5. EDSR 05-08-2006 - Laserfiche WebLink

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__ , c~fy of '' ~ ,~ Nevi f rox~ the ~~ ~! ~ Elk, _, ..~._ Quality Label Inc. chooses Elk River for its new home LABEL AND BAR CODE PRINTING FIRM IS BUILDING NEW FACILITY IN BUSINESS PARK ver since Jon Jacobs and business partner Chad Johnson acquired QualiTy Label Inc. in 2001, the company has grown steadily. In tact. Quality Label's growth has been so strong that its 26 employees - up from 15 two years ago -have been feeling quite cramped in [he 12,000 square foot facility the company has been leasing in Fridley. Faced with [he prospect of running out of room, Mr. Jacobs, the majority owner, and Mr. Johnson began looking for a place to build a new facility to meet the company's future growth expectations. River "Not only were we too crowded at the facility in Fridley, but we thought it would make good business sense to own our own building," says Mr. Jacobs. Mr. Jacobs and his commercial real estate agent, Erik Gabrielson of Pine Creek Associates, looked at potential sites throughout the northwestern Twin Cities metro azea. In the end, they chose to build a future 25,000 square foot facility on 4.1 acres in the Elk River Business Park, under construction and is scheduled for just off U.S. Highway 169 and south of completion by the end of August. Hume Depot. The facility is currently Please see "Quality" on Page 2 Calling all lenders: Business Financing Forum is May 24 ECONOMIC DEVELOPMENT DIVISION TO EXPLAIN CITY'S FINANCIAL PROGRAMS he City of Elk River and rts Economic Development Authority (EDA) offer plenty of financial incentives to attract and retain new businesses. Among them aze tax increment financing (TIF), [ax abatement, the Micro Loan Fund, Technical Assistance grants, and loans from a variety of entities. All of these programs and loan funds can be hard to keep track of -even for people in finance. In order to update the area's financial lenders on what's available to clients looking to locate or build in Elk River, the City's EDA and Economic Development Division are hosting the CiTy's first Business Financing Forum on May 24. Catherine Mehelich, Director of Economic Development, will provide information and answer questions. Also on hand will be Scott Martin of [he private, not-for-profit Minnesota Capital Community Fund (MCCF), of which Elk River is a member. MCCF can provide businesses in [he City with "gap" loans -beyond what's available from abank - of up to $1.75 million. "Local financial institutions aze often the first contact for businesses looking to locate in Elk River, which is why we think this forum is such a good chance for us to inform lenders about all of our programs, as well as provide them with some updates about the programs," says Ms. Mehelich. "We really think of our relationship with the financial institutions as a partnership because they provide the conventional financing for businesses while the City helps with additional financing tools." Lenders located in and close to Elk River are invited. The forum is from 7:30 a.m. to 9:30 a.m., Wednesday, May 24, at Rockwoods Banquet and Conference Center in Otsego. RS VP to the Economic Development Division at 763.635.1040. ^ City of Elk River Economic Development Spring 2006 By the end of August, Jon Jacobs and Chad Johnson will move their company, Quality Label Inc., into this new building in Elk River.