6.5 EDSR 01-21-2014 - Laserfiche WebLink

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Come and grow with us! '411- Population /if tIN\ VICTORY • City of Elk River: 23,273 In October 2013,Ralphie's,Victory Lane refurbished 3,000 sq. Demographics ft. with Energy Efficiency Improvements,made possible with a Median Age: 34.9 microloan,in the amount of$74,999. •• Homeownership: 79.8% Blue Egg Bakery.. • Median Household Income: $65,706 The Blue Egg Bakery expanded into 707 Main Street providing • Median Home Value: $214,161 the community with an expanded selection of cakes, fudge,and candy. They were able to do this expansion with a$74,500 microloan that helped finance the needed remodeling and Labor/Wages purchased equipment. Largest employment Sectors: • Manufacturing-23% ALLIANCE • Retail Trade- 12 % MACHINE, INC • Construction-11% Alliance Machine extended their manufacturing footprint by • Professional, scientific, and technical 17,250 sq. ft.with a$200,000 forgivable loan.This will provide services-7% space for additional jobs and employee training. • Wholesale-5% • Public administration—5% ORLUCK Business establishments INDUSTRIES Total: 1,000 Orluck Industries will use $200,000 of the forgivable loan fund • Manufacturing— 62 to expand their 25,000 square foot facility by 12,000 square feet. • Retail Trade — 155 • Construction—136 PREFERRED • Wholesaler-33 POWOER • COATING • Public Administration-33 The City provided Tax Increment Financing for the building of Unemployment rate Preferred Powder Coating's 100,000 sq. ft. building. They also City-5% received a $100,000 Micro Loan, a$200,000 Forgivable Loan. • Minnesota—4.6% They will also be required to add 15 jobs as part of these loan •• U.S.-7.0% requirements.• Pg.-- 41r. iceLgrudio. -. P.S... Dance Studio relocated to 251 8th St. after using the Ener- gy Efficiency Improvements microloan to reduce their energy Pv O W E R E O 8 C costs by$2,000 a year. NATURE