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• 2 of 2 <br /> OPTION B <br /> Description of Activity Morrell City of Elk River <br /> 1.)Purchase of Present Site $450,000.00 -$450,000.00 <br /> a. immediate removal of all trucking operations. <br /> b. demolition of present facility. -$60,000.00 <br /> c. soil clean-up -$10,000.00 <br /> d.Elk River Mini Storage expansion(increase tax base) Advantage Advantage <br /> 2.)T.I.F.Program Dollars Generated $300,000.00* $380,000.00** <br /> Application Fee -$5,000.00 $5,000.00 <br /> *$300,000.00 up-front at the time the new <br /> building is occupied for soil corrections on <br /> the new property. **The amount will increase <br /> as Morrell's property taxes increase. <br /> Total $675,000.00 -$65,000.00 <br /> Morrell Companies will experience an increase in tax base at the new facility of a minimum <br /> increase of 150%. We have exhausted our efforts in attempt to find a win/win situation. These options <br /> are available for a limited time. In order for these options to be considered valid in any form the City of <br /> Elk River must respond in writing to Morrell Companies by April 21,1998 at 5:00pm. We are leaving <br /> the direction of this project in your control. If neither option is workable for the City of Elk River, <br /> Morrell will continue to proceed with its expansion to a new site along with continued utilization of its <br /> current site. <br /> • Please distribute the enclosed copies to the EDA members and also communicate to them that <br /> they are encouraged to contact any of the Morrells. If you should have any other questions regarding <br /> these issues please give us a call immediately. <br /> Sincerely, Sincerely, Sincerely, Sincerely, <br /> Or a .M rrell 'o,d- Orrell Terry Orrell •nt D.Morrell <br /> 44 -2012 Home 753-6097 Home 441-6930 Home 441-2327 Home <br /> 441-2011 Office 441-2019 Office 441-9151 Office 441-3395 Office <br /> 819-4872 Cell 669-4684 Cell 670-5708 Cell 803-1899 Cell <br /> • <br />