6.0. SR 04-08-2002 - Laserfiche WebLink

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Hot O Jac/eson Development In Fall 2000, the City approved a proposal from H.J. Development, L.L.P. to purchase the city-owned Holt & Jackson site for the development of a 14,000 square foot muir-tenant retail facility. The project construction was completed in Fall 2001 with the opening of several new businesses. ECONOMIC DEVELOPMENT MICRO LOAN PROGRAM One micro loan was made in 2001 to MN Manufacturing & Machine, Inc. The loan was set up as a participation loan with the First National Bank of Elk River and was used for equipment purchase allowing the company (formerly Industrial Hardfacin~ to keep an operation in Elk River. The loan fund ended with a $534,403.48 cash balance in 2001. (Attached loan portfolio). BUSINESS INCUBATOR In 2001 the EDA extended a twelve-month market rate lease for Solar Attic, due to vacancies at the time. In April 2001, Cymbet (formerly Integrated Power Solutions) graduated from their incubator space by moving into a market rate multi-tenant facility located in the West Business Park. At the end of 2001, incubator graduate Cymbet employed 11 full-time employees. Cymbet has developed a manufacturing process for a solid state battery that can be integrated into the circuitry of any electronic device. In addition to the move, Cymbet secured $4.5 million in investment from overseas. (Attached article). In addition to Solar Attic, the incubator was also occupied by Vertical Publishing in 2001. In December 2001, the EDA approved Bixby Energy Systems, Inc. as a new incubator tenant. Bixby Energy Systems has developed a bio-mass home heating system. The EDA also authorized staff to explore alternative locations for the incubator program due to limitations of the building for certain high technology companies. Staff worked to recruit MicroSurfaces, Inc., a surface-coating technology company developed out of the University of MN. Due to building limitations at the incubator, staff facilitated a relationship between the MicroSurfaces and local company, Tescom, for a "satellite" incubator concept. CENTRAL BUSINESS DISTRICT ACTIVITIES tOng O Main Development First National Financial Center completed construction of a 25,000 square foot office building in the Summer 2001. The development will have an estimated market value of over $2-million providing tax increment revenue to reimburse the HRA for net acquisition, demolition and cleanup costs of the redevelopment site in 1996. Sidewalk Project In Spring 2001, the HRA authorized the completion of new sidewalks in the CBD in conjunction with Municipal Uflities electric line relocation project. The new sidewalks consist of paver bricks in a traditional pattern. The sidewalk project was assessed 24 percent to affected property owners and the balance paid by the HRA. The construction project was completed by summer in time for the Arts Soup Festival. New trash receptacles, trees, and flower pots were also added for the beautification of the downtown. River's Edge Downtown Business Association committed to annually supplying the flowers for the pots.