03-08-2001 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes Page 2 March 8, 2004 No one appeared for open mike. 5. Strateeic Industrial Marketing Activities Report Assistant Director of Economic Development Heidi Steinmetz presented the staff report. Ms. Steinmetz reported that the 2004 Community Profile has been updated and printed for distribution. She also reported that a labor market analyst from the state would present a report at the April EDA meeting. She reported that Monticello is considering acity-owned industrial park and that staff submitted two proposals for a large manufacturing prospect. Commissioner Kuester updated the Commission on the visit to Contour Mold stating that it was very impressive and that they produce large custom mold products. She stated that the owner had said that his shop was not in a desirable location and that traffic has always been an issue. She also stated that they have long-term employees. Ms. Steinmetz stated that the owner had expressed that he would appreciate any assistance from the City in the future in the sale of the business and in providing help to the new owner, since he is considering retirement soon. President Gongoll updated the Commission on the visit to The Cretex Companies, Inc. stating that this company has grown and has a great series of products. He stated that the company has invested in other areas but has experienced struggles. He said he heard the words "lean business" several times. Commissioner Dwyer stated that this has been a great family business and that the executive vice-president is planning on retiring a year from May. Commissioner Kuester suggested that when there is a turnover in management of local manufacturing companies, it would be good to visit and welcome the new owners and help in planning the transition. 5.1 2003 Prospect/Inquiry Report Director of Economic Development Catherine Mehelich gave a summary of the 2003 Annual Inquiry/Prospect Report. She stated that her department keeps a tracking report and handles the industrial related inquiries and that the Chamber of Commerce handles commercial related inquires. Ms. Mehelich reported that the total number of inquiries were back up to 2001 figures (75). The City had successfully located one manufacturer while four were reported to have located elsewhere. She stated shat Elk River remains a strong market for small to medium size light industrial companies. Consider Recommendation to City Council for Approval of Orluck Industries Inc Tax Rebate Financing Proposal Director of Economic Development Catherine Mehelich stated that at its February 9, 2004 meeting the Economic Development Authority and City Council approved the