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I. INTRODUCTION <br /> • <br /> On April 4, 2005 the City Council adopted Resolution 05-34 ordering the feasibility study <br /> for the development of the Twin Lakes Business Park. The Council took this action in <br /> response to a recommendation from the Economic Development Authority (EDA). The <br /> area to be included in the project is shown on Exhibit 1. The land is officially owned by <br /> the EDA. <br /> II. PROJECT SCOPE <br /> The purpose of this study is to analyze the development of the public improvements for <br /> the Twin Lakes Business Park development. The study will discuss the existing <br /> conditions, proposed improvements, phasing, estimated construction costs, and <br /> overhead costs which include city administration, engineering, fiscal, and legal <br /> expenses. <br /> II1. NECESSITY AND COST-EFFECTIVENESS <br /> The improvements proposed in this study are necessary for a number of reasons. The <br /> construction of the development is a means of increasing the City's future property tax <br /> base, create quality job opportunities for current and future residents, and protect the <br /> long-term vitality of adjacent commercial and residential areas. <br /> The proposed improvements constitute a large enough project to attract competitive bids <br /> and therefore can be built in a cost-effective manner. Based on this information the <br /> project is necessary and cost-effective <br /> IV. EXISTING CONDITIONS <br /> Twin Lakes Business Park development is currently undeveloped. The site is <br /> approximately 80 acres. Roughly half of the area is wetland and cannot be developed. , <br /> see Exhibit 1. A Northern Natural Gas (NNG) main that runs between the northern and <br /> southern property lines. Grades on or near the NNG main cannot be changed and <br /> permanent structures can not be built in this easement. Overhead power lines border <br /> the property on the west and north lines. The power line along the west side of the <br /> property crosses the western edge of proposed Lot 7. Twin Lakes Business Park is <br /> bordered by Elk River Business Park to the north, Twin Lakes Road to the east, and <br /> Burlington Northern Rail Road to the west. The property is currently not platted, the <br /> concept plan includes 9 lots in varying size, see Exhibit 2. A storm water pond is <br /> located near the northwest corner of the site. This pond was constructed to to serve the <br /> storm sewer system in Twin Lakes Road. <br /> • <br /> 1 <br />