4.5. SR 08-19-2019 - Laserfiche WebLink

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EOty1� ,.,�� Request for Action River To Item Number Mayor and City Council 4.5 Agenda Section Meeting Date Prepared by Consent August 19, 2019 Amanda Othoudt,ED Director Item Description Reviewed by Support for Distinctive Iron's,Job Creation Fund Cal Portner, City Administrator grant application Reviewed by Action Requested Approve,by motion, a resolution of support for Distinctive Iron's Job Creation Fund UCF) grant application. Background/Discussion Distinctive Iron is a growing metal design and fabrication business located at 19128 Industrial Blvd NW. They propose to purchase property located at 15970 Jarvis Street NW, to renovate the building and construct a 4,680 sf indoor paint facility. Distinctive Iron will be investing$1,530,000 to purchase,renovate and construct the new facility, and retain 14 full-time and 2 part-time jobs within the city. They anticipate the growth of 5 more full time jobs over the next two years. This project will add approximately$135,000 in taxable value to the city and increase taxes by about$4,944 annually. The business prides itself in contributions to the local community through hiring local and patronizing local businesses. Their $50,000 JCF request will support the investment. Without gap financing for this project by the city, county and state,Distinctive Iron would not be able to expand their operations. Being a women-owned business, a minimum investment of$250,000 and five new full-time jobs are necessary to receive the funding level requested. The application requires support from the EDA,in the form of a resolution. Financial Impact N/A Attachments ■ Resolution of Support The Elk River Vision A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By service, and community engagement that encourages and inspires prosperity INAMIRE1