9.0. EDSR 04-11-2005 - Laserfiche WebLink

Home Browse Search

City of Elk River 2004 Annual Report 0 Case study articles featuring SoftPac Industries, Orluck Industries, and Gradient Technology were developed in 2004. The articles appear on the Web site and are included in appropriate marketing packets to industrial prospects. Marketing Events In February, the City of Elk River participated as a co-sponsor of the MN Real Estate Journal Economic Development and Site Selection conference. The conference focused on site selection,financial incentives, and in particular JOBZ. The Director of Economic Development was a panelist discussing financial incentives other than JOBZ. Participation in the event was a strategy for building relationships with key accounts including commercial real estate developers and brokers. In October, the City of Elk River participated with the MN Department of Employment& Economic Development (DEED) and the Elk River Area Chamber of Commerce in the recognition of MN Manufacturing&Technology Week. The recognition event included tours of Metal Craft Machine & Engineering and Solors Optional Axis, followed by a luncheon/keynote speaker address at Lions Park Center. A full-page advertisement was featured in the Elk River Star News thanking the list of local manufacturers for their contributions to the community. The Economic Development booth was also rotated in three local banks. The booth featured photos and a list of local manufacturers. Energy City Marketing The Energy City brochure and the Web site were updated and the Energy City booth was included in the Chamber's Business Expo. Economic Development Web Page Updates were made throughout 2004 to the Economic Development page of the city's website located at www.ci.elk-river.mn.us. There is a link for economic development information directly on the home page entitled "Grow Your Business." Economic Development Micro Loans Several loans were paid off and closed out in 2004, including Beaudry Convenience, Ink Wizards, Olde Main Eatery, and Ultra Image Powder Coating. Six micro loans remain in current standing, including Display Solutions, Galli, Lake Assault Custom Boats, Minnesota Fabrication & Machine, Second Generation Properties (NAPA), and Water Laboratories. The loan fund ended with an approximate $900,047.98 cash balance in 2004. Upon the EDA Finance Committee recommendation, the EDA approved several amendments to the Micro Loan Policy, including the ability to loan up to $100,000, which was previously capped at $50,000. The EDA approved two new loan applications in 2004. A $50,000 loan was provided to Display Solutions for the purchase of machinery and equipment necessary to begin operations in Elk River. The company operates within the former Ultra Image Powder Coating space located in the McChesney Industrial Park. The loan is structured as a participation loan with American National Bank. The company committed to creating 7 new full-time jobs at no less than a $12.00/hour wage within 2 years.