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6.9 EDSR 01-19-2016
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6.9 EDSR 01-19-2016
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1/15/2016 3:39:34 PM
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1/19/2016
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Springsted Incorporated <br />380 Jackson Street, Suite 300 <br />Springsted Saint Paul, MN 55101-2887 <br />Tel: 651-223-3000 <br />Fax: 651-223-3002 <br />www.spdngsted.com <br />DRAFT MEMORANDUM <br />TO: Amanda Othoudt, Economic Development Director <br />FROM: Mikaela Huot, Vice President/Consultant <br />DATE: December 22, 2015 <br />SUBJECT: Patriot Converting, Inc. — Jobs Incentive Microloan Fund Application Review <br />Summary <br />The City of Elk River received a loan request from Patriot Converting, Inc. (the applicant) through the Economic <br />Development Jobs Incentive Microloan Fund. The applicant has indicated the funds would be used to aid in the <br />acquisition and remodeling of an existing building for industrial use and the purchase of equipment. Through the <br />building purchase, the company plans to consolidate two existing operations into one facility. Doing so will save <br />significant costs due to the reduction in additional shipping and double handling costs. <br />At the request of City staff, Springsted has undertaken an initial review of the company's application and request to <br />determine that, based upon the provided information, the applicant meets the guidelines as set forth by the City of Elk <br />River's Economic Development Jobs Incentive Microloan Fund policy. The purpose of this memo is to outline the <br />components of the Jobs Incentive Microloan Fund Policy and Application, dated November 17, including the requests <br />for additional information that is necessary for review as it relates to the application submitted to the City by Patriot <br />Converting, Inc. <br />Project Eligibility Requirements under Jobs Incentive Program <br />For a project to qualify under the Jobs Incentive Program of the City of Elk River Economic Development Microloan <br />Fund policy an applicant must meet certain criteria: <br />• Must create one new full-time job for each $20,000 loaned, retain one new full-time job for each <br />$10,000 loaned, or combination of retainage and creation to meet the requirements: <br />• All new jobs must be created within 2 years and retained for the period of the loan: <br />• Created and retained jobs must pay greater than $15.00 per hour or 150% of State or Federal <br />minimum wages (whichever is greater): <br />• Any loans shall meet the City of Elk River Business Subsidy Policy for the creation of new jobs as <br />well as a 5 year location requirement: <br />• Eligible costs must be used for costs related to job creation and retention: <br />Public Sector Advisors <br />
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