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Elk River seeks more industrial parks - 2004-11-29 - The Business Journal (Minneapolis/... The Business Journal (Minneapolis/St.Paul)-November 29,2004 http://twincities.bizjournals.com/twincities/stories/2004111/29lstory7.html DIE• ti ,St.phi BUSINESSAPO OURNAL EXCLUSIVE REPORTS From the November 26.2004 print edition Elk River seeks more industrial parks Scott D.Smith Staff reporter Elk River city officials plan to open about 100 acres of city-owned land for industrial development. Leaders say they need more business parks to accommodate a heightened interest in industrial development in Elk River. In particular, an unnamed Elk River manufacturer is searching for a site to build a 100,000-square- foot facility. Some city leaders fear Elk River may lose the manufacturer due to a lack of available land, said Cathy Mehelich, Elk River's director of economic development. "Our goal since 2000 has been to be the light- industrial hub in the northwest metro." Existing Elk River industrial parks include Elk Path Business Center, Sandpiper Business Park and Elk River • Business Park, which comprise more than 120 acres. City officials hope to have the raw land available for development in the spring, Mehelich said. Sewer lines already run through the areas. One site, known as the Brown property,is located north of 173rd Avenue near Twin Lakes Road. It includes 90 acres, 45 of which are developable. The other site, known as the Cargill property since it was bought from Minnetonka-based Cargill Inc.,includes about 60 acres next to Highway 10 north of 171st Avenue. The city would sell land in the parks for the market rate of$2.25 to $3 a square foot, Mehelich said. However, the city also would consider tax abatement or tax increment financing deals to entice businesses, she said. Municipal business parks typically "work out well for users,but arguable not so well for competing developers," said John Ryden, first vice president in the Bloomington office of CB Richard Ellis. Other cities, such as Anoka and Ramsey, essentially offered free land to entice large businesses to their parks,he said. However, demand has increased for Elk River industrial land as parks in Ramsey and Anoka are becoming full. "I would say the timing is real good on the city's part." Ryden also noted that most communities south of Elk River have started requiring more attractive exteriors on industrial buildings. "So for your basic, vanilla industrial building, Elk River is about as close in as you can get." ssmith@bizjournals.com I (612) 288-2107 • ©2004 American City Business Journals Inc. http://www.bizj ournals.com/twincities/stories/2004/11/29/story7.html?t=printable 12/10/2004