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Recent Development <br /> The following development activity occurred within the City in 2017: <br /> Chow Banquet Center constructed an 8,654 square foot restaurant and banquet facility on six acres of <br /> lane. <br /> She burne County Government Center constructed a 100,000 square-foot addition with new office, <br /> cou-troom and conference room spaces in a three-story building. <br /> The Truck Shop Project was a City-led redevelopment project. Beaudry Oil constructed a <br /> 7,210 square-foot light maintenance facility for their fleet trucks on 2.5 acres. Beaudry Oil anticipates the <br /> cre.tion of five new full-time jobs. <br /> APEX Embroidery provides a wide variety of apparel decorating solutions including screen printed <br /> tran.fers, custom applique, custom rhinestones, and digital transfers. APEX Embroidery completed the <br /> con.truction of a 13,312 square-foot facility and created 25 new jobs in the City. <br /> E' is a premier, year-round motorsports facility, and constructed a brand new 16,062 square-foot <br /> recr-ational facility to house their equipment and provide for office space. <br /> Pet.mart constructed a 17,441 square-foot retail facility specializing in pet care products and services. <br /> AEI IR Brewing Co. remodeled a 1,102 square-foot vacant building in the City's downtown area into a <br /> ne tap room. <br /> Elk River Senior Living recently completed the construction of a 94,410 square-foot senior living facility. <br /> The facility features a total of 94 units. Seventy four of units are comprised of independent care and <br /> assi.ted living, while the remaining 24 units are designated for memory care. <br /> Co struction began in summer of 2018 on Jackson Hills, LLC, a 40-unit, mixed-income apartment <br /> co plex. The City Council approved 15 years of Tax Increment Financing("TIF")assistance through the <br /> est.Ilishment of a Housing TIF District to finance the portion associated with affordable housing. <br /> Fin:ncial Institutions(') <br /> The following full service banks are located in the City: <br /> Deposits as of <br /> March 31,2018(b) <br /> The Bank of Elk River $374,579,000 <br /> The First National Bank of Elk River 202,903,000 <br /> Total $577,482,000 <br /> In .ddition, branch offices of American National Bank of Minnesota, Midwestone Bank Wells Fargo <br /> B. k, National Association; U.S. Bank National Association; Pine River State Bank; and TCF National <br /> B. are located throughout the City. <br /> (a) This does not purport to be a comprehensive list. <br /> (b) Most recent information available. <br /> Sou ce: Federal Deposit Insurance Corporation, https://www.fdic.gov/. <br /> - 28 - <br /> 37 <br />