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Economic Development Authority Packet - April 20, 2026 Economic Development Authority Regular Meeting Agenda Monday, April 20, 2026 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 DRAFT Minutes - March 16, 2026 4.2 Check Register 4.3 Balance Sheet 4.4 Revenue/Expenditure Reports 4.5 Lien Release - Twin City Metal Works 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. 6.1 Consider Land Sale to Crystal Distribution, Inc. 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 Disbanding the Together Elk River Committee 8. OPEN DISCUSSION This section is reserved for the board and staff to discuss relevant topics, updates, and other non-action items of the board. 9. MOTION TO ADJOURN Page 1 of 15 Meeting of the Economic Development Authority Held at the Elk River City Hall Monday, March 16, 2026 Members Present: President Matt Westgaard, Commissioners Cory Grupa, J. Brian Calva, Jeff Hartwig, Mike Beyer, and Jennifer Wagner Members Absent: Commissioner Charlie Blesener Staff Present: Economic Development Director Brent O'Neil, Economic Development Specialist Joshua Mollan, and Dawn Robertson 1. CALL MEETING TO ORDER Pursuant to due call and notice thereof, the meeting was called to order at 05:30 PM. 2. PLEDGE OF ALLEGIANCE The Pledge of Allegiance was recited. 3. CONSIDER AGENDA Moved by Commissioner Jennifer Wagner and seconded by Commissioner Mike Beyer to approve the agenda. Motion carried 6-0. 4. CONSENT AGENDA Moved by Commissioner J. Brian Calva and seconded by Commissioner Cory Grupa to approve the following consent items as outlined in their respective staff reports. Motion carried 6-0. 4.1 DRAFT Minutes - January 20, 2026 4.2 DRAFT Minutes - February 17, 2026 4.3 Check Register 4.4 Balance Sheet 4.5 Revenue/Expenditure Reports Page 2 of 15 Economic Development Authority Minutes March 16, 2026 --------- Page 2 of 3 5. OPEN FORUM No one appeared for open forum. 6. PUBLIC HEARINGS There were no public hearings. 7. GENERAL BUSINESS 7.1 Review and Recommendation - Proposed Tax Increment District No. 30 The staff report was presented. Moved by Commissioner Jennifer Wagner and seconded by Commissioner Mike Beyer to Approve, by motion, the attached resolution recommending the City Council create Tax Increment Financing (TIF) No. 30 and adopt the TIF 30 project plan. Motion carried 6-0. 8. OPEN DISCUSSION Mr. O'Neil wanted to bring attention to Nature's Edge III business park; the empty parcel was used to dump dirt and fill from the other build sites. He stated that the commission should start thinking strategically about how to move forward with removing the dirt piling up on the parcel. Mr. O'Neil discussed the Together Elk River Committee wanting to keep the initiative going, but in a different capacity. The committee would like to disband and combine with the marketing committee. They would like to be involved in larger city projects by creating short-term working committees, ex. the downtown project. Mr. Mollan shared that the Beautification and Public Art Committee is moving forward with the Beautification Award and Garden Gem Awards programs this year, with some minor updates to the policies. The committee is also partnering with DERBA to help with a downtown cleanup project on Earth Day. 9. MOTION TO ADJOURN REGULAR MEETING Moved by Commissioner Mike Beyer and seconded by Commissioner Jeff Hartwig to adjourn the meeting of City Council. Motion carried 6-0. The regular meeting adjourned at 5:47 p.m. Chair Westgaard called the work session to order at 5:50 p.m. 10. WORK SESSION 10.1 Introduction to Project Fit Mr. O'Neil shared with the commission that a nearby company, Project Fit, is considering building a new facility in Elk River. The company was described as a seat-cover distributor, with 12 current jobs Page 3 of 15 Economic Development Authority Minutes March 16, 2026 --------- Page 3 of 3 and plans to grow to at least 20. The building will be 55,000 sq ft minimum, with future phases to increase to 80,000 - 100,000 sq ft. Mr. O'Neil shared an aerial image of two sites in Elk River: a 7-acre site near the Sherburne County Government Center and the remaining 7-acre city-owned site in Nature's Edge III Business Park. The company has requested an incentive offering or a significant land price write-down. The board was supportive of selling the city property and was supportive of a moderate incentive to assist the company at either site. Commissioner Westgaard asked about whether the remnant parcel at North Star Business Park would be available or a fit for the company, and to pursue that option as well. 11. MOTION TO ADJOURN Moved by Commissioner Jennifer Wagner and seconded by Commissioner J. Brian Calva to adjourn the meeting. Motion Carried 6-0. The meeting adjourned at 6:04 Minutes prepared by Record's Specialist Dawn Robertson. ___________________ Matt Westgaard, EDA President ___________________ Jolene Richter, Deputy City Clerk Page 4 of 15 Page 5 of 15 Page 6 of 15 Page 7 of 15 Page 8 of 15 CITY OF ELK RIVER Balance Sheet March 31, 2026 Fund 920 - EDA Assets 920-1010 Cash - EDA 2,620,126.63 Total Assets 2,620,126.63 Fund Equity 920-2400 Fund Balance 2,641,795.06 Revenues over Expenditures - YTD (21,668.43) Total Fund Equity 2,620,126.63 Total Liabilities & Equity 2,620,126.63 Page 9 of 15 CITY OF ELK RIVER Revenues with Comparison to Budget For the Months Ending March 31, 2026 Fund 920 - EDA Period Actual YTD Actual Budget Unexpended PCNT 920-3-0000-3111 Property Taxes - 6,989.27 429,850.00 422,860.73 2% 920-3-0000-3621 Interest Income 6,118.58 18,324.87 75,000.00 56,675.13 24% 920-3-0000-3629 Miscellaneous Revenue 31.65 31.65 - (31.65) 0% 920-3-0000-3949 Transfer-HRA - - 4,500.00 4,500.00 0% Total Fund Revenue 6,150.23 25,345.79 509,350.00 484,004.21 5% Page 10 of 15 CITY OF ELK RIVER Expenditures with Comparison to Budget For the Months Ending March 31, 2026 Fund 920 - EDA Period Actual YTD Actual Budget Unexpended PCNT 920-4-6210-4101 Regular Pay 10,405.62 25,874.79 138,000.00 112,125.21 19% 920-4-6210-4103 Part-time Pay 1,050.00 2,100.00 12,600.00 10,500.00 17% 920-4-6210-4104 PERA 798.87 1,977.49 10,550.00 8,572.51 19% 920-4-6210-4105 FICA 678.80 1,640.56 9,250.00 7,609.44 18% 920-4-6210-4107 Medicare 164.21 394.58 2,200.00 1,805.42 18% 920-4-6210-4108 Insurance 1,512.00 3,024.00 31,100.00 28,076.00 10% 920-4-6210-4109 Workers Comp - - 650.00 650.00 0% 920-4-6210-4112 PFML 50.03 95.90 800.00 704.10 12% 920-4-6210-4201 Office Supplies 29.31 213.40 2,000.00 1,786.60 11% 920-4-6210-4212 Fuels & Lubes - - 50.00 50.00 0% 920-4-6210-4304 Legal Fees - - 10,000.00 10,000.00 0% 920-4-6210-4319 Professional Services - - 25,000.00 25,000.00 0% 920-4-6210-4321 Telephone - - 700.00 700.00 0% 920-4-6210-4322 Postage - 11.95 100.00 88.05 12% 920-4-6210-4331 Travel, Conferences & Schools 544.35 591.55 12,500.00 11,908.45 5% 920-4-6210-4349 Advertising/Marketing - 6,228.00 115,500.00 109,272.00 5% 920-4-6210-4359 Publishing - 72.00 1,000.00 928.00 7% 920-4-6210-4361 Insurance - - 300.00 300.00 0% 920-4-6210-4404 Software Services - - 17,500.00 17,500.00 0% 920-4-6210-4433 Dues & Subscriptions - 1,790.00 6,200.00 4,410.00 29% 920-4-6210-4440 Miscellaneous - 3,000.00 18,500.00 15,500.00 16% 920-4-6210-4721 Transfer-General Fund - - 49,900.00 49,900.00 0% Total Fund Expenditures 15,233.19 47,014.22 464,400.00 417,385.78 10% Net Revenue Over Expenditures (9,082.96) (21,668.43) 44,950.00 66,618.43 148% Page 11 of 15 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 4.5 Meeting Date April 20, 2026 Prepared By Joshua Mollan, Economic Development Specialist Item Description Lien Release - Twin City Metal Works Reviewed by Brent O'Neil Cal Portner Action Requested Adopt, by motion, Resolution 26-04 authorizing the release of liens for Twin City Metal Works. Background/Discussion The EDA originated a loan of $200,000 to Orluck Industries in 2018 on a five-year amortization schedule. The loan was extended two years by a 2020 agreement and reworked in 2022 as the company was being acquired and transitioning to its present operation, Twin City Metal Works (TCMW). The reworked loan was scheduled to mature in July 2025. The EDA considered a final payoff amount for TCMW at their November 2026 meeting. This reflects that amount, adjusted for actual days of interest on the outstanding balance. Since all amounts owed have been paid, this action acknowledges satisfaction of the loan and authorizes the release of applicable liens. Financial Impact N/A Mission/Policy/Goal Support the growth and development of the community. Attachments 1. 26-04 TCMW Satisfaction Resolution Page 12 of 15 City of Elk River Economic Development Authority Resolution 26-04 A Resolution of the Economic Development Authority of the City of Elk River Acknowledge receipt of final payment and authorizing the release of liens for Orluck Industries and Twin City Metal Works WHEREAS, the City of Elk River Economic Development Authority (EDA) previously entered into a Loan Agreement and Security Agreement with Orluck Industries, Inc. (Orluck) on July 17, 2018, in the original principal amount of $200,000. WHEREAS, a loan extension was considered and approved by the board on April 20, 2020. WHEREAS, the EDA entered into a loan workout arrangement with Orluck as the company simultaneously was being acquired by Twin City Metal Works (TCMW), approved by the board October 7, 2022. WHEREAS, as part of the workout and subsequent coordination of payments, the EDA has granted TCMW a partial waiver of late fees, and TCMW has been responsible for legal fees incurred during the workout. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of the City of Elk River, Minnesota as follows: 1. The EDA acknowledges TCMW has outstanding balance of the loan, including all principal ($200,000.00), interest ($23,016.44), late penalties ($1,057.06), and legal fees ($4,027.00), in accordance with the terms of the Loan Agreement(s), and the terms of the Loan Agreement have been satisfied with no additional amounts owing. 2. The President and Executive Director of the EDA are hereby authorized and directed to execute necessary documents to release the EDA’s lien and/or collateral positions on the subject property, and to record said documents as deemed appropriate. Page 13 of 15 Passed and adopted this 20th day of April, 2026. Matthew Westgaard, President ATTEST: Brent O’Neil, Executive Director Page 14 of 15 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 April 20, 2026 Prepared By Joshua Mollan, Economic Development Specialist Item Description Disbanding the Together Elk River Committee Reviewed by Brent O'Neil Cal Portner Action Requested Approve, by motion, disbanding of the Together Elk River Committee while retaining the Together Elk River initiative. Background/Discussion The Together Elk River initiative and committee were formed in April 2020, originally tasked with supporting the community during the COVID-19 pandemic. Since then, the Committee and initiative have evolved to support the community in different ways as needed, such as providing themed communications regarding 169 Redefine, which includes the creation of the Open For Business campaign, design work shopping for the new downtown banners, and most recently the ad campaign promoting ways to 'play' in Elk River. Beyond the economic development and communications staff, the committee is composed of two EDA members, local business representatives, and a representative from the Elk River Area Chamber of Commerce. The committee met last month to discuss the future of the committee and the initiative. The committee reached a consensus that the primary objectives of the committee had been met, and to disband the committee. The expectation is that the publicly recognized Together Elk River initiative, activities, and branding would continue under the oversight of the Board. Financial Impact N/A Mission/Policy/Goal Work with citizens to achieve goals. Attachments None Page 15 of 15