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\)1 <br /> ft F TO: ECONOMIC DEVELOPMENT AUTHORITY <br /> River FROM: WILLIAM RUBIN, ED COORDINATOR <br /> DATE: JANUARY 8, 1993 <br /> SUBJECT: PROSPECT STATUS REPORT <br /> The following is a summary of new industrial and commercial <br /> prospects that have expressed an interest in locating in the <br /> City of Elk River since the last EDA meeting. <br /> NEW PROSPECTS <br /> 1. Midwest Internal Medicine - This is a medical practice <br /> group currently officed at the Mercy Health Care Center <br /> adjacent to Mercy Hospital in Coon Rapids. The group has <br /> significant expansion plans to both double the number of <br /> practicing physicians and the number of its support <br /> staff. The medical group seeks a 3 to 5 acre parcel <br /> suitable for a 30,000 to 50,000 square foot clinic in the <br /> Coon Rapids-Anoka-Elk River area. Staff recently met with <br /> the firm that has been retained to design and construct <br /> the health care facility. In addition, a number of <br /> 11/1: potential sites in Elk River were presented to the design <br /> company. Mortgage financing programs and incentive <br /> programs were also reviewed and discussed with the design <br /> company. Staff understands that this company is now <br /> evaluating the sites presented to it. <br /> 2 . Flavor Midwest - This is a company that manufactures <br /> artificial flavors for a number of clients including <br /> General Mills and Pillsbury. The artificial flavors are <br /> used in beverages, cereals, yogurts, etc. This company <br /> first appeared in a Prospect Status Report in early to mid <br /> 1991. Recently, Flavor Midwest was pursuing a significant <br /> contract with Pillsbury Grand Metropolitan, which, if <br /> awarded, would have resulted in a need for additional <br /> operating space as well as additional machinery and <br /> equipment. Numerous financing sources, including a <br /> primary lender, Central Minnesota Initiative Fund, and the <br /> Elk River EDA were brought together to discuss the <br /> financing aspects of this project. Unfortunately, <br /> Pillsbury awarded its contract to another company and <br /> expansion plans have been delayed until a later date. <br /> PREVIOUS PROSPECTS <br /> • 1 . Perf-form Products, Inc. - This prospect is outlined in <br /> greater detail in the agenda packet. <br /> 720 Dodge Avenue N.W., Elk River, Minnesota 55330 (612) 441-7420 <br />