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Economic Development Authority Minutes June 13,2005 Page 4 the user up from and receive pay-as-you-go Tax Rebate Financing from the City and County. She explained this process. Ms. Mehelich noted that staff has recently been made aware of a grant opportunity from the MN Department of Employment and Economic Development (DEED), which would provide 50% of the capital cost of public infrastructure. Staff expects to submit the grant application later this month and notification of award would be approximately one month after submission. Ms. Mehelich reviewed then reviewed the Improvement Project Schedule as outlined in the staff report to the EDA dated June 13, 2005. Ms. Mehelich noted that the gas line proves to be challenging in providing buildable sites. She stated that the improvements are proposed to be constructed in August and their goal is to allow construction by the prospects in September by allowing them a temporary access. She stated that the prospects will pay up front for the improvements. She noted that land and infrastructure costs to date are approximately $1 million. President Gongoll stated that he hopes they will have an oppornuuty to fill the Noxthstar Business Park and the Elk River Business Park, as well. Ms. Mehelich noted that a 20,000 square foot prospect is planning to locate in the Elk River Business Park in the near future. 7. Ms. Mehelich provided background information regarding the schedule which was approved by the City Council for development of the city-owned Cargill land. She stated that the Planning Department has prepared a number of concept options for discussion at the July 11, 2005 City Council work session. The EDA is invited to attend this work session, therefore, a special meeting of the EDA will need to be called. MOTION BY COMMISSIONER TVEITE AND SECONDED BY COMMISSIONER MOTIN TO CALL A SPECIAL MEETING OF THE ECONOMIC DEVELOPMENT AU'T'HORITY FOR THE JULY il, 2005 WORK SESSION WITH THE CITY COUNCIL TO DISCUSS CITY-OWNED CARGILL PROPERTY DEVELOPMENT CONCEPTS. MOTION CARRIED 5-0. 8. Other Business -None Adjournment There being no other business, President Gongoll adjourned the meeting. The meeting of the Elk River Economic Development Authority adjourned at 6:15 p.m. Sunbmitted ~by: .Q~~t 'XX6c~4re-~r~ Recording Secretary