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Investors in 1972, without any City assistance or <br /> participation. By 1987, eight (8) businesses had located in <br /> the Industrial Park, occupying eight (8) of sixteen (16) lots <br /> available. However, there have been no sales of any lots, and <br /> no new construction in the Industrial Park, for two (2) years. <br /> Special assessments and real estate taxes on unsold lots were <br /> in serious arrears until the creation of TIF District No. 5. <br /> <br /> After careful review and analysis, the City determined <br />that in order for the Industrial Park to attract new businesses <br />to the City and the Industrial Park, and to pay existing taxes <br />and other obligations, it would be necessary for the City to <br />step in and assist in installing the necessary public <br />improvements to complete the development of Phase II of the <br />Industrial Park. An agreement was negotiated with Elk River <br />Associated Investors pursuant to which the City would install <br />the necessary public improvements to complete development of <br />the Industrial Park, and Elk River Associated Investors would <br />refund a portion of the proceeds from any sales of lots in <br />Phase II of the Industrial Park to the City and apply the <br />balance of any sale proceeds to pay outstanding special <br />assessments and taxes on unsold lots in the Industrial Park. <br /> <br /> Alltool Company has been located in the Elk River <br />Industrial Park since 1982. This is a local business which has <br />grown from four employees to over one hundred twenty-five (125) <br />today. Alltool has outgrown its present facilities in Phase I <br />of the Industrial Park and can no longer expand at this <br />location. Alltool has, therefore, been looking at possible <br /> <br />o <br /> <br /> <br />