HRA approves loan for Pizza Ranch project
The Elk River Housing and Redevelopment Authority (HRA) has approved a $90,000 loan for a new Pizza Ranch restaurant.
The $1.5 million project involves the purchase and rehabilitation of the vacant Movie Gallery building at 10141 Freeport Ave., which is located between Taco Bell and First National Bank.
The loan will carry a 2 percent interest rate and a 10-year amortization with a five-year balloon payment.
The loan agreement will go to the Elk River City Council for consideration this month.
As part of the deal, a minimum of four full-time jobs paying $12 an hour must be created within two years.
Robert McDonald, who is proposing the project, has estimated that the restaurant will create four full-time and about 70 part-time jobs.