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<br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />Request for Action <br /> <br /> <br />To <br />Joint Finance Committee <br />Item Number <br />4.1 <br />Agenda Section <br />General Business <br />Meeting Date <br />April 26, 2022 <br />Prepared by <br />Brent O’Neil, Economic Development Director <br />Item Description <br />Orluck EDA Loan <br />Reviewed by <br /> <br />Reviewed by <br /> <br /> <br />Action Requested <br />Provide advice regarding the EDA’s Jobs Incentive Microloan to Orluck Industries. <br /> <br />Background/Discussion <br />In 2018, Orluck Industries was awarded a Jobs Incentive Microloan for their operations in Elk River. Orluck is <br />primarily in the aerospace industry as a manufacturer of seating, cargo, sensors, propulsion, and engine parts. <br />They also provide medical, locomotive, and manufacturing industry services. The loan was for $200,000, and <br />received an extension in 2021 of their loan repayment through July 2025. The loan was secured by two pieces <br />of equipment, a Zeiss Contura Q2 Inspection Machine, and an Okuma Genus M560V Machining Center. <br /> <br />Orluck has been in contact with the economic development office regarding the status of its business and loan, <br />and the potential sale of equipment securing the loan. <br /> <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />The EDA offers loan programs to support local business. <br /> <br />Attachments <br /> None