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Working to Grow Our Local Economy <br /> <br />Business owners consider many factors when deciding where to locate or grow their companies. One reason many <br />find Elk River attractive is its Midwestern work ethic, focus on alternative energy, and public/private sector <br /> <br />economic development partners eager to assist getting projects off the ground. Elk River EDA is proud to be one <br /> <br />of those partners. <br /> <br />Economic Development Authority continues to assist in local <br />business growth since it was established in 1987. <br />Project Tracking Report 2017 – City Incentive Provided <br />Project Year Company Acreage Jobs to Total Private Capital Increase in Tax <br />Developed be City Investment Base <br />created Incentive <br />2016-2017 Die Concepts, Inc. 0 12 $335,200 $926,000 $9,025 <br />2017-2018 Truck Shop 2.5 5 $75,000 $1,287,100 $10,518 <br /> Total 2.5 17 $410,200 $2,213,100 $19,543 <br /> <br />Die Concepts, Inc. completed their project in early 2017. The project resulted in the creation of 12 new <br />fulltime jobs in Elk River and an increase of $9,025 in annual property taxes. Employee wages range from <br />$23 per hour to $29 per hour. They have since added another fulltime employee. <br />The Truck Shop Project is a redevelopment project located along Proctor Avenue. The project will feature a <br />7,216 square foot light maintenance facility for Beaudry Oil & Propane Company. They will be creating five <br />new fulltime jobs paying $15 per hour. <br />Project Tracking Report 2017 – No City Incentive Provided <br />Project Year Company Acreage Jobs to be Building Capital Increase in Tax <br />Developed created Permit Investment Base <br />Revenue <br />2017 Chow 6.08 125 $65,285 $3,500,000 $42,300 <br />2017-2018 Elk River Senior 4.49 60 $320,684 $18,000,000 $149,600 <br />Living – 100 Units <br />2017-2018 Sherburne County 9.50 5 $577,423 $63,000,000 N/A <br />Govt. Center <br /> Total 20.07 190 $963,392 $84,500,000 $191,900 <br /> <br />CHOW Mixed Grill and BBQ opened their doors on October 12, 2017. They employ over 125 full and part <br />time employees. The restaurant features 8,654 square feet and can accommodate approximately 200 people. <br />Elk River Senior Living is currently under construction. They are projected to open July 1, 2018. The facility <br />features 100 units of independent living, assisted living and memory care. <br />