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Economic Development Authority Packet – July 20, 2026 Economic Development Authority Regular Meeting & Work Session Agenda Monday, July 20, 2026 5:30 PM Elk River City Hall ▪ Regular meeting in Council Chambers ▪ Work Session meeting in Upper Town Conference Room immediately following regular meeting 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 4.4 DRAFT Together Elk River Minutes - March 16, 2026 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 CDI Project Update 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 REGULAR MEETING 10. WORK SESSION Work Sessions are less formal meetings to encourage dialog. Official action or votes are not typically taken. At the conclusion of a discussion, a simple consensus provides staff direction for execution of the item. This portion of the agenda Page 1 of 15 The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity is audio recorded but not video recorded or broadcast. Work Sessions are open to the public; however, visitors who wish to provide input must be invited by the presiding officer, assume a seat at the discussion table and provide their full name and address for the official record. 10.1 2027 Budget Workshop 11. MOTION TO ADJOURN Page 2 of 15 Page 3 of 15 Page 4 of 15 CITY OF ELK RIVER Balance Sheet June 30, 2026 Fund 920 - EDA Assets 920-1010 Cash - EDA 2,570,292.67 Total Assets 2,570,292.67 Fund Equity 920-2400 Fund Balance 2,641,795.06 Revenues over Expenditures - YTD (71,502.39) Total Fund Equity 2,570,292.67 Total Liabilities & Equity 2,570,292.67 Page 5 of 15 CITY OF ELK RIVER Revenues with Comparison to Budget For the Months Ending June 30, 2026 Fund 920 - EDA Period Actual YTD Actual Budget Unexpended PCNT 920-3-0000-3111 Property Taxes - - 429,850.00 429,850.00 0% 920-3-0000-3621 Interest Income 1,092.01 31,403.14 75,000.00 43,596.86 42% 920-3-0000-3629 Miscellaneous Revenue 32.13 63.78 - (63.78) 0% 920-3-0000-3949 Transfer-HRA - - 4,500.00 4,500.00 0% Total Fund Revenue 1,124.14 31,466.92 509,350.00 477,883.08 6% Page 6 of 15 CITY OF ELK RIVER Expenditures with Comparison to Budget For the Months Ending June 30, 2026 Fund 920 - EDA Period Actual YTD Actual Budget Unexpended PCNT 920-4-6210-4101 Regular Pay 10,405.62 50,987.54 138,000.00 87,012.46 37% 920-4-6210-4103 Part-time Pay 1,050.00 5,250.00 12,600.00 7,350.00 42% 920-4-6210-4104 PERA 795.42 3,910.18 10,550.00 6,639.82 37% 920-4-6210-4105 FICA 650.90 3,230.56 9,250.00 6,019.44 35% 920-4-6210-4107 Medicare 157.67 782.95 2,200.00 1,417.05 36% 920-4-6210-4108 Insurance 1,512.00 7,560.00 31,100.00 23,540.00 24% 920-4-6210-4109 Workers Comp - 284.00 650.00 366.00 44% 920-4-6210-4112 PFML 48.85 242.45 800.00 557.55 30% 920-4-6210-4201 Office Supplies - 264.12 2,000.00 1,735.88 13% 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 - 12.72 100.00 87.28 13% 920-4-6210-4331 Travel, Conferences & Schools 131.45 739.75 12,500.00 11,760.25 6% 920-4-6210-4349 Advertising/Marketing - 10,239.72 115,500.00 105,260.28 9% 920-4-6210-4359 Publishing - 269.00 1,000.00 731.00 27% 920-4-6210-4361 Insurance - 54.00 300.00 246.00 18% 920-4-6210-4404 Software Services 11,052.32 11,052.32 17,500.00 6,447.68 63% 920-4-6210-4433 Dues & Subscriptions - 5,090.00 6,200.00 1,110.00 82% 920-4-6210-4440 Miscellaneous - 3,000.00 18,500.00 15,500.00 16% 920-4-62104510 Land - - 50,000.00 50,000.00 0% 920-4-6210-4721 Transfer-General Fund - - 49,900.00 49,900.00 0% Total Fund Expenditures 25,804.23 102,969.31 514,400.00 411,430.69 20% Net Revenue Over Expenditures (24,680.09) (71,502.39) (5,050.00) 66,452.39 -1316% Page 7 of 15 DRAFTMeeting of the Together Elk River Committee Held at the Elk River City Hall Monday, March 16, 2026 Members Present: Committee Member Joanna Arbic, Councilmember Jennifer Wagner, Committee Member Debbi Rydberg Members Absent: Commissioner Charlie Blesener Staff Present: Economic Development Specialist Josh Mollan, and Economic Development Director Brent O'Neil 1.CALL MEETING TO ORDER Pursuant to due call and notice thereof, the meeting was called to order at 5:05 p.m. by Jennifer. 2.CONSIDER AGENDA Josh requested to swap the order of items 4.1 and 4.2. Moved by Debbi and seconded by Joanna to approve the agenda as amended. Motion carried 3-0. 3.CONSIDER MINUTES 3.1 05-19-2025 TER Minutes Moved by Joanna and seconded by Debbi to approve the May 19th, 2025, Meeting Minutes. Motion carried 3-0. 4.GENERAL BUSINESS 4.2 General Updates Josh shared that Tamara had resigned from the Together Elk River Committee. 4.1 Organizational Direction Discussion Josh shared that activities for this committee have been limited, especially since the completion of 169 Redefine support. He asked the committee their thoughts on whether there was anything that should be approached by this committee and thoughts about the future of the committee and the Together Elk River initiative as a whole. Jennifer shared that a reason she could see this committee continue is to support the downtown reconstruction. Brent shared that the EDA has created a general marketing committee comprised of EDA members Page 8 of 15 DRAFT Together Elk River Committee Minutes March 16, 2026 --------- Page 2 of 2 only that may be able to support future initiatives. He advised that there is an opportunity for a subcommittee of that committee that could meet as needed if a broader group is desired for the initiative. The committee was in consensus on disbanding the committee but retaining the Together Elk River brand. 5. ADJOURNMENT There being no further business, Jennifer adjourned the meeting at 5:23 p.m. Minutes prepared by Josh. __________________ Jennifer Wagner, Chair __________________________ Justin Dunford, City Clerk Page 9 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 July 20, 2026 Prepared By Brent O'Neil, Economic Development Director Item Description CDI Project Update Reviewed by Cal Portner Action Requested Receive update on the CDI project. Background/Discussion We are finalizing the steps to facilitate the CDI expansion project expected to begin in late August. There will be one or more action items needed from the EDA by the August 17 regular meeting, so the project can commence shortly after. We'll share a full project update at this meeting. Financial Impact N/A Mission/Policy/Goal Support industrial development. Attachments None Page 10 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 10.1 Meeting Date July 20, 2026 Prepared By Brent O'Neil, Economic Development Director Item Description 2027 Budget Workshop Reviewed by Cal Portner Action Requested Discuss and provide feedback on the draft 2027 EDA budget. Background/Discussion Staff has drafted a proposed 2027 budget. The budget has been reviewed by members of the finance division and the city administrator. A new item added to the Performance Measures and Goals worksheet is a stronger definition of how the board manages its fund balance. The fund balance exists to ensure short-term cash flow, accrue balances for funded objectives such as public art and wetland land banking, and for future flexibility to consider larger expenditures such as land purchases. This will help guide the board's annual budgeting and levy request as it works towards its goals and objectives. The proposed budget as a whole maintains a steady year-over-year continuation of most line items with flat or small changes to each line. As proposed, the expenditures increase by $16,600 to $481,100, or approximately 3.5%. With steady income from interest and transfers, we project the final EDA levy to show a similar increase of 3.5%. Two line items we wish to discuss directly are related to marketing sub-lines and planning for potential future land acquisition. Following board direction, the budget would be finalized for board adoption in August and sent to the City Council for inclusion in the adoption of the Preliminary Levy in September. Financial Impact N/A Mission/Policy/Goal Responsible for every dollar - good stewards. Attachments 1. EDA 2027 Performance Measures Page 11 of 15 2. 2027 EDA Workshop Budget Page 12 of 15 Performance Measures & Goals for 2027 Division:Economic Development Completed by:Brent O'Neil, Josh Mollan Date:June 1, 2026 Performance Measure 2023 Actual 2024 Actual 2025 Actual 2026 Estimated 2026 YTD 2027 Projected Business Engagements - all substantive meetings, interactions, etc. with Elk River businesses and companies 21 40 42 50 20 45 Promote businesses on social media - Biz Reels, Development Minute N/A N/A 18 Not Included 7 20 Facilitate site visits to Elk River 6 4 2 5 4 5 Commercial/industrial permit value $51,000,000 $24,000,000 $55,000,000 $50,000,000 $12,000,000 $50,000,000 Net impressions from placed ads 150,000 350,000 300,000 200,000 50,000 200,000 EDA website engaged sessions (formerly EDA website traffic; all number have been revised except 2026 est.)2,400 3,400 4,800 7000 (old measure)2,000 5,000 Division Goal Goal Objective/Task Set target fund balance levels to maintain sufficient reserves and availability of funds in anticipation of current and future large expenditures. Set a target EDA fund balance based on the following: minimum operating reserve - 50% of budget; wetland bank - $400,000 to $500,000 (currently $415,000 accrued); property acquisition and new programs (loans, grants) - $2,000,000 to $3,000,000. Total range: $2,650,000 to $3,750,000. 5/31/26 fund balance: $2,642,000. Plan for industrial growth areas and position for large project recruitment Identify areas suitable for C/I land expansion and how to best facilitate private investment. This can include studies to determine how and when utility infrastructure can be implemented as well as tools for bringing more land on-line, including private and public property. Support Elk River's existing businesses through relationship building, programmatic offerings, and high quality city services Continue to communicate with businesses on factors impacting success, growth, and expansion, including BRE visits and other interactions. Provide technical assistance as necessary and through feedback ensure economic development programs of the city are in line with business needs and utilization. Develop and modify programming by utilizing feedback from the business community. Consider an annual or semi-annual forum of local businesses to complement business engagements and foster additional outreach to the business community. Attract new business development to Elk River to build the city's economic vibrancy, job offerings and tax base Market and promote the community. Make contact with prospective businesses and siting professionals, specifically highlighting the community's strengths. Market existing properties (EDA and private) and capture opportunities for land development and assembly. Continue focus on the EDA strategic plan areas: precision manufacturing, renewable energy, regional distribution, biomedical manufacturers, and health care services. Strengthen efforts in retail recruitment including outreach efforts and increasing suitability of retail sites for investment. Enhance programs that promote the community image Play a leading role in initiatives and activities which maintain beautification efforts and support Elk River's aesthetic image. Support beautification efforts, public art, events, and investments that attract visitors to Elk River. Direct investment in certain programs may lead to enhanced community perception and increase in visitors to Elk River. Partner with peer organizations Continue to work with Sherburne County, Elk River Area Chamber of Commerce, GreaterMSP, DEED, ERMU, and ISD 728. Consider regional marketing partnerships. Consider a prominent role in the efforts to launch Region 7W as a certified economic development organization. Maintain an inventory of private and public properties available for future development Keep a detailed and regularly-updated inventory of properties which may be suitable for development and likely available to promote to business prospects. In addition to utilizing the MNCAR system for actively available properties, also identify properties in coordination with owners that could be identified and shared with interested parties. Enhance the web-based portal for disseminating available private property not otherwise participating in a listing service. Maintain and reposition financial incentives to enhance economic development Leverage city programs, MnDEED monies, the Initiative Foundation, Sherburne County Revolving Loan Fund and other financial tools and incentives. Take a "right-sizing" approach to maximize private investment relative to public participation. Evaluate programs for relevance and capacity to serve current community needs; modify as necessary. Support Downtown Street Reconstruction (2027) Be active in the process leading into the full design and staging plan. Consider financial tools which could be implemented on short notice if needed to support businesses. Market as needed (consider the Together Elk River branding) to promote visitor activity downtown during this time. Promote visitor attraction to Elk River Implement marketing and other activities which boost visitor traffic to Elk River for shopping, recreation, events, and enjoyment. Recruit hotel and restaurant investment in the city. Implement structured destination marketing. Page 13 of 15 EDA 2023 2024 2025 2026 6/30/2026 2027 Increase/% ACTUAL ACTUAL ACTUAL BUDGET YTD PRELIMINARY (Decrease)Change REVENUES 920-3-0000-3111 Property Taxes 392,447 423,636 426,961 429,850 0 0 (429,850)-100.0% 920-3-0000-3322 MV Credit 232 203 223 0 0 0 0 0.0% 920-3-0000-3342 Other Local Grants 0 0 1,600 0 0 0 0 0.0% 920-3-0000-3621 Interest Income 51,185 76,760 72,813 75,000 30,311 75,000 0 0.0% 920-3-0000-3626 Contributions 0 6,400 0 0 0 0 0 0.0% 920-3-0000-3629 Miscellaneous Revenue 0 39,944 336 0 64 0 0 0.0% 920-3-0000-3910 Sale of Assets 0 317,267 0 0 0 0 0 0.0% 920-3-0000-3930 Transfer-Development 0 0 0 0 0 0 0 0.0% 920-3-0000-3949 Transfer-HRA 4,000 4,000 4,000 4,500 0 4,500 0 0.0% Total Revenues 447,865 868,211 505,934 509,350 30,375 79,500 -429,850 -84.4% HRA Personal Services 920-4-6210-4101 Regular Pay 115,978.96 124,852.05 130,769.83 138,000.00 50,987.54 161,750.00 23,750 17.2% 920-4-6210-4103 Part-time Pay 12,600.00 12,600.00 12,600.00 12,600.00 5,250.00 12,600.00 0 0.0% 920-4-6210-4104 PERA 8,788.49 9,438.96 10,022.59 10,550.00 3,910.18 12,300.00 1,750 0.0% 920-4-6210-4105 FICA 7,698.33 7,700.42 8,185.52 9,250.00 3,230.56 10,600.00 1,350 14.6% 920-4-6210-4107 Medicare 1,826.51 1,822.68 1,977.26 2,200.00 782.95 2,550.00 350 15.9% 920-4-6210-4108 Insurance 24,105.60 28,706.40 18,424.80 31,100.00 7,560.00 18,500.00 (12,600)-40.5% 920-4-6210-4109 Workers Comp 473.00 642.57 541.00 650.00 284.00 650.00 0 0.0% 920-4-6210-4112 PFML 0.00 0.00 0.00 800.00 242.45 850.00 50 0.0% Total Personal Services 171,470.89 185,763.08 182,521.00 205,150.00 72,247.68 219,800.00 14,650 7.1% Supplies 920-4-6210-4201 Office Supplies 1,718.68 430.21 288.32 2,000.00 264.12 1,500.00 (500)-25.0% 920-4-6210-4212 Fuels & Lubes 0.00 5.58 0.00 50.00 0.00 0.00 (50)-100.0% Total Supplies 1,718.68 430.21 288.32 2,000.00 264.12 1,500.00 (500)-25.0% Services & Charges Page 14 of 15 920-4-6210-4304 Legal Fees 10,785.50 7,516.25 703.50 10,000.00 0.00 10,000.00 0 0.0% 920-4-6210-4319 Professional Services 0.00 0.00 0.00 25,000.00 0.00 25,000.00 0 0.0% 920-4-6210-4321 Telephone 0.00 0.00 720.00 700.00 0.00 750.00 50 7.1% 920-4-6210-4322 Postage 39.72 0.00 2.44 100.00 12.72 100.00 0 0.0% 920-4-6210-4331 Travel, Conferences & Schools 5,946.10 3,894.46 7,002.22 12,500.00 739.75 10,500.00 (2,000)-16.0% 920-4-6210-4349 Advertising/Marketing 30,913.92 25,742.33 20,380.31 115,500.00 10,239.72 112,300.00 (3,200)-2.8% 920-4-6210-4359 Publishing 1,070.20 318.20 77.40 1,000.00 269.00 750.00 (250)-25.0% 920-4-6210-4361 Insurance 92.62 104.00 108.00 300.00 54.00 150.00 (150)0.0% 920-4-6210-4404 Software Services 13,025.85 16,632.23 4,182.69 17,500.00 11,052.32 15,500.00 (2,000)-11.4% 920-4-6210-4433 Dues & Subscriptions 4,969.13 7,350.00 15,749.03 6,200.00 5,090.00 6,250.00 50 0.8% 920-4-6210-4440 Miscellaneous 3,442.33 23,346.76 3,027.44 18,500.00 3,000.00 18,500.00 0 0.0% Total Services & Charges 70,285.37 84,904.23 51,953.03 207,300.00 30,457.51 199,800.00 (7,500)-3.6% Capital Outlay 920-4-6210-4510 Land 0.00 0.00 0.00 50,000.00 0.00 60,000.00 10,000 0.0% 920-4-6210-4560 Equipment 0.00 0.00 0.00 0.00 0.00 0.00 0 0.0% Total Capital Outlay 0.00 0.00 0.00 50,000.00 0.00 60,000.00 10,000 0.0% TOTAL EDA EXPENDITURES 243,474.94 271,097.52 234,762.35 464,450.00 102,969.31 481,100.00 16,650 3.6% TOTAL REVENUES OVER/(UNDER) EXP 204,390 597,113 271,171 44,900 (72,594)(401,600) Page 15 of 15