4319 Professional Services 27,000.00 0.00 0.00 0.00 27,000.00 920-4-6210-4321 Telephone 400.00 0.00 0.00 0.00 400.00 920-4-6210-4322 Postage 200.00 0.00 0.00 0.00 200.00 920-4-6210-4331 Travel, Conferences & Schools 10,450.00 80.00 3,146.92 30.11 7,303.08 920-4-6210-4349 Advertising/Marketing 67,200.00 1,448.00 14,534.50 21.63 52,665.50 920-4-6210-4359 Publishing 350.00 0.00 318.20 90.91 31.80 920-4-6210-4361 Insurance 250.00 0.00 77.00 30.80 173.00 920-4-6210-4404 Software Services 11,100.00 0.00 14,598.40 131.52 ( 3,498.40) 920-4-6210-4433 Dues & Subscriptions 4,750.00 170.00 5,585.00 117.58 ( 835.00) 920-4-6210-4440 Miscellaneous 73,500.00 0.00 11,040.10 15.02 62,459.90 TOTAL Services & Charges 205,200.00 2,004.00 51,558.12 25.13 153,641.88 Capital Outlay _____________ _____________ _____________ _______ _____________ Transfers Out 920-4-6210-4721 Transfer-General Fund 46,000.00 46,000.00 46,000.00 100.00 0.00 TOTAL Transfers Out 46,000.00 46,000.00 46,000.00 100.00 0.00 ___________________________________________________________________________________________________________________ TOTAL Economic Development 434,950.00 62,480.81 198,739.55 45.69 236,210.45 ___________________________________________________________________________________________________________________ TOTAL Economic Development 434,950.00 62,480.81 198,739.55 45.69 236,210.45 ___________________________________________________________________________________________________________________ TOTAL EXPENDITURES 434,950.00 62,480.81 198,739.55 45.69 236,210.45 ============= ============= ============= ======= ============= REVENUES OVER/(UNDER) EXPENDITURES 0.00 ( 56,015.32) 269,217.39 ( 269,217.39) Page 7 of 22 The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity Request for Action To Economic Development Authority Item Number 7.1 Meeting Date September 16, 2024 Prepared By Brent O'Neil, Economic Development Director Item Description General Updates Reviewed by Brent O'Neil Cal Portner Action Requested Item presented for information and discussion purposes. Background/Discussion This item is an opportunity to discuss relevant topics and other non-action items of the board, including committee updates. Financial Impact N/A Mission/Policy/Goal Support Elk River’s existing businesses through relationship building, programmatic offerings, and high-quality city services. Attachments 1. 2024 Q2 Analytics Report Page 8 of 22 Prepared for City of Elk River Economic Development Quarterly Analytics Report Q2 2024 Confidential:This report is intended solely for the use of the addressee and may contain confidential information.Any dissemination, distribution,copying,or other use of this document is strictly prohibited Golden Shovel Agency 43 East Broadway Street Little Falls,MN 56345 Phone:(320)639-0110 Toll-Free:(888)266-4778 www.GoldenShovelAgency.com 1 Page 9 of 22 Welcome to your Q2 2024 Quarterly Report!Throughout Q2,our dedicated team has been hard at work implementing cutting-edge solutions and continually enhancing our system and services to better serve your organization's needs.We have successfully integrated innovative features aimed at enhancing user experience and engagement,while at the same time,staying ahead of industry trends with security updates and performance optimizations,ensuring that your website remain not only functional but also aligned with the most recent technologies. As usual,we've included key metrics from Q2,providing valuable insights into your website's traffic,engagement,and performance as well as updates on the latest news and trends in economic development,curated to keep you informed and ahead of the curve. As we look ahead to Q3,we encourage you to leverage these insights and continue refining your strategies.Consider focusing on targeted content creation and community engagement to drive further growth and engagement.Rest assured,our team is here to support you every step of the way,providing the tools and expertise you need to maximize your efforts and impact. Thank you for your continued partnership.We’re confident Q3 will be a quarter full of innovation,growth,and success! The Golden Shovel Team 2 Page 10 of 22 Gateway Developments and Upgrades Our development team continues working on upgrades and improvements to make your website more reliable and user-friendly.The below listed are the most recent additions to the Gateway platform: Major Updates ●The list-life template was modified to display more results per row on larger screens.Demo here ●Staff info was integrated into the news-grid template to provide an article author credit with bio. Demo here. ●The resource module template was modified to support a new 'gallery'type listing.A custom template was built for displaying gallery listings,and the existing comprehensive templates (resource,resource-manager,resource-popup-grid)were retrofitted to be able to display this type of listing.Demo here. ●A search interface was added to the admin to allow quick navigation and searching of all admin components,pages,and news articles.A tutorial is available here. ●An AI Assistance interface was added to the admin,allowing admin users to ask questions/make requests of the ChatGPT AI and get input/content/explanations/etc.without having to leave the admin. Some valuable updates were implemented for several items,though they are not visible on the front end,including: ●The iMap tool (used for displaying maps on various module templates)was upgraded to remove dependence on features Google will be removing next year. ●Menu functionality for touch-screens was upgraded. ●Maptools was upgraded to remove dependence on features Google will be removing next year. ●The SEO Population tool's AI Assist feature was upgraded to a newer version of ChatGPT,in order to improve the quality of its content suggestions. If you need further details on any of the above listed upgrades,please feel free to contact your GateKeeper rep or email our support portal at support@goldenshovelagency.com 3 Page 11 of 22 Support and Resources If you missed any of our most recent webinars,that’s not a problem…we got your back!You can always watch the recording using the links below. How to Incorporate Tourism Into Your Economic Development Strategy:Best Practices You Can Implement Today This webinar explores best practices leaders can use to promote tourism in their communities this summer and beyond.The U.S.tourism industry generates $1.9 trillion in annual economic output and is responsible for 9.5 million jobs.We have gathered best practices from throughout North America so you can learn from those who have successfully incorporated tourism into their economic development strategies Watch the recording here. Join our upcoming sessions! Building Stronger Communities:Innovative Workforce Solutions for Economic Development Join Golden Shovel Agency and Convergent Nonprofit Solutions for an insightful webinar on addressing workforce challenges.This collaborative session will explore innovative strategies for attracting, developing,and retaining skilled workers essential for community growth. Golden Shovel,a leader in economic development communications,will share proven techniques for workforce attraction,including digital marketing strategies,quality of life initiatives,and the use of advanced technology like VR and 3D tours to highlight community assets.Discover how to effectively market your community’s strengths and position it as a desirable place for both businesses and talent. 4 Page 12 of 22 Convergent Nonprofit Solutions will bring their expertise in capital campaign management and nonprofit fundraising to the table,offering insights into securing the necessary resources to implement workforce development programs.Learn how to align your workforce initiatives with broader economic goals,engage stakeholders,and create sustainable funding models. By attending this webinar,participants will gain valuable knowledge and practical tools to enhance their community’s workforce capabilities and drive economic growth.The webinar will be on July 10,2024,at 1 PM CDT.Save your seat here. The Economic Development Benefits of Community EV Charging Electric vehicle (EV)sales continue to rise year over year,and the average price of a light-duty vehicle in Q1 2024 was 9.0%lower than it was in Q1 2023.Communities,businesses,utilities,and residents across the U.S.are working to hit lofty targets,such as 56%of new vehicle sales being EVs by 2032.Hitting these targets not only has climate impact reduction benefits but also supports quieter and healthier communities with new tools to boost local business traffic. This webinar is intended for economic development professionals working at the community level and will dive into the benefits and methods for building helpful,community-focused electric vehicle charging infrastructure.We will address a number of best practices and tools,including funding opportunities,for bringing EV charging to your area.The webinar will be on July 24,2024,at 11 AM CDT.You can attend at no charge,but registration is required.Register here. Runways to Revenue:Unlocking the Economic Potential of Your Airport Join us for an exclusive webinar,“Runways to Revenue:Unlocking the Economic Potential of Your Airport,”presented by Ron Kresha,aviation enthusiast and CFO of Golden Shovel Agency.This insightful session will delve into the economic potential of general aviation airports and provide actionable strategies for leveraging these valuable assets to drive local and regional economic growth. 5 Page 13 of 22 Don't miss this opportunity to enhance your understanding of general aviation and unlock the economic benefits for your community.Register now and take the first step towards transforming your local airport into a thriving economic engine.The webinar will be on July 31,2024,at 11 AM CDT.Save your seat today! News! Here are some of the most relevant news published by Golden Shovel.If you like to stay up-to-date with economic development industry standards,trends,and the latest news,please subscribe here to Golden Shovel’s newsletter,“Economic Developer's EDGE”! Maximizing Tourism Impact:The Significance of Market Segmentation In the dynamic world of tourism,understanding and catering to diverse traveler segments stands at the heart of destination success.The potential audiences for your destination are vast and varied,contingent on the unique attractions and experiences your location provides.For the purpose of this discussion,we’re choosing to hone in on targeting Millennials,senior citizens,and convention attendees,just to illustrate the broad scope of market segmentation strategies.Read the full article… Sparking Community Engagement with Unique and Out-of-the-Box Social Media Strategies Social media emerges as a vibrant stage for connection,a realm where innovative ideas thrive,and communities unite.For economic developers,it offers a fertile ground not just for engagement but for inspiring a collective movement toward growth and prosperity.The challenge,however,lies in cutting through the noise,capturing attention,and,most importantly,sparking interaction.The goal is clear:garner more likes,comments,and shares, thereby securing unwavering support from the community.But how?The answer lies in getting uniquely creative with social media activity.Learn more! 6 Page 14 of 22 An Economic Developer’s Guide to Mastering Time Management Economic development professionals operate in a highly demanding field characterized by complex projects, diverse stakeholder engagement,and the need for rapid response to evolving market conditions.This necessitates not only exceptional organizational skills but also an adeptness at managing one's time effectively.Here,we explore refined strategies that help economic developers optimize their schedules,ensuring both professional effectiveness and personal well-being.Get the full article here! Successfully Measuring Marketing ROI in Tourism Proving the effectiveness of marketing efforts is crucial for tourism professionals.As you navigate varying consumer behaviors and competitive destinations,demonstrating the value of marketing return on investment (ROI)provides the necessary clarity and justification for promotional expenditures in tourism.Click here for the full article! Agritourism:A Promising (And Fun!)Avenue for Economic Growth Agritourism,a rapidly growing sector,combines the idyllic allure of agriculture with tourism,offering a fresh and wholesome way to drive economic growth and build thriving communities.Below,we’ll delve into this innovative approach for regional economic development,and explore the various ways in which it can be effectively applied.Click here for the full article! 7 Page 15 of 22 A Roadmap for Connecting with International Investors Attracting international investment can seem daunting,especially for economic development organizations (EDOs) new to the endeavor or with limited staffing resources.However,successfully attracting foreign direct investment (FDI)to your locale typically provides generous returns.While FDI attraction presents a unique set of challenges,at its core,it works by the same principles as domestic business attraction.Learn more. A Strategic Approach to Integrating Tourism Into Economic Development Tourism is an often underutilized driver of economic growth,capable of transforming communities by creating jobs, fostering local businesses,and enhancing the overall quality of life.Economic developers and tourism professionals must work together to create a cohesive strategy that leverages the community’s tourism potential.Here’s how you can integrate tourism into your economic development strategy effectively.Read the full article How Economic Developers Can Support Their Local Workforce Economic development is intrinsically linked to the strength and adaptability of the local workforce.As economies evolve,it becomes crucial for economic developers to implement strategies that not only address current labor market needs but also anticipate future demands.Let’s dive into practical ways that economic development organizations can support their local workforce,ensuring sustainable growth and resilience.Read the full article 8 Page 16 of 22 Recommended Reading:How to Incorporate Tourism Into Your Economic Development Strategy: Best Practices You Can Implement Today The U.S.tourism industry generates $1.9 trillion in annual economic output and is responsible for 9.5 million jobs (International Trade Administration).Golden Shovel works with economic development and community leaders who are using tourism to grow their local economies.From small rural areas with agritourism initiatives to suburbs attracting visitors from nearby cities,these leaders are leveraging the assets they already have to create jobs and improve their community’s quality of life.Download your free copy here. Listen to the latest episodes of the ShovelTalk Podcast! In the "ShovelTalk"Podcast,your hosts,Bethany and Amanda,and producer Darren take you behind the scenes of local economic development organizations and help you get to know economic developers from throughout the country.All episodes are available for free.Want to be a guest on the ShovelTalk Podcast?We'd love to have you!Fill out our interest form here. Listen on Apple Podcasts Listen on Spotify Listen on Youtube Listen on Golden Shovel’s Website Ep.30 How to Implement an Effective Tourism Attraction Strategy:Tips from Suzie Kenner: Rachel Suzie Kenner is the Executive Director of the Tourism Division of the Devils Lake Area Chamber of Commerce (and of the Chamber).Since 2009,she has been promoting the City of Devils Lake,mostly in the leisure market,as a top hunting and fishing destination,growing tourism to become the #2 economic driver for the community. Now it´s time to look at your website metrics! 9 Page 17 of 22 Country Total users 1.United States 1,080 2.Chin a 18 3.Ireland 18 4.Canada 12 5.India 11 6.Philippines 4 7.Australia 3 8.Colom bia 2 9.Germany 2 10.South K orea 2 ▼ What device are people using? De vice category Tota l users 1.desktop 637 2.mobile 568 3.tablet 20 ▲ deskt op m obile tablet 46.4%52% Your audience at a glance! A pr 1, 2024 - Jun 30, 2024 ▼ Tot a l users Apr 1 Apr 7 Apr 13 Apr 19 Apr 25 Ma y 1 Ma y 7 May 13 May 19 Ma y 25 May 31 Jun 6 J un 12 Ju n 18 Jun 24 Jun 30 0 10 20 30 40 50 60 Sessions 1,564 Keyboard sh ortcuts Map data ©202 4 Terms Total users 1 1,095 Engagement rate 54.92% Views 3,308 Engaged sessions 859 Sessions per user 1.29 New users 1,181 Total users 1,224 Page 18 of 22 Let's learn a b it mo re ab out your users! Acquisition Sources Higher Tra c - Pages Tr a c Type Higher Tra c - States (globally) Higher Tra c - Cities (globally) USA Audience google (direct) m.facebook.com bing linkedin.com lm.facebook.com l.facebook .com baidu goldenshovelage… Ot hers 44%8.7% 27.7% 111 663663663 Elk River, MN Economic Devel… Back To Showtimes Back… Navigating Change The Hig… Elk River Economic Devel… News 2023 A Year Of Progress For Elk … Business Toolbo… Elk River Econo… Available Sites a… Others 16.4% 6.1% 5.3%52% Pa ge title Tota l use rs…Views 1.Elk River, MN Economic Development 332 522 2.N a viga ting Change The H ighwa y 169 Project Some Business Perspectives 148 168 3.Elk River Economic Development Bu sin ess Directory 106 146 4.2023 A Year Of Progress For Elk Rivers Econom ic Development Departm ent 96 105 5.Back To Showtimes Ba ck To Business Marcus Thea tres In Elk River 95 195 6.N ews 71 133 7.Elk River Economic Development Staff 69 84 8.Sherburne Cou n ty Court Records 54 61 9.Development Minutes 51 57 First user source Total users 1.google 539 2.(direct)339 3.m .facebook.com 107 4.bing 63 5.linkedin .com 45 6.lm .fa cebook.com 36 7.l.facebook.com 25 8.baidu 18 9.goldensh ovelagen cy.com 18 10.duckduckgo 13 ▼ Re gion Tota l use rs 1.Minnesota 663 2.Illinois 82 3.Texa s 70 4.V irgin ia 33 5.Ca lifornia 30 6.Iowa 26 7.Wiscon sin 21 8.Wa sh ington 19 9.Missou ri 18 10.F lorida 17 ▼ City Total users 1.Minnea polis 181 2.Elk River 138 3.Chicago 69 4.Dallas 23 5.Otsego 23 6.Cam bridge 21 7.Big La ke 16 8.Moses Lake 15 9.Ma ple Grove 14 10.Ram sey 14 ▼ 18.1% 25.9% 52.7% S e ssion defa ult c…Tota l use rs 1.Orga nic Sea rch 651 2.Direct 320 3.Orga nic Socia l 224 4.Referral 29 ▼ Page 19 of 22 Social M edia Followin g 1.2K Followers What day of week users visit your website? 540 Follow ers Thank you for being a valued client! Sunday Monda y Tuesday Wednesda y Thursday F riday Sa turday 0 100 200 300 844 Followe rs Page 20 of 22 The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity Request for Action To Economic Development Authority Item Number 7.2 Meeting Date September 16, 2024 Prepared By Brent O'Neil, Economic Development Director Item Description Payment Extension Request for Distinctive Iron Loan Reviewed by Cal Portner Action Requested Authorize, by motion, a continuance of the payment schedule with Distinctive Iron/Hemmer Companies LLC under regular amortization while its request to extend the balloon payment date is considered. Background/Discussion The EDA approved a loan to Distinctive Iron in 2015 and an additional $100,000 loan to the company in 2019. The existing balance of $89,338.20 of the first loan combined with the additional loan was structured as a new loan in the amount of $189,338.20. Amortized over 20 years, the present balance is $153,390.02 with a maturity date of October 1, 2024, as a balloon payment. Distinctive Iron has been discussing the loan extension with staff and has submitted a written request to extend the loan to October 1, 2026, under current terms, which is in line with the program policy allowing for extensions. The company has provided updated financial statements as well as a letter from its primary lender, The Bank of Elk River, indicating a conventional refinancing of the loan would affect the payment significantly by more than doubling interest charges and generating origination fees. The bank further indicated that this extension would allow the company to manage its loan to pay it off in full by the maturity date of the extension period. The company has met all requirements of the existing loan terms and there are no issues with payment history. Staff supports the extension request; however, the EDA's attorney would be able to provide updated loan documents for the EDA to consider at its regular October meeting. Financial Impact The EDA will continue to receive regular installment payments. Mission/Policy/Goal Support existing businesses. Attachments None Page 21 of 22 Page 22 of 22