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Request for Action <br />ToItem Number <br />Economic Development Authority6.5 <br />Agenda Section Meeting DatePrepared by <br /> <br />General BusinessApril 17, 2017Amanda Othoudt, EDD <br />Item Description <br />Reviewed by <br />Directors ReportCal Portner, City Administrator <br />Reviewed by <br /> <br />Action Requested <br /> <br />Information presented for discussion onlyin effort to keep the EDA updateddevelopment activity. <br />Background/Discussion <br />BUSINESS VISITS <br />5 BR&E visits have been completed this year. More retention visits are in the scheduling process, watch <br />for the emails, and please RSVP and let us know if you are able <br /> <br />Northwoods Machine BR&E Visit <br />Staff met with Brad David from Northwoods Machine located at 18983 York St NW. Northwoods <br />Machine is a precision machine shop specializing in CNC machinin <br />Brad leases the approximately 6,000 square foot space and employ. In the past <br />year he has hired 5 employees and is looking to hire 3-4 more machinistsbynext year. <br />CYMBET BR&E Visit <br />Staff met with Monte Johnson, CEO of Cymbet since 2010. Cymbet develops so <br />utilizing semiconductor fabrication processes to produce a rechargeable energy storage device with no <br />liquids, gels, or harmful chemicals, a very innovative product. <br />corporate headquarters and production test operations. The produy <br />appliances, microwaves, clocks, medical devices, and many other electronic <br />approximately 7,500 square feet of space in Elk River. They down <br />River back in 2014 and moved it to Lubbock, Texas. Cymbet has teamed with X-FAB Inc., operating a <br />fully equipped EnerChip production facility at their facility in <br />primarily chemical and electrical engineers in Elk River, down f <br />moving to Lubbock, the C-Level Executives looked for an existing facility in the area, sp <br />River, Rogers and Maple Grove. Monte mentioned that incentives offered by the state of Texas were <br />substantial and the primary reason for their move. <br /> <br />NEW PROJECTS <br />Housing TIF Project - Patrick Briggs <br />Mr. Briggssubmitted a Housing TIF application for a 40-unit, housing project located on Jackson St. <br />requesting $500,000 over 15 years. The application was sent to our attorney and financial advisor for <br />review. The application is planned to be reviewed at the April 25, 2017 FC meeting. <br />