by Joni Astrup
The city of Elk River approved $2 million in public sector investments in local businesses in 2013, according to the Elk River Economic Development Authority’s year-end report.
That investment is resulting in 30 new jobs, $8 million in private investment attracted, $6 million in taxable value added and 139,350 square feet of buildings, according to Elk River Economic Development Director Brian Beeman. He reviewed the year-end summary at the EDA’s Jan. 21 meeting.
One of the companies the city worked with in 2013 was Preferred Powder Coating, which is building a 100,000-square-foot facility in Elk River’s new Nature’s Edge Business Center. The city provided tax increment financing as well as a $100,000 micro loan and a $200,000 forgivable loan.
Preferred Powder Coating is moving from Rogers to Elk River.
The other public sector investment by the city included:
•A $74,999 energy efficiency micro loan to Ralphie’s Victory Lane for improvements.
•A $74,500 micro loan to Blue Egg Bakery to help finance remodeling and purchase equipment.
•A $200,000 forgivable loan to Alliance Machine, which added 17,250 square feet.
•A $200,000 forgivable loan to Orluck Industries for a 12,000-square-foot expansion.
•A $28,000 energy efficiency micro loan to P.S…. Dance Studio for improvements.