11-10-2003 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes November 10, 2003 Page 3 grow as the city undergoes significant development in its active tax increment districts, including a business park. Commissioner Motin stated that he does not wish to rezone the Elk River Business Park property to mixed retail use and suggested waiting until the economy turns around. Commissioner Dwyer stated he is open to the idea. President Gongoll feels that we need to look into this as an option. Ms. Mehelich stated that staff would continue to have discussions with Rick Martens regarding a Master Development Agreement with the EDA for the development of Elk River Business Park. Ms. Mehelich reported that a majority of Cascade Industrial Park is being sold to one medium industrial user, requiring land mostly for outdoor storage. She also reported that Elk Path Business has recently entered a marketing contract with Colliers Towle. She stated that the new brokers had briefly visited with staff and requested to rezone the south half of the property for townhome construction. It was the consensus of the EDA that such a request would likely not be supported. 7. Economic Development Micro Loans Update Director of Economic Development Catherine Mehelich distributed and reviewed information outlining the current micro loan portfolio held by the EDA. She reported that many of the micro loans have recently been paid off in full. Ms. Mehelich reported that in regards to Riverside Manufacturing, an error was found in the complaint served to the company in June 2003 prepared by city attorney Christopher Johnson. The office of Gray Plant & Mooty has prepared the complaint and had it re-served recently. No additional contact has been received from the company. 8. Other Business President Gongoll distributed a press release regarding the State of Minnesota being in good economic status. It was stated that EDA workshop topics should be discussed with the City Council. 10. Adjournment There being no other business, COMMISSIONER GONGOLL ADJOURNED THE MEETING. The meeting of the Elk River Economic Development Authority adjourned at 6:00 p.m.