Spotlight on the Elk River Economic Development Authority: Programs that spur growth and development
29 Dec 2022
As the year winds down and a new one is just around the corner, now is the perfect time to spotlight programs of the City of Elk River Economic Development Authority. The Elk River EDA is the economic development arm of the City Council and handles all types of city economic development projects.
A vibrant community with a strong economic background
The City of Elk River has a strong economic foundation. It has benefited from its location at the crossroads of two transportation arteries. It has put focus and investment into its walkable downtown, a new multipurpose facility, its renowned parks, and other amenities that contribute to the quality of life of Elk River residents. And it has fostered a vibrant business sector.
Home to over 60 manufacturing facilities. Elk River has available lots, zoned light industrial and manufacturing, and offers several financial options to accommodate various projects.
Elk River EDA Programs:
TAX INCREMENT FINANCING: The City of Elk River utilizes tax financing to encourage desirable development or redevelopment in the area by utilizing the growth in the property tax base of a project to finance improvements to the property.
BUSINESS MICROLOANS: Microloans are given to local businesses at low interest and for multi-year terms as incentives for new industrial and commercial development within Elk River. These loans spur development in the region and encourage commercial and retail business owners.
JOB INCENTIVE MICROLOANS: Similar to Business Microloans, these loans are offered towards financial and technical assistance for the creation and retention of new employment in Elk River.
ENERGY INCENTIVE PROGRAM: The Energy Incentive Program offers savings to qualified applicants on their Elk River Municipal Utilities (ERMU) electric bills for up to two years.
PACE: Property-Assessed Clean Energy (PACE) is a way to finance energy efficiency and renewable energy projects for new or existing buildings of commercial, industrial, nonprofit, and multi-housing property owners.
ASSISTANCE WITH WORKFORCE DEVELOPMENT: Finding skilled workers is one of the primary challenges for businesses today. That’s why economic developers work closely with local partners to help build and maintain a strong local workforce. The Elk River EDA helps companies with recruitment as well as developing tailored training opportunities for in-demand jobs.
Projects in Housing and Redevelopment
The Housing and Redevelopment Authority is a public corporation empowered to undertake certain types of housing and redevelopment projects. Projects may include such activities as planning, acquisition, clearance, rehabilitation, and construction for the provision of safe housing for persons of low and moderate income. Projects may also include the improvement and restoration of stagnant and underdeveloped land.
The City of Elk River was designated as “Energy City” for Minnesota in 1997, to serve as the geographical focal point for demonstrating efficient and renewable energy products, services, and technologies. Energy City aims to provide resources to our residents, businesses, non-profits, and builders to assist in developing overall sustainability.
Let Us Assist!
The staff at the Elk River Economic Development Authority work to retain and enhance existing businesses, target recruitment of new businesses, build local entrepreneurship and support infrastructure projects by serving as a key point for information, data, and direct support.
In Elk River, we are on track for the future with a proactive and dynamic business climate, a dedicated and diverse workforce, and a heartfelt, small-town attitude! Consider this your invitation to visit our fine community and find out how we can assist you in locating or expanding your business in Elk River. Our experienced staff is prepared to assist site selectors and business executives through the relocation process. Contact us today!