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Economic Development Authority Minutes April 11, 2005 Page 4 ------------------------------------------ the stock certificates and that generating the stock certificates requires legal counsel and is currently being worked on. MOTION BY COMMISSIONER FARBER AND SECONDED BY COMMISSIONER GUMPHREY TO RELEASE LAPTWO FROM ITS CURRENT SUBLEASE WITH FOLLOWING CONDITION: LAPTWO MUST SUBMIT LEGALLY ACCEPTABLE STOCK OFFERING CERTIFICATES COVERING THE PERIOD OF SEPTEMBER 22, 2003 THROUGH APRIL 11, 2005. THE CERTIFICATES WILL SATISFY THE STOCK OFFERING PORTION OF RENT FOR THE DURATION OF LAPTWO'S TIME AS AN INCUBATOR TENANT. THE MOTION CARRIED 6-0. Consider Rezonin Pro e on Meadowvale Road from Li t Industrial to Residential Director of Planning Michele McPherson reviewed a proposal by Richard Straus of M.S. LLC. to rezone the properties a 1870 Meadowvale Road and 12669 Meadowvale Road to R4 Multiple Family Restdential, for a work force housing project. She reviewed the location, size, zoning, and existing uses for each of the sites. The property located at 12669 is currently zoned Light Industrial and the property at 1870 Meadowvale Road is zoned Multi- FamilyResidential. Ms. McPherson stated that rezoning the property to R4 would allow a density of up to 8 units per acre. Since the request would impact the City's Light Industrial mventory, the EDA is asked to provide direction to staff. Richard Strauss, Residential Director of M.S. LLC -Stated that he is a resident of Elk River and a home builder. He stated that he was aware of the City's interest in creating affordable housing and felt a project on this site would benefit the community. Commissioner Dwyer stated that the EDA has concerns regarding the limited Business Park/Light Industrial inventory left in the City. He felt that the residential property would be better suited for Light Industrial. Commissioner Farber stated that Meadowvale Road is a substandard road and until it is upgraded, it would not holdup to additional residential traffic. President Gongoll concurred. Commissioner Motin stated that there is a need for Light Industrial-zoned property and felt this site was a prime piece of Light Industrial. He noted that as member of the HRA, he did not want to discourage Mr. Strauss from looking for a more suitable site for a workforce housing project. President Gongoll concurred that workforce housing is needed in Elk River but that he also would rather see a project located somewhere else. Mr. Strauss stated that he would look for alternative locations. He asked that he be able to meet with the EDA again if he had more information to present to them. President Gongoll stated that depending upon the type of information, Mr. Strauss may need to meet with the HRA or City Council. Ms. McPherson stated that the issue will be brought back to the EDA if Mr. Suauss decided to proceed with a formal application for rezoning.