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Industrial Land Development Update <br /> August 11,2003 EDA Meeting <br /> Page 2 of 2 <br /> • In addition, staff gathered information and research on property special assessments and the <br /> estimated costs to prepare the sites for immediate sale and development. <br /> Following the landowner meetings, staff and Mr. Inman presented the attached revised <br /> Matrix Comparison of Key Industrial Client Requirements by City of Elk River Product <br /> Offering,to the Marketing Committee for discussion. The committee recommends the <br /> following conclusions and requests direction from the EDA: <br /> • Only three properties are realistic for competitive industrial marketing in the short <br /> term: <br /> o Elk Path Business Center(Phase I) <br /> o Elk River Business Park <br /> o EDA-Brown Property(Phase I) <br /> • Landowners should be provided an equal base amount per square foot for their <br /> property,then the city should write down to zero dollars to be competitive. <br /> • The city should consider using special assessments and,if necessary,write down <br /> improvement costs with tax increment financing (TIF) or tax rebate financing(TRF). <br /> • The city should consider using TIF/TRF to pay for park dedication fees. <br /> • <br /> In summary,in order for the city to be competitive, it will need to reduce the land cost to <br /> zero dollars by using TIF/TRF and park dedication fees. <br /> Upon the direction of the EDA,the committee recommends that staff complete the analysis. <br /> The analysis will include a strategy for which to determine the basis to which the city may <br /> participate for industrial development on each site,including established goals for the type of <br /> user, building standards, and level of assistance needed to make the site competitive within <br /> the market. The completed analysis and strategy would be presented to the EDA at its <br /> regular September meeting. <br /> • <br />