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EDA Marketing Committee Minutes Page 2 <br /> July 22,2003 <br /> iRequirements by City of Elk Riter Product Offering and came to the conclusion that the amount of <br /> incentives should be provided based on realistic land prices,which means that property owners with <br /> high land prices would not receive as much of an incentive. <br /> The Committee discussed the pros and cons of each site: <br /> Elk Path Business Center <br /> • Too costly to improve all 80 acres upfront <br /> • May be cost effective to consider phase of lots off of Waco Street since owner wants higher <br /> price for frontage lots <br /> Gagne <br /> • Owner wants to sell 8 acres as-is which results in expensive carrying costs if improved <br /> • Committee agreed owner price is too high for participation <br /> Elk River Business Park <br /> • Property is "development ready"with no future improvement costs <br /> • Property is priced at market rate <br /> Cascade Industrial Park <br /> • Without city services the market for light industrial users is limited <br /> • City may consider incentive write-down for specific users based on quality job creation and <br /> building design <br /> Country Crossing <br /> • Only 4 acres immediately available <br /> • City-owned <br /> EDA Brown) Property <br /> • 28 acres in 15C phase,minimal write-down needed <br /> • EDA owned <br /> Committee Member Chris Carlson provided the Committee with an example of his own business <br /> situation. He mentioned that when his company is ready to expand again that he will consider a lot <br /> in a City that will provide him with the best incentive. Mr.Carlson added that although he would <br /> prefer to be located in Elk River,business decisions are made based on bottom-line reality,not <br /> preference. <br /> The Committee agreed that tax base and jobs will be lost unless the City decides to compete with <br /> surrounding communities in regards to industrial land development.Committee Member Jim <br /> Simpson stated that the loss will be more expensive than choosing not to be competitive. <br /> Committee Member Mark Urista added that the competitiveness of industrial land should be <br /> considered based on what is best for the City as a whole and not on a select few private landowners. <br /> • <br />