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2 <br /> 2 <br />The City of Elk River strives to proactively facilitate <br />business growth, redevelopment, housing diversity, <br />and reinvestment in our community. While business, <br />job and wage growth remain robust, we will continue <br />to reach for higher levels in 2020. <br /> <br />We are honored by businesses who have chosen to <br />locate in our community and we take pride in <br />maintaining a close relationship with them long after <br />their establishment has opened for business. To help <br />us gauge the strength of our business climate, <br />improve our services and identify opportunities to <br />support and grow our local businesses, we made 26 <br />Business Retention and Expansion (BR&E) visits <br />this year! <br /> <br />Elk River is a community of generous volunteers and <br />our culture of going above and beyond expectations <br />is often reflected in property maintenance and upkeep. The City Beautification Committee recognizes <br />businesses that have made substantial investments to enhance overall aesthetics and maintain properties in <br />an attractive manner. Two businesses received public recognition for their efforts in 2019. <br /> <br />Our revolving microloan program continues to help local businesses grow. We are proud of our community <br />partner, Patriot Converting, who utilized a $200,000 microloan for equipment purchases in 2015, their <br />growth successfully resulted in full repayment and the availability of new funds for future loans. <br />Throughout the year, we had 36 inquiries from companies for information on how to expand, relocate, or <br />start a new business. Three of these prospects resulted in an industrial/commercial expansion, purchase, <br />sale, or microloan applications. While some of the remaining prospects didn’t pan out, we continue to <br />actively work with 15 of them to find the right solution for their company’s goals. <br /> <br />In 2020, we look forward to attracting our targeted industries to our community and implementing our new <br />Energy Incentive Program as a unique way to attract new industry, high wages and increase our tax base. <br />In addition, we will start seeing nearly a half billion dollars of state, county, school district and city <br />investments in our community. We will see the bulk of the project team planning, construction cost <br />estimating, project phasing and scheduling for 169 Redefine, MnDOT’s massive plan to reconstruct U.S. <br />Highway 169 into a full freeway through Elk River. In addition, the construction of a 150,000 square foot <br />multipurpose community and athletic facility with community meeting and banquet rooms, exhibition/event <br />opportunities, senior citizen programming, modern skating and hockey facilities, commercial lease space and <br />a synthetic turf field house. <br /> <br />Elk River’s Economic Development Authority is committed to the advancement of a strategic plan in 2020, <br />which will define a roadmap to our future economic and community development. <br />DIRECTOR’S MESSAGE <br />Amanda Othoudt <br />Economic Development Director