Laserfiche WebLink
8. Provide details for the project for which funds are being requested. Discuss topics such as <br />square footage increase, lease vs ownership, new construction vs renovation or leasehold <br />improvements, etc. <br /> <br />Distinctive Iron is a growing metal design and fabrication business. They are currently <br />located at 19128 Industrial Blvd NW, Elk River. Distinctive Iron proposes to purchase <br />property located at 15970 Jarvis Street NW, Elk River. In addition to the purchase of the <br />building, they plan to renovate the existing building onsite, and construct a 4,680 sf. indoor <br />paint facility. <br /> <br />Distinctive Iron will be investing $1,529,480 to purchase, renovate and construct the new <br />facility, and retain 14 full-time and 2 part-time jobs within the city. We anticipate the growth <br />of 5 more full time jobs over the next two years. This project will add approximately <br />$135,000 in taxable value to the county and increase taxes by about $4,944 annually. The <br />business prides itself in contributions to the local community through hiring local and <br />patronizing local businesses. <br />Distinctive Iron is requesting $100,000 from the city as gap financing, which will support <br />Distinctive Iron’s investment in Elk River. The funds requested from the city would help <br />with the site prep and construction of the new building. <br />9. Explain why funding is necessary for this project to move forward (e.g., financing gaps, lack <br />of collateral, potential non-Minnesota locations). If available, please provide further <br />documentation that demonstrates these reasons. <br />Funding is necessary to close the gap for loan vs improvements and train and support new <br />hires for the increased production opportunity. We are considering outstate sites in Fargo, <br />ND to be close to business. Without gap financing for this project by the city, state and <br />county, Distinctive Iron would not be able to expand their operations in Minnesota. <br />10. Describe how the project will strengthen and/or diversify the local or Minnesota economy. <br /> <br />Distinctive Iron is the first manufacturing project expansion in 2019 for Elk River. The <br />project will help strengthen our local economy and it is anticipated that this project will <br />result in spin-off development of neighboring properties. <br /> <br />By being approved for the funding, we will be able to strengthen our workforce by <br />constructing the new facility, and having the ability to store materials outdoors. In addition, <br />the funding will assist us with hiring additional employees and have a safe workplace to <br />perform duties for production of our product. We believe this area we are moving too will <br />provide extra dollars to the local economy by way of municipal taxes, purchasing of local <br />supplies, hiring of new employees in the area, if possible or working with the local staffing <br />firms to fill positions temporarily.