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Elk River City Council CIP Worksession January 26, 1998 Page 6 assessments for the trunk utilities, it may be able to be assumed that for the entire 80 acres, the value would be in the $10-$15,000 per acre range. This would make the acquisition in the $800,000 to $1.2 million range. The funding source for business park land is the city development fund. This fund is scheduled fo have in excess of $1 million available by the year 2001. The goal of the development fund is to recapture ifs expenditures so that the fund will always have monies available for economic development purposes. As an overview statement, the City Administrator noted that the airy can finance the large east Elk River project if it decides to apply its MSA and SWM funds toward this project. These funds are needed fo make up the shortfall that is anticipated with the construction of the improvements. The decision by the City Council needs to be made based on priorities for projects. Mayor Duitsman discussed the possibilities of extending utilities under Highway 10 in the 171st Avenue area so that property between the river and the highway can be developed. The Mayor stated that it was his understanding that the Vandenberge property would be part of the trailer coud redevelopment project and that the developers would work with the city for this property being used for business park activities. MAYOR DUITSMAN MOVED TO HAVE THE CITY OF ELK RIVER HIRE EVERGREEN LAND SERVICES COMPANY AND PATCHIN AND ASSOCIATES, INC., TO DETERMINE A FAIR PRICE FOR THE RIGHT-OF-WAY BETWEEN 173"o AVENUE AND THE EARL HOHLEN PROPERTY WHICH MAY INCLUDE TWO SINGLE FAMILY HOUSES. COUNCILMEMBER DIETZ SECONDED THE MOTION. THE MOTION CARRIED 3-2. Councilmembers Farber and Holmgren opposed. The City Engineer reviewed with the City Council his January 21, 1998, memo to the City Administrator outlining the status of current projects. In this regard, the City Engineer reviewed the projects that were completed in 1997, and the projects that are underway for construction in 1998. The projects that are underway for 1998 include the Upland Avenue signalization, the Business Center Drive extension, the 171st signal justification report, the upgrade of County Road 12, work on the County Road 77-33 realignment, the Orono Lake sedimentation project, work on the Highway 169 pedestrian bridge for 1999, and developer initiated projects. The City Engineer and the Council discussed the timing of the signals on Highway 169. The City Engineer noted that MnDOT officials will be in town all week to review the situation and that he expects a report in the near future on their recommendations regarding the city's concerns. Councilmember Farber left the meeting at this time (7:50 p.m.). The City Engineer reviewed with the City Council the January 1998, feasibility study for Boston Street utility improvements. Discussion centered on the total cost of the project and the proposed assessment method which would defer