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The Planning Commission and City Council will review the preliminary plat in July (staff report attached). <br />FINANCIAL IMPACT <br />At their January 9 meeting, the EDA approved a $700,000 contribution from the EDA development fund <br />to assist in funding Phase I improvements. At that time, as laid out in the Preliminary Engineering <br />Report, the project was expected to be funded as follows: <br />EDA Development Fund - $700,000 <br />City Development Fund - $350,000 <br />Trunk Water Fund - $175,000 <br />Trunk Sewer Fund - $88,000 <br />Total Project- $1,313,000 <br />At their February 6 meeting, the City Council authorized staff to submit a grant application for a Business <br />Development Public Infrastructure grant to the MN Department of Employment and Economic <br />Development (MNDEED) in the amount of $250,000 to help cover the costs of infrastructure. We have <br />received preliminary notification from MNDEED that the grant was approved and anticipate receiving <br />formal notification within the next week or so. Therefore, $450,000 will be spent from the EDA <br />Development Fund, not the $700,000 which was approved initially. <br />Final project costs will be refined when bids have been received. <br />ATTACHMENTS. <br />• Nature's Edge Business Center .Phase I Improvements <br />• Nature's Edge Business Centex Preliminary Plat Staff Report- J. Barnhart <br />• Nature's Edge Business Center site info <br />• MN Business Development Public Infrastructure Program grant award letter-MNDEED <br />Action Motion by Second by Vote <br />Follow Up <br />I'owER~°f® er <br />1 u~~ <br />