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June 2, 2011 <br />Page 2 <br />The remainder of this memo will address how we arrived at those annual savings and provide our <br />methodology for the calculation. It should be noted that the savings we have identified are realized <br />by the residents and businesses and not directly to the City of Elk River. Those residents and <br />businesses will realize additional time and fuel savings, along with increased safety through crash <br />reduction. It can be assumed that providing Elk River residents with additional time could result in <br />increased volunteer and charitable work or could provide them more time at work or with their <br />families. We have requested and have received preliminary approval of $100,000 contribution from <br />the City of Otsego. Due to the number of residents using TH 101, their annual savings was <br />$160,000 per year or approximately $60,000 per year less than Elk River. We are requesting a letter <br />of support and a contribution of $100,000 from Elk River as well. <br />The City of Rogers would be willing to establish an agreement with the City of Elk River to make <br />the contribution subject to the completion of the project and payable in 2014. <br />Please do not hesitate to contact me at 763-287-7190 with any questions. <br />