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9. HRSR 04-04-2005
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9. HRSR 04-04-2005
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City Government
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HRSR
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4/4/2005
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Case study articles featuring SoftPac Industries, Orluck Industries, and Gradient Technology <br />were developed in 2004. The articles appear on the Web site and are included in appropriate <br />marketing packets to industrial prospects. <br />Marketing Events <br />In February, the City of Elk River participated as a co-sponsor of the MN Real Estate Journal <br />Economic Development and Site Selection conference. The conference focused on site <br />selection, financial incentives, and in particular JOBZ. The Director of Economic Development <br />was a panelist discussing financial incentives other than JOBZ. Participation in the event was a <br />strategy for building relationships with key accounts including commercial real estate <br />developers and brokers. <br />In October, the City of Elk River participated with the MN Department of Employment & <br />Economic Development (DEED) and the Elk River Area Chamber of Commerce in the <br />recognition of MN Manufacturing & Technology Week. The recognition event included tours of <br />Metal Craft Machine & Engineering and Solors Optional Axis, followed by a luncheon/keynote <br />speaker address at Lions Park Center. Afull-page advertisement was featured in the Elk River <br />Star News thanking the list of local manufacturers for their contributions to the community. <br />The Economic Development booth was also rotated in three local banks. The booth featured <br />photos and a list of local manufacturers. <br />Energy City Marketing <br />The Energy City brochure and the Web site were updated and the Energy City booth was <br />included in the Chamber's Business Expo. <br />Economic Development Web Page <br />Updates were made throughout 2004 to the Economic Development page of the city's website <br />located at www.ci.elk-river.mn.us. There is a link for economic development information <br />directly on the home page entitled "Grow Your Business." <br />Economic Development Micro Loans <br />Several loans were paid off and closed out in 2004, including Beaudry Convenience, Ink <br />Wizards, Olde Main Eatery, and Ultra Image Powder Coating. Six micro loans remain in current <br />standing, including Display Solutions, Galli, Lake Assault Custom Boats, Minnesota Fabrication & <br />Machine, Second Generation Properties (NAPA), and Water Laboratories. The loan fund ended <br />with an approximate $900,047.98 cash balance in 2004. <br />Upon the EDA Finance Committee recommendation, the EDA approved several amendments <br />to the Micro Loan Policy, including the ability to loan up to $ 100,000, which was previously <br />capped at $50,000. <br />The EDA approved two new loan applications in 2004. A $50,000 loan was provided to Display <br />Solutions for the purchase of machinery and equipment necessary to begin operations in Elk <br />River. The company operates within the former Ultra Image Powder Coating space located in <br />the McChesney Industrial Park. The loan is structured as a participation loan with American <br />National Bank. The company committed to creating 7 new full-time jobs at no less than a <br />$ 12.00/hour wage within 2 years. <br />
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