Red Wing Port Authority 2014 Activities/Outcomes

Special Initiatives/Projects

• Red Wing Ignite: Open in August 2013 with $420,000 in capital improvements provided by the City and $133,000 raised for operational support.
• Red Wing Angel Fund: $150,000 was raised from local investors but short of the goal of $1 million for the formation of an equity fund, so an investor network has been organized instead. Several events were held in 2014 in cooperation with Gopher Angels, the Minnesota Angel Network, and the Southern Minnesota Initiative Foundation.
• Little River Bulkhead Improvement Project: $339,000 was secured from the Minnesota Department of Transportation through the Port Development Assistance Program and $100,000 match from the City to install new pilings at the Little River Bulkhead. The project was completed in 2014.
• 20/20 Chairs' Group: A 20/20 Chairs' Group meets monthly to address business and community issues.

Business Retention

Retention visits were conducted in the following sectors:

• Manufacturing: 11
• Retail: 9
• Transportation: 3
• Health Care: 2
• Technology: 4
• Other: 1

Business Lending

• 6 Loan Requests: $725,000 (3 Retail, 3 Technology)
• 2 Approved: $450,000 (1 Retail, 1 Technology)
• 2 Declined: $175,000 (1 Retail, 1 Technology)
• 1 Referred to the Red Wing HRA: $50,000 (1 Retail)
• 1 Deferred to January 2014: $50,000 (1 Technology)

Community Outreach/Publicity

Articles regarding US Ignite, Red Wing Ignite and the Port Authority appeared in the Wall Street Journal, the Rochester Post Bulletin, Twin Cities Business (electronic version), and the Red Wing Republican Eagle. Presentations were made to the Hennepin County Strategic Planning Group, EDAM Annual Conference, Kiwanis (Golden), Kiwanis (Noon), the Anderson Center, 20/20, and the Philosophers' Club.