7.1 EDSR 10-21-2013 - Laserfiche WebLink

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Preferred Powder Coating (PPC) Economic Development Division (EDD) staff closed on the PPC project and construction has begun on the site.A groundbreaking ceremony will be held October 22, 2013 from 11:30 a.m. to 1:00 p.m. An invitation was sent to all EDA members including the Mayor, City Council, and others involved in the project. Orluck Industries Closing documents have been drafted and EDD staff is waiting for the bank's lead to notify staff when a closing date will be set for the approved Forgivable loan that the EDA approved April 8, 2013. The Bank of Elk River—Business Subsidy Job Goals In cooperation from the State DEED office,EDD staff has determined The Bank of Elk River has until November 2013 to meet its wage and job goals. Currently, the bank has met 65% of the goals. EDD staff is waiting until November to determine if the bank will meet its goals. If the bank does not meet its goals, the bank will need to pay back the 35% of the unmet goals going back to 2006 and the Business Subsidy Agreement will be void,meaning that the bank will no longer receive Tax Abatement going forward. The only other alternative is for the EDA to consider allowing the Business Subsidy Agreement to be amended. If the EDA wishes to consider this option, staff can provide additional information. Forgivable Loan EDD staff has been advertising the Forgivable loan program in local and regional media sources. Staff has had discussions with a few companies who have shown interest in the program. At least two companies have requested an application. To date,no applications have been received. Staff will continue to market the forgivable loan program until there is a successful applicant.The city must have a letter of commitment from a successful applicant by the end of 2013. MNCAR Expo EDD staff is attending the Minnesota Commercial Association of Realtors (MNCAR) Expo October 24, 2013 from 2:00 p.m. to 8:00 p.m. in Minneapolis as a sponsor to promote the City and network with potential developers. Chanda Knoof, EDD Marketing Intern and Debbi Rydberg, Elk River Area Chamber of Commerce Director will be in attendance. Several marketing tools will be used including a City marketing video, several brochures,a drawing for prizes,and branding items to be handed out. Realtors Day EDD staff is organizing the 2nd annual Realtors Day to be held in Elk River November 13, 2013 from 9:00 a.m. to Noon at City Hall.Various members of the City staff will be making presentations to a group of realtors in order to inform them of Elk River city services for processing their development projects. Mayor John J. Dietz will be kicking off the event with a short welcome presentation. The event has been well received in the past. N:\Departments\Community Development\Economic Development\EDA\Adminstrative\Agenda\EDA Agenda\Year2013\10-21-2013\7.1 sr Project Updates.docx