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CONFIDENTIAL <br /> ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> MEMORANDUM <br /> TO: ECONOMIC DEVELOPMENT <br /> AUTHORITY <br /> FROM: WILLIAM RUBIN, EXECUTI <br /> yi\10_, <br /> DIRECTOR <br /> DATE: APRIL 6, 1994 <br /> SUBJECT: PROSPECT STATUS REPORT <br /> The following is a summary of new industrial and commercial prospects that <br /> have expressed an interest in locating in the City of Elk River since the last <br /> EDA meeting. <br /> NEW PROSPECTS <br /> 1. Neo-Tech - This is an Anoka-based printed circuit board company that <br /> is seeking alternative sites to its current facility. After evaluating the <br /> sites in Elk River, the company concluded that Elk River did not fit its <br /> expansion criteria. The primary reason given was commuting <br /> distance. <br /> 2. Alltool Manufacturing Company - Alltool is working with John Weicht <br /> regarding a proposed 40,000 square foot expansion to its existing <br /> 85,000 square foot facility. The company has suggested to Mr. Weicht <br /> that it may consider a Wisconsin location for this expansion. Alltool <br /> seeks supplemental financing for additional equipment purchases that <br /> are required for this expansion. Two funding sources have been <br /> identified: a.) the EDA Micro-Loan program; and b.) the Central <br /> Minnesota Initiative Fund Intermediary Relending Program. The <br /> Initiative Fund will provide loans up to $150,000, but it may be <br /> necessary to consider increasing the loan limits on the Micro-Loan <br /> Fund to, say, $75,000 or $100,000. <br /> 3. Loon Photographic, Inc. - This is a Golden Valley-based photographic <br /> specialty products company that seeks to construct a new facility of <br /> • approximately 10,000 square feet. A variety of sites and financing <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420• Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />