03-10-2003 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes March 10, 2003 Page 4 Commissioner Tveite indicated that he met with the developers of Cascade Industrial Paxk and Elk River Business Paxk. Cotnxnissionex Tveite indicated that the developer of Cascade Industrial Park stated that he is not been in a position to market the industrial park due to the roads not being developed at this time. He noted that the developer did feel that he would be successful in Erlling the property with industrial clients due to the lack of industrial land in the City. Commissioner Tveite indicated that the developer of the Elk River Business Park Property noted that the lack of outside storage in the business park area is a deterrent in attracting clients. Mayor Klinzing was not present to report on hex meeting with Stewart Wilson of the Elk Path Business Center. Sid Inman of Ehlers & Associates presented the preliminary findings on the analysis of the two options. blr. Inman indicated that the purpose of the analysis is to try to come up with an understanding of the market place so Elk River can understand where they are in compazison to everyone else. blr. Inman indicated that whether the City wants to pursue development of private or public land, the City should be ready to offer some types of incentives. Mx. Inman indicated that city owned parks come with higher risks to the city but also establishes a "level playing field" between the city and neighboring communities. The next step in the process is to ask developers Ryan Companies and Opus NW to provide a typical pxoforma showing what the market can afford to pay for adevelopment-ready industrial site in the northwest metro. Mr. Inman stated that he will return in a few months to report on the analysis. Chair Gongoll stated that there is no hurry- in coming to a conclusion regarding this issue especially due to the current state of the economy. It was [he consensus of the EDA to direct Mr. Inman to proceed with the proposed analysis. Commissioner Morin requested that Mr. Inman also provide additional information on the concept of a master developer. Catherine Mehehch spoke about the risks that the City takes by not doing anything. She indicated that the City risks the loss of its industrial base of which the city has strived to enhance by the adoption of the Strategic Industrial Marketing Plan. She further noted her frustration of not being able to compete with surrounding communities for light industrial businesses and the fact that the City cannot accommodate expansion of its own companies, both issues due to a lack of appropriately sized and priced industrial lots. 9. Other Business There was no other business. 10. Adjournment