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Elk Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authori 7.7 <br /> Agenda Section Meeting Date Prepared by <br /> General Business August 17, 2020 Amanda Othoudt,ED Director <br /> Item Description Reviewed by <br /> Director Report Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Information presented for discussion to keep the EDA updated on development activity. <br /> Background/Discussion <br /> BUSINESS VISITS <br /> We are working on scheduling BR&E visits and GROW MN Visits with the Elk River Area Chamber of <br /> Commerce utilizing a combination of an online platform and in person visits. A GROW MN survey was sent <br /> out to 28 businesses. <br /> MISCELLANEOUS <br /> DEED Bi-weekly Conference Calls <br /> Staff participates in weekly calls facilitated by DEED Commissioner Steve Grove which keep economic <br /> development professionals up to date on changes to federal and state loan programs and resources available to <br /> local businesses. <br /> COVID-19 SMALL BUSINESS EMERGENCY MICROLOAN PROGRAM <br /> To date,we have received 14 inquiries for the program, and eight applications were approved. No new <br /> applications were received. A grand total of$97,374 is expended from the total program dollars, of which <br /> $27,374 is eligible for forgiveness and$70,000 is eligible for reimbursement through the CARES Act. <br /> EDA DASHBOARD REPORT <br /> Lead generation comes from participating in several different activities, conferences,and events throughout the <br /> year. <br /> In 2019,BR&E Visits accounted for seven leads on prospective projects. Distinctive Iron,Inc. moved forward <br /> with their project in 2019. Four projects are classified as pipeline projects that may occur in the future, or <br /> within the next five years. One lead lacked feasibility, and one received information and assistance from staff <br /> on DEED's JTIP program but decided not to move forward with submitting the application. <br /> In 2019, by participating in a MN Marketing Partnership event (FAM Tour) Copart, Inc. moved forward with <br /> their project. Phone calls represent eight substantiated leads, one resulted in a potential project win (existing <br /> property under contract), and four pipeline projects. Two of the leads resulted in a lack of feasibility. <br /> The Elk River Vision <br /> A welcoming community with revolutionary and spirited resourcefulness,exceptional service,and community <br /> engagement that encourages and inspires prosperity P 0 w E H E D 0 Y <br /> ItAIAT- IJR <br />