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• �� <br /> City of <br /> Elk -�-1 <br /> River <br /> MEMORANDUM <br /> TO: Mayor and City Council <br /> FROM: Heidi Steinmetz, Assistant Director of Economic Development <br /> DATE: June 6, 2005 <br /> SUBJECT: Consider Business Development Public Infrastructure Grant <br /> Program Resolution <br /> Attachments <br /> • Greater Minnesota Business Development Infrastructure Grant Program Concept <br /> • Business Development Public Infrastructure Grant Program Resolution <br /> • Background <br /> On April 4, 2005 the City Council adopted a resolution ordering a preliminary feasibility <br /> study for the development of Northstar Business Park (EDA-owned property). The current <br /> development concept for the park includes two large lots (8.75 acres & 12 acres) and seven <br /> smaller lots (1.78 to 3.4 acres). At it's May 9, 2005 meeting, the EDA reviewed the study <br /> and made a recommendation to the City Council to consider platting, staking and <br /> constructing half of the first phase infrastructure improvements for the park. These <br /> improvements would cost approximately$250,000. Completion of the entire first phase <br /> would cost approximately$720,000. <br /> Issue <br /> There is funding available through the Department of Employment and Economic <br /> Development (DEED) to assist with these improvements through the Greater Minnesota <br /> Business Development Infrastructure Grant Program. The purpose of the program is to <br /> assist cities outside of the seven county metro area with complex and costly public <br /> infrastructure projects for industrial parks that would not otherwise occur without public <br /> assistance. Program details include: <br /> • Cities may receive no more than $1,000,000 over a 2-year period. <br /> • Grant applications are accepted on a year-round basis and are awarded on a <br /> first-come, first-serve basis. <br /> • Cities must provide a match of at least 50% of the project capital costs. <br /> • <br />