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<br /> <br />Request for Action <br /> <br /> <br />To Item Number <br /> <br />Economic Development Authority 6.2 <br />Agenda Section Meeting Date Prepared by <br /> <br />General BusinessFebruary 17, 2015Jeremy Barnhart, Deputy Director, CODD <br />Item Description Reviewed by <br /> <br />Distinctive Iron Microloan review . <br />Reviewed by <br /> <br /> <br />Action Requested <br /> <br />Approve, by resolution, the Jobs Incentive microloan for Distinctive Iron in the amount of $126,000 <br /> <br /> <br />Background/Discussion <br /> <br />Distinctive Iron proposes to use the $126,000 microloan requested to support the acquisition of the <br />building at 19128 Industrial Blvd. Distinctive Iron is a growing metal design and fabrication business <br />serving Minnesota. Distinctive Iron is currently located in Nowthen. In addition to the purchase of the <br />building, the Microloan would help facilitate the purchase necessary equipment and onsite improvements, <br />including a 20,000 sq.ft. outdoor storage area. The Land Use approval of the outdoor storage area is <br />th <br />pending, expected February 17. <br /> <br />The goal of the Jobs Incentive microloan program is to encourage the growth of new jobs and the <br />retention of existing jobs. The $126,000 requested will support Distinctive Irons investment in Elk River, <br />bringing 8 jobs to town, with anticipated growth of 5 more full time jobs in the next two years. 7 jobs are <br />necessary to receive the funding level requested. <br /> <br />th <br />The Finance Committee reviewed the application on January 27, and recommends approval. The <br />application meets the Microloan requirements of use, job growth, and private financial participation. <br /> <br /> <br />Attachments <br /> <br /> <br /> <br />Summary sheet dated Feb. 15, 2015 <br /> <br /> <br />EDA Resolution <br /> <br /> <br />Finance Committee Staff report 1/27/15 <br /> <br /> <br />Springsted Summary <br /> <br /> <br /> <br />